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JGM, Solicitor
Category: Law
Satisfied Customers: 12082
Experience:  30 years as a practising solicitor.
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I have recently sold my shared ownership home of 22 years for

Customer Question

I have recently sold my shared ownership home of 22 years for £330,000. L&Q as the Housing Association had rights to sell the property at estate agents rates within 8 weeks. They managed to get a buyer just outside of that time, however I was charged £5,000 for the sale. From speaking to family and friends I was told this was way over the market price for my £165,000 half of the sale. I had also never been given advice about increasing the leasehold and had to reduce the cost of the property by £5,000. I believe L&Q have over-charged me and am now in a position where my buying prospects are very low. Is there any way of determining whether their estate agent fees were over market value and whether I can get some of my money back? thank you, Charmaine
Submitted: 2 years ago.
Category: Law
Expert:  JGM replied 2 years ago.
Thank you for your question.
What does the contract between you and them say about what they can charge for estate agency fees?
Customer: replied 2 years ago.
I was told (in writing) that their charges were competitive and below what the estate agents charge.
Expert:  JGM replied 2 years ago.
Estate agency fees will be between 1% and 1.5% plus VAT at 20% and marketing costs. Whether you have to bear the whole cost or just for your share and the exact amount is a matter of contract. What is breakdown of the estate agents bill. If you don't have it, please get it and revert to me. I will then be able to advise you further.