Buying Property in the United Kingdom

Estate Agent

'Estate agent' is a United Kingdom term roughly synonymous with the United States term real estate broker, a business that arranges the selling, renting or management of homes, land and other buildings.

Note that in the United Kingdom, 'real estate' is generally referred to simply as 'property'. However, sometime during the 20th century 'estate agent' started to be used as a generic term, perhaps because it was thought to sound more impressive.

England & Wales

In England and Wales, the process of transferring title is usually done by a solicitor or a licensed conveyancer. Agreements are not legally binding until contracts are exchanges. Homes with more than 4 bedrooms need a Home Information Pack (HIP) before the home is put on the market. The HIP is a set of documents about the property such as an Energy Performance Certificate, local authority searches, title documents, guarantees, etc.

It may take 10-12 weeks to perform searches, survey, pre-contract enquiries, etc. and complete a transaction. Before the contract is signed, any party can pull out of the transaction for any reason with no legal obligation.

Scotland

In Scotland, the initial offer, once accepted by the seller, is legally binding. Buyers usually have the property surveyed before making a bid. Solicitors, called Missives, exchange letters on behalf of the buyer and seller. Once all the terms of the contract are agreed, the missives are said to be concluded and there is a binding contract for the sale of the property.

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United Kingdom Estate Agent

Estate Agent

England & Wales

Scotland

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	United Kingdom Estate Agent
	Estate Agent 'Estate agent' is a United Kingdom term roughly synonymous with the United States term real estate broker, a business that arranges the selling, renting or management of homes, land and other buildings. Note that in the United Kingdom, 'real estate' is generally referred to simply as 'property'. However, sometime during the 20th century 'estate agent' started to be used as a generic term, perhaps because it was thought to sound more impressive.
		In the United Kingdom residential estate agents are largely unregulated (although legal provision exists to introduce regulation). Some estate agents are members of the Royal Institution of Chartered Surveyors (RICS), the principal body for UK real estate professionals. However, the vast majority of RICS members - known as Chartered Surveyors - who practice estate agency do so on commercial property.
	For residential property a trade association, the National Association of Estate Agents (NAEA), exists, but as a non-professional body it has limited scope for disciplining members when appropriate. There is no legal requirement to belong to this organisation in order to trade as an estate agent. Few national residential estate agents chains exist, with the majority being locally or regionally specialised companies.
		Estate agents leasing commercial property normally charge between 7-10% of the first years rent as fees. Estate agents selling commercial property (known as investment agents) typical charge 2. Estate agents selling residential property generally charge between 1-3% of the sale price, depending on the contractual arrangement and whether an individual firm has sole rights to the sale.
	England & Wales In England and Wales, the process of transferring title is usually done by a solicitor or a licensed *conveyancer. Agreements are not legally binding until contracts are exchanges. Homes with more than 4 bedrooms need a Home Information Pack* (HIP) before the home is put on the market. The HIP is a set of documents about the property such as an Energy Performance Certificate, local authority searches, title documents, guarantees, etc. It may take 10-12 weeks to perform searches, survey, pre-contract enquiries, etc. and complete a transaction. Before the contract is signed, any party can pull out of the transaction for any reason with no legal obligation.
		Scotland In Scotland, the initial offer, once accepted by the seller, is legally binding. Buyers usually have the property surveyed before making a bid. Solicitors, called Missives, exchange letters on behalf of the buyer and seller. Once all the terms of the contract are agreed, the missives are said to be concluded and there is a binding contract for the sale of the property.
	Related links www.rics.org.uk www.naea.org.uk