House Valuations and Estate Agent Fees: FAQs

Valuations and fees cause more confusion than almost anything else in selling a home. Here are clear answers to the questions we're asked most, including what we charge.

How much is my house worth?

Your house is worth what a buyer will pay and a lender will back, and the best guide is what similar homes nearby have actually sold for. Online estimates are a starting point, but they can't see your extension, your new kitchen or the damp in the cellar. A proper valuation looks at recent sold prices, what's on the market now and how many buyers are looking. Ours is free and there's no obligation.

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Are online house valuations accurate?

Online valuations are only a rough guide, because they work from sold price data and averages and can't see the house. Two homes on the same street can sell for very different prices because of condition, layout, parking or garden. Instant valuations also lag behind the market, as Land Registry data takes months to fill in. Use an online figure as a ballpark, then get someone who knows the area to look at the house in person.

Why did different agents give me different valuations?

Agents give different valuations because some quote high to win the instruction, knowing they can suggest a reduction later, while others are more cautious. Ask each one to show you the sold prices they used and explain why they chose them. The figure that matters is the one a buyer will pay and a mortgage lender will support. Be wary of a number well above the rest with nothing to back it up.

Should I get three valuations?

Yes, getting three valuations is sensible, and it's what GOV.UK suggests. Meeting a few agents lets you compare their pricing, fees and marketing, and see how they come across in person. Don't just pick the highest figure. Pick the agent who backs their price with real sold evidence and who you'd trust to negotiate for you when an offer comes in. It also gives you a clearer sense of the realistic price range.

Do estate agents charge for a valuation?

No, an estate agent's valuation, sometimes called a market appraisal, is normally free, and ours is free with no obligation. We visit at a time that suits you, look round the house, talk through recent sales nearby and explain how we'd market it. A paid RICS valuation is different and is mainly needed for things like probate, divorce or tax.

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What's the difference between an estate agent valuation and a mortgage valuation?

An estate agent's valuation tells you what price to market your home at, while a mortgage valuation is the lender checking the house is worth what they're lending against. The agent's figure is based on the market and buyer demand. The lender's surveyor is cautious by nature and works for the bank, not the buyer. Neither is a survey of the property's condition. If a mortgage valuation comes in low, it can affect the agreed price.

How much do estate agents charge?

Most high street estate agents charge a percentage of the sale price, and HomeOwners Alliance puts typical sole agency fees at around 1% to 1.5% plus VAT. Our fee is 1.25% plus VAT, which is 1.5% including VAT. On a £250,000 sale, that works out at £3,750 including VAT. Some agents charge a fixed fee instead. Whoever you choose, compare the total including VAT and check exactly what's included.

Is VAT included in estate agent fees?

Not always, so check, because a fee quoted 'plus VAT' is 20% higher than it first looks. Advertising rules say agents should show prices including VAT when they advertise to the public. A fee of 1% plus VAT is 1.2% in total. Our fee is 1.25% plus VAT, which is 1.5% including VAT, and we show both figures so you can compare like for like with other agents.

Do I pay the estate agent upfront?

With most high street agents you pay nothing until the sale completes, and the fee comes out of the sale money, paid by your solicitor on completion day. Some online agents take payment upfront whether the house sells or not, and some 'pay later' deals are credit agreements due after a set number of months. Read the terms carefully before you sign.

Can you negotiate estate agent fees?

Yes, you can negotiate estate agent fees, and it's normal to ask before you sign rather than after. Bear in mind that a cheaper fee can mean less marketing, fewer accompanied viewings or less chasing once the sale is agreed. Compare what each agent will actually do for the money as well as the percentage, because the agent who gets the better price can be worth more than one with a lower fee.

What are the costs of selling a house?

The main costs of selling are the estate agent's fee, your solicitor's conveyancing fee and anything owed when you pay off your mortgage, such as an early repayment charge. You may also need an EPC and removals, and for a leasehold home there's usually a fee for the management pack. Ask your lender about exit fees and get a written conveyancing quote early, so there are no surprises on completion day.

What do 'offers over' and 'offers in the region of' mean?

'Offers over' means the seller expects offers above the figure shown, while 'offers in the region of' means they'll consider offers around it, a little either side. A 'guide price' is a rough indication, and a 'fixed price' means the seller wants that figure. Whatever the wording, the agent must pass your offer to the seller. If you're unsure what the seller would accept, ask the agent how much interest there's been.

Got a question we haven't answered?

Call us on 01706 310171, email sales@bowmanestatesltd.com or pop into the office at 88 Bolton Road West, Ramsbottom. If you're thinking of selling, you can book a free, no-obligation valuation.