Buyer Commitment Fee

At Mr & Mrs P, we believe moving home should feel more secure, transparent and committed for everyone involved.

To help achieve this, the costs involved in the sale of a property are shared between both the Vendor and the Buyer, ensuring both parties are fully invested in a smooth and successful transaction.

The Vendor’s fee covers the marketing of the property, accompanied viewings, offer negotiations, viewing feedback, compliance requirements, ongoing advice and regular updates throughout the marketing process.

The Buyer Commitment Fee covers the administration and professional support involved once a sale has been agreed. This includes agreeing and confirming your purchase, arranging revisits to the property, sales progression, chain management, liaising with solicitors, mortgage brokers, lenders, surveyors and other third parties, along with handling compliance requirements in line with current Anti Money Laundering regulations.

Throughout the conveyancing process, our role is to work proactively with both Buyer and Vendor to help keep the sale progressing as smoothly as possible. Should any issues arise during the transaction, we will work closely with all relevant parties to help resolve matters quickly and efficiently.

We understand that buying a home is one of the biggest commitments people make. The Buyer Commitment Fee is designed to reflect a serious intention to proceed and helps provide reassurance to all parties involved in the transaction.

Once the Buyer Commitment Fee has been paid, all required identification and financial information has been provided to our satisfaction, and the sale has been formally agreed & we have your ID, proof of funding & solicitors details, the property will be marked as Sold Subject to Contract (SSTC) and removed from active marketing as soon as possible. No further viewings will take place.

At Mr & Mrs P, our priority is to support committed Buyers and provide Vendors with confidence that a sale is progressing securely. Whilst the property is marked as Sold Subject to Contract, we will not actively continue marketing the property or arrange further viewings. However, in line with our legal obligations as estate agents, any formal offers received prior to exchange of contracts must still be communicated to the Vendor.

The Buyer Commitment Fee is £350.00 including VAT.

This process benefits both the Buyer and the Vendor by significantly reducing the likelihood of a sale falling through. It demonstrates commitment from all parties and allows everyone involved to move forward with greater confidence and security.

For Buyers, this means the property is removed from the market quickly, reducing the risk of competing interest once terms have been agreed.

For Vendors, it provides reassurance that they have a committed Buyer in place, allowing them to confidently progress with their onward purchase and, where applicable, serve notice to tenants or make future arrangements.

This approach has proven to create more stable and successful transactions. Nationally, over one third of property sales fail to reach completion. However, since introducing our Buyer Commitment Fee process, 91% of our agreed sales successfully complete.

Ultimately, the aim is simple – to create a smoother, more secure and more committed moving process for everyone involved.

We do, however, understand that circumstances can arise where a transaction is unable to proceed.

The Buyer Commitment Fee will be refunded in full should any of the following apply:

• Structural defects are identified during surveys that go beyond general wear and tear or are not reasonably in keeping with the age and nature of the property
• A legal title defect is discovered that was not disclosed prior to the sale being agreed
• Information revealed within standard conveyancing searches materially affects the property’s value or desirability
• Leasehold information comes to light that the Buyer was not made aware of when the offer was accepted
• The Vendor withdraws from the sale
• The onward chain cannot be agreed within 12 weeks from the date of the Memorandum of Sale (should you not have already agreed to give more flexibility than this)

The Buyer Commitment Fee will be retained by Mr & Mrs P in the following circumstances:

• The Buyer withdraws from the purchase for reasons other than those listed above
• The Buyer’s related sale or onward chain falls through, although we will do our best to help keep the sale together.
• A renegotiation takes place and an agreement cannot be reached between Buyer and Seller

Upon successful completion of the sale, the Buyer Commitment Fee is retained by Mr & Mrs P in recognition of the work, time and professional sales progression services provided throughout the transaction.