Sale by Tender Fees
A bungalow was advertised for sale. I arranged to view the property with the estate agent. Interested parties were invited to submit sealed bids for the bungalow. My bid of £350,000 was the winning bid. I was told that my purchase of the property was conditional on paying the estate agent a tender fee of £5,000 (including VAT). I agreed to this condition.
The chargeable consideration given for the property is £355,000 (purchase price plus sale by tender fee).