House on with estate agent but we have found a buyer - not them

zzzLazyDaisy

have a look here -

http://forums.moneysavingexpert.com/showthread.html?t=1136583&highlight=foxtons

It is a discussion about when EA fees are payable. From the information in that thread, it would seem that OP is not liable for EA fees in this case

meester

chickmug wrote: »

No Sale No Fee is fine BUT making sure that is the case.

And if they do sell they get far more than the cost of the brochures --- you really don't have a clue as to the cost of maintaining and running an EA's business. Unlike the CAB the EA's are not charities.

If everyone that tried to shaft an EA didn't the EA's fees would fall.

How is shafting them?

My parent's sold their last house but one through a card ad in Morrisons. They put it up. The estate agent didn't find them a buyer.

And I can assure you I do know about the cost of running a business, as I run one. Estate agents have substantial overheads along with much lower transactional costs associated with each property. The fees need to be high to cover the overheads, but if they don't get a sale, they don't get paid, that's just how it works.

The OP's post is quite clear, that their buyer is also the seller of their new house, it's clearly not 'shafting'.

ktee_uk

I also did a swap earlier this year

http://forums.moneysavingexpert.com/showthread.html?t=839313&highlight=ktee_uk

Both myself and the other couple were contracted with the same estate agent but we did all the negotiating between ourselves and to be honest, if I hadnt pushed the idea in the first place then nothing would have happened. The EA were too laid back IMO. however, they did play their part so we were obliged to pay them fees BUT in conjunction with the other couple, we forced a good deal which essentially meant that they were only paid for selling one house instead of two.

Please note, we also used the same solicitor and removal firm and negotiated a discount with both. We saved a lot of money.

swapping is a great idea and has worked well for us and the other couple. ~We have kept in touch with each other and its facinating to find out what they have done to our old place.

good luck with your transaction.

chickmug

ktee_uk wrote: »

we forced a good deal which essentially meant that they were only paid for selling one house instead of two.

And so the EA should of been very happy with one commission. When P/X happens with us we only reckon to make one commission and not try and cajole another - that would stink.

chickmug

meester wrote: »

And I can assure you I do know about the cost of running a business, as I run one. Estate agents have substantial overheads along with much lower transactional costs associated with each property. The fees need to be high to cover the overheads, but if they don't get a sale, they don't get paid, that's just how it works.

Where the OP needs to be careful is in the contract and someone has quoted the Foxtons case saying this means no liabilty for commission but I warn people to be carefull as is is not as clear cut as some think.

MDE

If you put the house on the market a few months ago your contractual tie in period should have ended, most are about 12 weeks. So give the notice period to end your contract (probably about 4 weeks), then, once the contract has ended, negotiatiate directly with the other party.

As the EA did not introduce you, and there would be no contract in force at the time of sale, there can be no risk of having to pay EA fees.

However, be careful of thinks like HIPS which your EA may have paid for (depending on your deal), which if they are then used as part of the sale I would think you could be reasonably asked to pay for.