Selling to a friend

Greenwellies_2

Hi, My property has been on the market with an EA since the 13/3.
Yesterday a friend said (seriously) that she wanted to buy the property, but wondered if we could come to a deal as I wouldn't need to pay EA and solicitors fees.

I can't see how I could do without a solicitor?
What / where can we save money for both of us?

TIA

GW

~Beanie~

I bought my house from a friend and whilst we did both need a solicitor to do the conveyancing, there was no estate agent involved.

Errata

You have to pay someone for the conveyancing, although it doesn't have to be a solicitor. You'll also find the EA will want their cut.

Patchwork_Quilt

Hi Greenwellies. You must never do without independent legal advice.

We bought from my Mum several years ago and the Solicitor was impressed by the fact that we were acting as if we didn't know each other, legally speaking. There was no way I wanted someone to come back to me later with an accusation of having taken advantage or something.

Furthermore, it's a huge investment. You don't want it to go wrong.

Good luck

PS We also had two independent valuations.

chickmug

Greenwellies wrote: »

Hi, My property has been on the market with an EA since the 13/3.
Yesterday a friend said (seriously) that she wanted to buy the property, but wondered if we could come to a deal as I wouldn't need to pay EA and solicitors fees.

I can't see how I could do without a solicitor?
What / where can we save money for both of us?

TIA

GW

So am I right in thinking you want to evade paying your EA?

Harry_Powell

I agree with the guys above, you should definitely use a solicitor for the conveyancing. I'd also make sure your friend has the usual searches and structural surveys (their lender may insist on these anyway) just to make sure everything is OK.

It's great if you and your friend can both benefit from excluding the estate agent, but you need to make sure everything is done correctly or you could end up falling out with your friend if things go wrong.

Greenwellies_2

chickmug wrote: »

So am I right in thinking you want to evade paying your EA?

Not evade, but if the agent hasn't done the leg work my friend thinks that I don't have to pay. I'm not so sure.

I think it's just an idea that she has to get the house a bit cheaper and in her budget (her budget is 175)

I don't think there is any way of either of us getting a 'deal' on this - is there?

chickmug

Greenwellies wrote: »

Not evade, but if the agent hasn't done the leg work my friend thinks that I don't have to pay. I'm not so sure.

I think it's just an idea that she has to get the house a bit cheaper and in her budget (her budget is 175)

I don't think there is any way of either of us getting a 'deal' on this - is there?

As a retired agent I spent more time in my latter years watching my firms back. I had a very 'soft' attitude but would point out (if this arose) that the initial 'start up' costs, to take on a new property, are not insignificant so the agent had the minimum period in which to get a sale to recoup these costs.

I have no idea if you are on with a national chain or local agent but with the former they will usuallly hold you to last letter of the terms you have signed.

Now and again I had this situation arise and NO I wouldn't let people off completely but offered a cut rate but with a 'see the sale through' service which went down well and saved folks significant money. There may of been times where I would of agreed a withdrawel fee but would of needed convincing of a good reason.

brightonman123

is there is a time limit on keeping house on their books, best wait that out, then say you are stopping/removing house etc, timing not right.. then go with friend.- still need sols to do sale contract etc, to make it all go correctly, and no comebacks on you / friendship if a problem arises later.

if friend didnt know you were selling til it was listed wth agency, i think its only fair (cough) to honour comish with them?

googler

"Not evade, but if the agent hasn't done the leg work my friend thinks that I don't have to pay. I'm not so sure."

If your friend only realised your house was for sale when the agent advertised it, then there's a reasonable case that the buyer was introduced to your house by that advertising, and it's not too unreasonable to suggest that having contributed to bringing your buyer in, they deserve some reward.

Tell us what your agent HAS done since 13/3. Tell us if your friend heard about the sale through the agent's efforts/adverts/other means. Then we can decide if it's morally right or wrong for you to

(a) avoid paying him altogether
(b) pay him in part, as a previous poster suggested, or
(c) pay him in full

hearts

QUOTE: "Then we can decide if it's morally right or wrong for you to"

Will that be you and your son who decide?...or you and your father? ;-)