I want to pull out of house sale - help!

jimmyjamjohns

Just wondering if can get some advise after some great advise about my boiler at the weekend.

Basically due to a marital breakdown the house was on the market and we have had an offer we accepted.

Now last week I told the agents that the boiler had packed up and they had said this could break the deal.

The problem I have now is that our mortgage rate has dropped to under £200 a month which is a massive drop in what we were paying and my ex has said he will continue to pay the mortgage now in leiu of child maintenance as we own over 75% of the property.

Now this is great! A huge relief to me. But obviously I need to back out of the house sale, the surveyor is due around next week for the buyers and the buyers are now away of the faulty boiler and are not concerned - was hoping they would pull out etc.

So will I be liable for the 4k of agents fee's. I am guessing yes but I dont have any spare cash or savings for this.

Am a bit stuck on what to do.

Any advise would be good. I plan to ring the agent on Monday but am a bit worried about it all.

silvercar

This should be on the housing board, you'll get better advice.

Are you in England or Wales? If so you can pull out anytime before exchange of contracts. Its tough on your buyers who have paid out for a survey but it happens all the time.

Most Estate Agent contracts are fees payable only on a sale, so again you should be free to walk away. Depending on the honesty of the estate agent they may try to persuade you that you owe them money so re-read the contract. You may also have solicitors fees for the work done so far, but for a sale that hasn't proceeded it shouldn't be much.

ormus

you can retract your acceptance of the offer at anytime up to exchange of contracts.
whether you are liable for any fees, depends on your sales contract with the agent. you need to read your contract carefully.

macman

You are not obliged to proceed with the sale if exchange has not taken place, and so the agent is not due anything. Neither they not the potential buyer may be happy, but tough.
If you have exchanged, then you are obliged to complete unless you want to be sued for breach of contract.

LandyAndy

macman wrote: »

You are not obliged to proceed with the sale if exchange has not taken place, and so the agent is not due anything. Neither they not the potential buyer may be happy, but tough.
If you have exchanged, then you are obliged to complete unless you want to be sued for breach of contract.

Depends on the wording of the contract.

My EA's standard contract said the fee was due if they 'introduced someone willing and able to proceed'. I had it changed to 'on completion'.

Catslovelycats

Hi. I pulled out of a purchase in Dec 2009. Just before Christmas - which was heartwrenching for me and the sellers (though I think they had someone else waiting in the wings). I wasn't charged anything by the EA but the bloke dealing with my purchase wasn't happy with me !! (Problems with the survey and the sellers weren't willing to negotiate).
Hope you're able to pull out without any penalty.
If there is anything you have to pay, then you have to weigh up where you want to live I guess.
Best of luck and keep us posted!

ormus

EAs dont charge the buyers anyways.

Norman_Castle

If you are backing out, do it as soon as possible. Its kinder to the buyers and may save either you or them some money.

dander

Agree with the above. If the surveyor is coming round next week - back out fast, fast, fast so the survey can be cancelled and save your buyers the fee.