Can we take our house off the market without paying fees

jeblee_2

Just wandering if anyone has experience of estate agent contracts.


We've had our house on the market for 7 weeks, we've had about 10 viewings but no offers or second viewings and they seem to be dwindling down to only 1 a week. My dad has offered to give us the money for our house and he'll rent it out. Its going to stay in my name so technically it isn't going to be sold just let out in a few months time when we have moved into our new house. I'm currently in a 12 week contract with the estate agent but I've just gone back to look through the contract and there's hardly anything on it. I can't find anything on the contract which says no sale no fee (but it does say it in their initial letter to me), its worded as 'our fee for the sale of this property will be...'. We had to pay a marketing fee to 'launch the property' but could they potentially charge me for the advertising they have done during this time. It does say that neither party can cancel the agreement during the 12 week period but there's no information on what would happen if I did cancel. There's only 5 weeks to go should I just sit and wait it out, I'm just worried we'll get a good offer and I won't know what to say.

Innys1

jeblee wrote: »

Just wandering if anyone has experience of estate agent contracts.


We've had our house on the market for 7 weeks, we've had about 10 viewings but no offers or second viewings and they seem to be dwindling down to only 1 a week. My dad has offered to give us the money for our house and he'll rent it out. Its going to stay in my name so technically it isn't going to be sold just let out in a few months time when we have moved into our new house. I'm currently in a 12 week contract with the estate agent but I've just gone back to look through the contract and there's hardly anything on it. I can't find anything on the contract which says no sale no fee (but it does say it in their initial letter to me), its worded as 'our fee for the sale of this property will be...'. We had to pay a marketing fee to 'launch the property' but could they potentially charge me for the advertising they have done during this time. It does say that neither party can cancel the agreement during the 12 week period but there's no information on what would happen if I did cancel. There's only 5 weeks to go should I just sit and wait it out, I'm just worried we'll get a good offer and I won't know what to say.

And this is a problem?

If you dad is any kind of father, he should understand that if you get a good offer from someone else, you'd be a fool not to take it.

G_M

My dad has offered to give us the money for our house and he'll rent it out. Its going to stay in my name so technically it isn't going to be sold just let out in a few months time when we have moved into our new house.

Do you and ypur dad fully understand all the implictions of this?

Capital Gains Tax
Income Tax
Landlord responsibilities
Do you understand who the 'landlord' will be?
Where will the rent go?

Do you own it outright? Is there a mortgage? If so, will you pay off the mortgage with dad's money?

Is dad 'giving' you this money or is it a loan?

* New landlords: advice, information & links

As for your question, the contract must surely say at what point the fee becomes payable.

If not, I don't see the problem. Either tell the agent the property is not being sold, or leave it on the market for another 5 weeks, but use that time to market it for rent too.

jeblee_2

Innys1 wrote: »

If you dad is any kind of father, he should understand that if you get a good offer from someone else, you'd be a fool not to take it.

I did ask for advice on EA and not just criticism on the situation. I shouldn't really have to explain myself but yes my dad is giving us the money, he is already a landlord and I'm fully aware of the taxes. No I am not waiting for a better offer I'm just not sure if I will be penalised by the estate agent for not accepting a good offer. The house is mine and mortgaged (no idea how this is relevant to the original question). As said the contract only says 'our fee for the sale of this property will be...', there's no indication of when it is paid and what happens if it is not sold.


I am only asking the question about estate agent fees as I have heard of people still being charged for 'reasonable expenses'.

lonestar1

Only you have the EA contract in front of you - If your still unsure ask the EA

Eejay

If you only wanted advice regarding EA charges you should have left the rest out.

Why not just ask them? Don't tell them all the details but say you have changed your mind about selling the property and would like to take it off the market. It saves them wasting time dealing with enquiries or arranging viewings, so maybe they'd rather you tell them sooner than later.

stator

Wait out the contract and cancel at the end.
If they hear that you've sold it to someone they might start demanding fees.

makeitstop

OP, I'd just tell the agent you're removing it from sale. The contract is there simply to ensure you do not run to another agent in a set period of time, which you are not doing. You are under NO OBLIGATION to sell your house if you don't want to, and no agent can force you to sell it, nor accept any further viewings should you decide not to acept them. They cannot claim to have introduced your father to your propoerty should you go ahead and sell to him either, as he would have been privvy to the intention to sell well ahead of them marketing it.

I recently had my own property on the market, but, told the agent that my daughter was considering buying it, and should she decide to proceed with that, that there would be no fee coming their way. This was stipulated on the form I signed by which was brought by the rep who visited me for valuation and pictures etc. Later on, when we had contacted the agent to inform them that our daughter did want to go ahead and buy, the manager stated that the fee would be applicable, as the agreed sale was within contract period. I told her of the initial discussion, and that whether or not it has been documented and was in front of her, they would not be getting any fee and that they could take a hike.

She soon got my point and it was the end of the matter.

They might try it on, but ultimately, they are not going to be able to do sod all should you decide not to sell. Just tell them...simples.

eddddy

you need to read the contract.

A few EAs will charge a 'withdrawal fee' - even after the minimum contract period has finished.

(Personally, I'd never go with an EA who charged a withdrawal fee, because it can end up as paying an EA for failure.)


But if somebody actually makes an offer - especially if it is full asking price - you need to be more careful about withdrawing.

Some EAs' contracts require you to pay the full fee for introducing a "ready, willing and able buyer" (again, I would never agree to a contract like this).

The simplest, safest EA contract is a straightforward "no sale, no fee".

Innys1

jeblee wrote: »

I did ask for advice on EA and not just criticism on the situation. I shouldn't really have to explain myself but yes my dad is giving us the money, he is already a landlord and I'm fully aware of the taxes. No I am not waiting for a better offer I'm just not sure if I will be penalised by the estate agent for not accepting a good offer. The house is mine and mortgaged (no idea how this is relevant to the original question). As said the contract only says 'our fee for the sale of this property will be...', there's no indication of when it is paid and what happens if it is not sold.


I am only asking the question about estate agent fees as I have heard of people still being charged for 'reasonable expenses'.

If you feel my comment was a criticism, perhaps you're skin isn't thick enough to be a landlord?

AdrianC

jeblee wrote: »

My dad has offered to give us the money for our house and he'll rent it out. Its going to stay in my name

So he'll be renting a house out that he doesn't own...? What could possibly go wrong?

I'm just worried we'll get a good offer and I won't know what to say.

"Thanks, no thanks." would be a good start.