Forced to pull out of sale-Agent wants full fee

nickyg2000

Who signs a ready willing able buyer contract. Round here all agents charge on exchange

JencParker

abccba wrote: »

Thanks for the responses everyone.

I think my best option is to phone the agent first thing tomorrow and say that I'm not withdrawing. Then hope that the buyer pulls out based on the survey coming back with a lower value.

Would you say this is my best option to avoid the agent fee?

You're playing a risky game - what if it doesn't come back with a lower value?

chappers

What are your issues with regards to the £4k shortfall is it to do with a shortfall on a subsequent house purchase or a redemption of an existing mortgage. maybe someone can come up with a solution for you.

pinkshoes

I believe that if a service bill is not paid when a flat is sold,it is just passed on to the new owner.

I would tell the EA that the buyer needs to also pay the outstanding service charge as the work done will benefit them, and the amount came through AFTER the offer was agreed, so the bill comes with the flat...

libf

You are not being forced to pull out, you are choosing to. The agent has done their job, so they expect to be paid.

kinger101

pinkshoes wrote: »

I believe that if a service bill is not paid when a flat is sold,it is just passed on to the new owner.

I would tell the EA that the buyer needs to also pay the outstanding service charge as the work done will benefit them, and the amount came through AFTER the offer was agreed, so the bill comes with the flat...

The vendor should have known about the charge before the flat was placed on the market. Bills for £4,500 are not handed out by freeholders without prior notification or consultation.

The purchaser will most likely demand that all charges are up to date before exchanging contracts.

onlyroz

When we sold our flat a bill for £750 came up to cover new communal entry doors. We agreed to go halves with the buyer because they were the ones who would benefit from the new doors.

hign10pines

abccba wrote: »

If I sell the solicitors will want the service fee paid in full before the property is registered in the new owners name. If I don't sell I can pay off the bill (I have asked the service company if they would be happy if I paid it off )

So if you do sell you have to find the money before completion but if you don't sell you still have to pay.. Sounds to me like you must already have access to this money if you can afford to pay it without a sale.

Doozergirl

abccba wrote: »

I did not know about the bill from the service company otherwise I would never have agreed the sale at the sale price agreed. I never thought that I as the seller would need to withdraw as I really want to sell. I explained to the agent that I am happy to break even on the deal but now this huge bill means that I will have a shortfall.

What if the survey comes back to say that the property is not worth the agreed selling price? Could that mean that I don't pull out but wait for the buyer to either make a lower offer which I can't accept or the buyer pulls out cause he can't get the mortgage? There is a strong possibility that the survey will come back lower .....could that be my way out of this deal?

Hang on. If you genuinely were not consulted on the works and the potential size of bill, then your freeholder cannot charge you more than £250, from memory.

There was a link provided with the question about whether you knew about it. The document is long, but I strongly recommend that you phone the Leasehold Advisory Service (who provide that document) and go through the process the freeholder followed that ended in this bill.

http://www.lease-advice.org/information/faqs/faq.asp?item=173

http://www.lease-advice.org/information/faqs/faq.asp?item=91

If it hasn't been followed, you might be in luck. I've certainly seen it happen on this forum in the past.

Poppy9

What did you decide to do?