Cancelling a sale contract with agency

avk64

Hello everyone,

I made an agreement to sell my property through manning Stainton. I haven't had much interest in the property so far. After speaking with my parents I am considering not selling the property now. I looked over my agreement and cannot find anything about cancelling the agreement past the initial 14 days. There does not seem to be any indication of charges that could be made. Just that the agreement was to run for a minimum of 20 weeks. The property has been up for 3 months now. I can't attach the file so I've uploaded it to photobucket. I appreciate any guidance and help. Thank you!

edit: It won't let me post links and I can't attach the file. It is 2 pages long, is there anyway I can post it up? Thanks

mije1983

You can post the link with parts of the address broken up with spaces. If you do though, don't forget to redact any personal and identifying information!

eddddy

Typically, you can end the contract with either 2 or 4 weeks written notice, once the minimum period is up.

It doesn't sound like your 20 weeks is up yet.

But if you tell the EA you've decided not to sell, and therefore you won't accept any more viewings or consider any offers - there's not much the EA can do.

But to avoid any complications, send your written termination instructions after 20 weeks anyway.

Some EAs charge fees if you withdraw. If yours does, it will be explained in your contract.

G_M

20 weeks!:eek:


I would normally recommend a maximum 12 but ideally 8. Consider that next time.

You need to read the contract carefully and check

* when the 20 weeks started and how much longer remains
* how much notice you ned to give to end it at or after the 20 weeks (typically 4 weeks but ideally 2!)
* whether there are fees/penalties for withdrawing from the market early - remember, the agent has spent money on marketing your property so it's not unreasonable to charge you if you change your mind

An option is to suspend viewings for a while (until the 20 weeks is up), or just give excuses as to why they are not convenient, but that;'s a bit unfair on buyers (and the agent).

avk64

Thanks for the replies. Yes I didn't think carefully before signing this plus I was 100% sure I wanted to sell. But my parents want to help me with my financial issues in order for me to also keep the house now. I could not find anything regarding termination so I thought it would be safe to terminate without fees. I realise now though that 20 weeks is too long!

Here it is: (it works if you copy and paste it now)

i557.photobucket.com/albums/ss11/aidin_vk89/MSagreement1_zpspnxikcax.png
i557.photobucket.com/albums/ss11/aidin_vk89/MSagreement2_zpszqywrh2s.png

csgohan4

every house will for a price, consider this also, is yours overpriced or the market slow over there?

eddddy

avk64 wrote: »

I looked over my agreement and cannot find anything about cancelling the agreement past the initial 14 days.

The contract is very clear - under "Termination of Agency" on the second page.

You have to give a minimum 14 days written notice to terminate the contract. (subject to a minimum contract period of 20 weeks).

Unless you have agreed to their "Headstart Option" or some other optional fee charging option, it looks like a standard "no sale, no fee" agreement - with no fees if you withdraw.


Edit to add...

And as I say in post #3, realistically there's not much the EA can do if you tell them you'll refuse to accept any viewings from now until the 20 weeks is up.

Richard_Webster

If the agent signs you up for 20 weeks he isn't that confident that he can sell at your initial asking price is he?

He's got you stuck, and so knows that if it is overpriced then after a time he can go back and persuade you to reduce the price.

Much better to ask why they want the 20 week agency in the first place - "...if you think it is worth £xxx,xxx then you can sell it in much less than that, can't you?"

All you can do now is wait until the 20 weeks is up and then give the 14 days notice.

If you tell porkies to the agent about no longer wanting to sell and use another agent within the 20 week period who finds you a buyer then you will probably get charged two sets of commission!

westv

A 20 week tie in seems to be pretty standard in my area.

eddddy

westv wrote: »

A 20 week tie in seems to be pretty standard in my area.

That may well be what the EA asks for (and has printed on their standard contract template).

But have you tried saying to them that you won't sign up with them unless they reduce it?

So far, I've never come across an EA who's refused.

hazyjo

Mine's for 6 weeks - was 12, but when I asked how long, he just said he'd do me 6 (I didn't even request it). As above, it's negotiable. If nobody asks or mentions it, they'll just put you straight on the maximum.


Jx