ready, willing and able buyer estate agent clause

ro2778

I'm trying to work out where I stand regarding estate agents fees because of a ready, willing and able clause in the estate agent's contract with me.

I accepted an offer at the end of July 2017 on my flat. In that time, I pulled out of the initial house I was buying, found a new house but again didn't complete this time due to asbestos being present in the house, then agreed to buy a property from a colleague and move out to rent in order to allow my buyer to complete before his mortgage offer runs out at the end of January.

The estate agent was pressuring me to set a completion date around mid January but the best I could come up with was 24th January and I told them that if the buyer doesn't complete by this date, then I would consider them not to be a ready willing and able buyer and take my property off the market the next day.

My question is, is that reasonable, or would they still have an argument that I would need to pay their fee because they found me a ready willing and able buyer?

ro2778

This is the clause

8. Ready, Willing and Able Purchaser

A Purchaser is a ready willing and able purchaser if he is prepared and is able to exchange unconditional contracts for the purchase of your property. The Vendor will be liable to pay commission to the Agent, in addition to any other costs or charges agreed, if such a purchaser is introduced by the Agent in accordance with the Vendor's instructions and this must be paid even if the Vendor subsequently withdraw[SIC] and unconditional contracts for sale are not exchanged, irrespective of the Vendor's reasons.

eddddy

ro2778 wrote: »

The estate agent was pressuring me to set a completion date around mid January but the best I could come up with was 24th January and I told them that if the buyer doesn't complete by this date, then I would consider them not to be a ready willing and able buyer and take my property off the market the next day.

Why would you want to take the property off the market on 25th January? How would that benefit you?


Edit to add -

It will be easier for others to give advice if you explain what you are trying to achieve.

ro2778

It has taken so long to complete that I no longer need to sell this property in order to fund my move. So I'm just looking for closure one way or the other.

Tom99

Is the buyer willing to complete on the 24th? If not why would you not allow then to complete by the end of Jan when the mortgage offer runs out?

CommitedToChange

But surely if you're really close to completing you will have spent money so it makes more sense just to finish selling the property.

ro2778

I haven't heard anything from the estate agent regarding whether the buyer is willing to complete on January 24th since I made that demand.

I spoke to my solicitor yesterday and they have not had any contact from the buyer's solicitor.

I plan to speak to the estate agent to catch up as I haven't spoken to them for a couple of weeks. I was just interested in gaining advice from this board on whether - in the event that the buyer fails to complete by 24th January and I take the property off the market the next day. According to the clause above can I reasonably claim he is not a ready willing and able buyer?

RE: the other response - I'm happy to finish selling but it's frustrating because both sets of solicitors and the estate agents are poor communicators so most of the time I have no idea what is going on and despite the fact I have spent money on solicitors etc. I'd be quite happy to walk away and chalk it up to experience.

eddddy

ro2778 wrote: »

It has taken so long to complete that I no longer need to sell this property in order to fund my move. So I'm just looking for closure one way or the other.

On that basis, I don't think you would have a very strong case for avoiding the fee, if you withdraw.

Essentially, you'd be changing your mind about selling the property.

Margot123

I have every sympathy with you as my 'quick sale' has been going on for nearly as long as yours.

I issued an ultimatum last week which seems to have stirred the buyer's solicitor into actually communicating with mine. Once I knew what the delay actually was, I withdrew the deadline but I really can't go on forever.

When will buyers realise that the seller of an empty property is in the driving seat?
They can't simply throw a piece of string and ask us to guess how long it is........

CommitedToChange

"RE: the other response - I'm happy to finish selling but it's frustrating because both sets of solicitors and the estate agents are poor communicators so most of the time I have no idea what is going on and despite the fact I have spent money on solicitors etc. I'd be quite happy to walk away and chalk it up to experience."

To be honest from my current perspective and those I've read and talked too, this is completely normal. And you'll just have to do it all again when you do decided to sell the place.

So you'll have to do it all over again (with another chance of the sale falling through and you losing yet more money) or have an empty property and pay bills on that. Plus extra as you'll own two properties so have to pay extra stamp duty.

hazyjo

Maybe the EAs think you're not committed to moving...


Was asbestos the only reason? Do you know that's found in many UK homes and is fine if untampered with?


I would say they found you a ready willing and able buyer. So your buyer has hung on since July and you're on a third attempt to buy somewhere and now you've set them a deadline? Have I got that right?