Estate agent fees liable ?

barrytiptree

Hi

I have a property on the market with KFH and had a few viewings (been on the market for around 3 weeks) no offers so far. I have now found a new build with Taylor Wimpey and they have offered a favourable exchange price which I am seriously thinking of accepting.

My question is, will I owe KHF estate agents any fees. I have sole agency with them and they mentioned a 12 weeks advertising period but I would like to pull out with them.
I cannot see anything in the contract mentioning this, hopefully I have not missed anything!

The new build has had nothing to do with an estate agents, I just saw it online on the Taylor Wimpey website.

Can anyone help me to understand if I can avoid any estate agent fees with KFH (I have had no offers with KFH viewings).

Thanks
Barry

Mutton_Geoff

The lack of any offers through the agent means nothing. It is what is written in the contract you signed. You need to read through it carefully.


You say "they mentioned a 12 weeks advertising period", is that also written into the contract or was it just "mentioned". As nobody here can see your contract (unless you'd like to upload a scan and post a link), then nobody can know what fees are liable.

payless

Ask the builder if they would use your agent when reselling , and then see if agent would release you from liability on this basis

steampowered

You need to get a copy of the T&Cs you signed up to, and read them carefully.

The T&Cs will explain the circumstances in which you are liable for the fee.

Under a sole agency contract, you would often be liable for the fee if the house is sold by any means within the contract period. You might be OK if you sell to Taylor Wimpey after 12 weeks - but read the contract.

Could you keep the property on the market with KFH to see if you get a better offer? Depends how long Taylor Wimpey's exchange offer is open I suppose.

barrytiptree

Thanks for all your good points. It's my son who has this problem. I will see if I can obtain a copy of the contract and post it here.

ethank

If the contract states they are appointed sole agency it means that they sell it as agent - there will be a fee. However if you go with Taylor Wimpey there will be no commission due as an agent did not sell it, your son did.

If however, as is common, the contract is for sole selling rights - the agency are the only people able to sell the property, and a fee would be due from your son even if they went with Taylor Wimpey.

If it is the latter, do tell TW as they will appoint a sales agent to sell the part ex, which may placate the estate agent.

G_M

steampowered wrote: »

You need to get a copy of the T&Cs you signed up to, and read them carefully.

The T&Cs will explain the circumstances in which you are liable for the fee.

Under a sole agency contract, you would often be liable for the fee if the house is sold by [STRIKE]any means [/STRIKE]any agent within the contract period. Fees would only be payable if the house is sold 'by any means' in a sole selling rights' contract. You might be OK if you sell to Taylor Wimpey after 12 weeks - but read the contract.

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Mutton_Geoff

ethank wrote: »

If however, as is common, the contract is for sole selling rights

Although this contract is widespread, I wouldn't say it's common. Only the naive vendor would end up signing one of these.

eddddy

A "Sole Agency Contract" contract generally means that you will have to pay the EA a fee if they introduce a buyer, or another estate agent introduces a buyer during the sole agency period.


So the argument you might have is whether TW is an estate agent.

(But you need to read your contract carefully. Sometimes the EA calls it a "Sole Agency Contract", but when you read the terms it's more like a "Sole Selling Rights" contract.)

Thrugelmir

If you p/ex with TW. Then TW will factored in agents selling costs into the offer they make you. To TW your house is cash tied up that will cost them interest. They'll wish to shift it on as quickly as possible.

No such thing as a free lunch.

barrytiptree

Hi
Thanks for the enlightening info.
I’m going to leave it to my son to sort it out. Hopefully it will all be resolved after speaking to his existing estate agent KFH

Many thanks