Pulling out of a sale - goodwill gesture

res-w08

I have had to pull out of the sale of my house because of a change in circumstances. We were fairly close to exchanging contracts - surveys have been done, both sides solicitors have done a reasonable amount of work, the agent has done a decent amount too.

I am on the hook to pay my solicitor but not the agent because of the terms of the agreement we signed, and I know I don't technically owe any other money. But I want to make some kind of a goodwill gesture as I don't like the feeling of other people being out of pocket because of my decision (even though it was due to something outside of my control).

Any thoughts or suggestions?

da_rule

Personally I wouldn’t. They’re in business and these things happen, it’s just a risk they take.

KiKi

I wouldn't pay the agent at all. This is business. The individual themselves isn't going to benefit, it'll be the company. It's the risk of the business, and in two years' time the agent won't even remember who you are, let alone that you gave the company some money!

It's nice that you feel bad, but an apology is enough.

eddddy

res-w08 wrote: »

...but not the agent because of the terms of the agreement we signed,

So just to make sure... so there is nothing in the EA contract about a "ready, willing and able buyer".

(I ask because I've come across EAs who describe their contracts as "no sale, no fee", but they have a "ready, willing and able buyer" clause in the contract.)

davidmcn

res-w08 wrote: »

Any thoughts or suggestions?

Don't be daft. If they wanted to be paid anything in those circumstances, they'd put it in their contract. They've budgeted for the occasional sale falling through.

diggingdude

if anything offer some money to your buyer to cover their fees?

lisyloo

The estate has this factored into their business model and in fact they choose the terms.
If the money is burning a hole in your pocket then help the buyer. They will be worse hit than the business.

Murphybear

As it’s close to Christmas then a bottle or 3 of wine and/or a big tub of choccies would be a small but inexpensive gesture

Skint_yet_Again

Not sure if I am reading this the right way, but I thought it meant a goodwill gesture to the buyers who have paid for surveys, solicitors fees etc. ?

Having had the misfortune of a seller pulling out of the sale on the day of exchange I would tell you to stick it where the sun don't shine regardless of the reason why you pulled out unless it was a substantial amount of money.

Luckily we had insurance with our solicitor which cost about £100 for buying & selling and covered their fees, but we still lost survey fees etc. We had a structural survey due to cracks (turned out not to be subsidence) so it was costly but our choice. Who knows how much your buyers will have lost. Not trying to guilt trip you as I'm sure you have a good reason, just passing on a buyers perspective.

Davesnave

Skint_yet_Again wrote: »

Not sure if I am reading this the right way, but I thought it meant a goodwill gesture to the buyers who have paid for surveys, solicitors fees etc. ?

That's how I read it too.


I'm sure there is a figure that would make a difference regarding the loss of fees paid, but the OP hasn't stated what they have in mind, or even if it's cash.


As to telling the OP where to stick it, surely that would depend on the matter which caused them to pull the deal.

EmmyLou30

As someone who has had a seller pull out on me at the point of exchange which cost me £1500 in solicitor costs and surveys etc I would have been over the moon if my perfectly affluent sellers had paid me that money back as a gesture of goodwill for them simply changing their minds.

Instead I got a half arsed apology from the EA and that was that. Nearly 6 years later and I still hate them! That money was a lot to us to lose through no fault of our own and I know it's all part of the rubbish English system but still a hard pill to swallow. So I applaud the OP for having some morals and feeling like they want to make amends for pulling out of the sale if they can afford to repay the buyers fees they've lost.