Estate agent notice
Discussion
Hi our buyer is unable to proceed with the exchange.
We have given notice to our current agent which is 28 period as we were unhappy with them.
Please could you advise if we can relist the property with other agent and take viewings post 28 day notice period.
The curreny agent is saying we will attract dual fee liabilty as there sole agent if we list now.
Our sellers are saying they cant wait 28 days and will go back to the market.
We are really stressed as we would lose the house and the money we spent on the purchase
We have given notice to our current agent which is 28 period as we were unhappy with them.
Please could you advise if we can relist the property with other agent and take viewings post 28 day notice period.
The curreny agent is saying we will attract dual fee liabilty as there sole agent if we list now.
Our sellers are saying they cant wait 28 days and will go back to the market.
We are really stressed as we would lose the house and the money we spent on the purchase
Here are terms.
We will act as your sole agent for min exclusive period and will continue unitil.either party gives 28 day notice.
No other agent may be appointed but if one is you wil create a dual fee liability.
Our fee will increase to our mutli agency rate.
If we sell the property we will be due a multi agency fee if they sell it we still be due sole agency fee
We will act as your sole agent for min exclusive period and will continue unitil.either party gives 28 day notice.
No other agent may be appointed but if one is you wil create a dual fee liability.
Our fee will increase to our mutli agency rate.
If we sell the property we will be due a multi agency fee if they sell it we still be due sole agency fee
Have you passed the initial exclusivity period? If you have, you're free to change. If you haven't then you're locked in.
Have you given written notice? If so, how long ago?
After the 28 days notice period has elapsed, then you're fine. During the notice period you're going to pay a lot extra. The important thing is the introduction of the buyer to the property, not the actual exchange or completion dates. During the notice period, even if your new agent is the one that introduces the buyer to the property you're still liable to pay your previous agents. The hard part is proving exactly when the new buyer was introduced to the property.
Have you given written notice? If so, how long ago?
After the 28 days notice period has elapsed, then you're fine. During the notice period you're going to pay a lot extra. The important thing is the introduction of the buyer to the property, not the actual exchange or completion dates. During the notice period, even if your new agent is the one that introduces the buyer to the property you're still liable to pay your previous agents. The hard part is proving exactly when the new buyer was introduced to the property.
ukessex09 said:
Here are terms.
We will act as your sole agent for min exclusive period and will continue unitil.either party gives 28 day notice.
No other agent may be appointed but if one is you wil create a dual fee liability.
Our fee will increase to our mutli agency rate.
If we sell the property we will be due a multi agency fee if they sell it we still be due sole agency fee
How long is the exclusive period?We will act as your sole agent for min exclusive period and will continue unitil.either party gives 28 day notice.
No other agent may be appointed but if one is you wil create a dual fee liability.
Our fee will increase to our mutli agency rate.
If we sell the property we will be due a multi agency fee if they sell it we still be due sole agency fee
Your origiinal post was a little confusing however if you've found a property and you'd like another agency to sell yours quickly (hopefully) then just do it and pay the extra fees; you're in this situation until the min exc period and the 28 day notice period have finished. You'll have to decide whether paying the extra fees is worth it to secure the property that you'd like (assuming that yours gets sold.)
The (paraphrased) terms are clear. If you appoint another agent within the notice period then you will be on the hook for fees to your existing agent. Wait the 28 days, then appoint another agent if that is what you want to do. Frankly though, one is pretty much the same as another. Unless there is a very specific reason why you want to change, it seems counterproductive to change at this point. Your existing agent may be best placed to reconnect the chain.
ukessex09 said:
Hi our buyer is unable to proceed with the exchange.
We have given notice to our current agent which is 28 period as we were unhappy with them.
Please could you advise if we can relist the property with other agent and take viewings post 28 day notice period.
The curreny agent is saying we will attract dual fee liabilty as there sole agent if we list now.
Our sellers are saying they cant wait 28 days and will go back to the market.
We are really stressed as we would lose the house and the money we spent on the purchase
You've potentially lost the house, because you've lost your buyer.We have given notice to our current agent which is 28 period as we were unhappy with them.
Please could you advise if we can relist the property with other agent and take viewings post 28 day notice period.
The curreny agent is saying we will attract dual fee liabilty as there sole agent if we list now.
Our sellers are saying they cant wait 28 days and will go back to the market.
We are really stressed as we would lose the house and the money we spent on the purchase
That comes down to whether you are likely to set up a new buyer before your sellers do.
Maybe they have another buyer lined up, maybe you do?
That's done, nothing you can do about it, unless you can resuscitate your buyer with a price drop or something, or whatever made them drop out reverses.
Your sellers can choose to go back on the market, regardless of whether you change estate agent.
If you change estate agent ,then your new agent should allow the old agent to deal with any buyers they've introduced.
Unless you overlap the estate agents within the old agent's 28 day notice period, the risk of paying two sets of fees is quite low.
It seems to take a little time to get listed with an agent, they will want to do photos etc, so maybe you can 'go live' right after the 28 days expires.
It does seem to vary from agent to agent, but we are considering a change and our new agent is adamant that they have never had a sale which resulted in full double fees being paid. Most I think will not overlap unless you go for a full 'multi-agent' contract.
When push comes to shove, fees are 1.5%, right now, the uncertainty in the values of many houses makes that a bit of a detail.
Many houses are coming up on Rightmove with 5 or 10% reductions. At this point in time, personally, I'd take the dual fees, for a sale at full asking price, YMMV.
It's very possible your old agent will find you a new buyer within the 28 day wind-down. They may have a queue of punters who've contacted them about other houses since yours went 'under offer'.
Don't forget, the new agent is selling their services to you, they may be better at that act of salesmanship than they are at actually selling your house.
They will be telling you they've got a big list of people who really want your house, these people somehow can't find it on Rightmove with the current agent?
At the moment, we are weighing up the advantages of changes agent, vs the drawback of being off the market for a couple of weeks.
Sheepshanks said:
ukessex09 said:
Here are terms.
We will act as your sole agent for min exclusive period and will continue unitil.either party gives 28 day notice.
If that’s exactly what it says then it’s pretty sloppy. As it’s written you’re free of them once you’ve given notice.We will act as your sole agent for min exclusive period and will continue unitil.either party gives 28 day notice.
It implies they could choose not to be your agent for the 28 days.
Little Lofty said:
Stick with the current agent, they found you one buyer so will find you another.
Possibly another duff one who doesn't go the distance...We don't have the info to judge whether it's a good idea to change agent at this point.
There are pros and cons of various agents IMHO.
ukessex09 said:
Here are terms.
We will act as your sole agent for min exclusive period and will continue unitil.either party gives 28 day notice.
If that is an exact copy then they appear to have quite a poorly written term which may well be interpreted as being exclusive UNTIL either party gives notice and as such the second you give notice they are no longer the exclusive party.........We will act as your sole agent for min exclusive period and will continue unitil.either party gives 28 day notice.
Jasandjules said:
ukessex09 said:
Here are terms.
We will act as your sole agent for min exclusive period and will continue unitil.either party gives 28 day notice.
If that is an exact copy then they appear to have quite a poorly written term which may well be interpreted as being exclusive UNTIL either party gives notice and as such the second you give notice they are no longer the exclusive party.........We will act as your sole agent for min exclusive period and will continue unitil.either party gives 28 day notice.
Say the exclusive period is 6 months. You can't end that with 28 days notice - you're tied for 6 months.
If you don't give notice after 6 months the exclusivity period will continue after 6 months until notice is given.
Just give notice 28 days before the exclusive period ends.
If you want to extend after that cancel the notice with 1 day to go.
Interestingly, those terms don't specify 28 days forward notice.
So give them 28 days retrospective notice and see how much they can be bothered to argue.
Bunch of twunts estate agents.
Last house I sold was via House Network.
Sadly they went bust but I'd find an equivalent firm if I had to sell.
If you want to extend after that cancel the notice with 1 day to go.
Interestingly, those terms don't specify 28 days forward notice.
So give them 28 days retrospective notice and see how much they can be bothered to argue.
Bunch of twunts estate agents.
Last house I sold was via House Network.
Sadly they went bust but I'd find an equivalent firm if I had to sell.
OutInTheShed said:
Little Lofty said:
Stick with the current agent, they found you one buyer so will find you another.
Possibly another duff one who doesn't go the distance...We don't have the info to judge whether it's a good idea to change agent at this point.
There are pros and cons of various agents IMHO.
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