Re Estate Agents in UK. Does anyone know ...?

Our estate agent has found what we are advised is a secure buyer for our
house and although we did originally say we would move out and go into
rented accommodation (wilst still looking) if we still haven't found a
suitable house for us to buy. Well had until last week but the vendors of
that property changed their mind about selling.

We have been looking and looking for about 6 months now and made offers on
three properites that have fallen thro for one reason or another, and quite
frankly have had enough and thinking of calling the whole thing off.
No contracts have been exchanged on our home as yet.

Now we are wondering this. If we pull out now are we liable to pay our
Estate Agent his commission for finding us a buyer ? Understandably we
really don't want to ask our Estate Agent this.

Anyone know how we stand on this matter ?

Foxy at w**k...

Not sure Val. Hope someone can help. I can see why you are thinking this
way though

Jeff Gaines...

The fee is not usually payable unless you complete the sale, but you
will have signed an agreement with the Estate Agent so have a look at
that.

Buying and selling houses in England is about the most stressful
activity there is :-(

Aries...

Now I replied to your post earlier this morning Jeff but it hasn't appeared
:eek: Now where is it I'm wondering ??

After my divorce I moved down here into a rented flat and spent 6
months searching. I had the advantage then of not having a house to
sell - but if prices move upward in the meantime it can cause issues.
It may be that somebody from Scotland may jump in and say how much
better their system is :-))

Rabbit...

Well it won't be me. The Scottish system does have good points, excellent
points even in that once the missives are signed that's it so there's no
wondering on moving day if it will go through. However there are still
points which could improve it a great deal. The *offers over* system of
selling costs potential buyers a lot in fees/surveys/lawyers just to lose
out. IMHO if they are going to stick to that system it should be a proper
auction in the open, where you can judge if you can go that extra bit for
the house you want rather than sealed offers. It also can again IMHO inflate
the prices of houses as people offer much more than the survey says the
property is worth, particularly if they are desperate to get the property. I
like the Canadian method where the property is advertised at the maximum
price the seller wants and you can maybe talk them down for a quick sale or
whatever reason but at least you know the maximum.

pandamonium...

I'm not certain if it depends on the terms but the estate agent that came
for a look round our gaff the other day said that the fee is only payable
on completion of the sale. He said we're under no obligation whatsoever to
accept any offers on the property - put it up now to test the market, etc.
All they asked was to leave it up for 12 weeks minimum. But their fee is
only payable on completion of a sale.

Aries...

I replied to your post as well Panda - so two posts have gone missing via
NIN :(