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Anyone know about legal position re Estate agents' fees?

(3 Posts)
wilbur Wed 18-May-05 14:48:55

We tried to sell our flat for ages last year with 2 estate agents and eventually decided to rent it out. We used the letting dept of one of the estate agents we had it for sale with to rent it out, which they did, finding us a great tenant.

Our tenant has now expressed an interest in buying the flat from us.

What is our legal position re agents' fees? I imagine we will have to pay something as it was the agents who found us the tenant, but would we be liable for the full joint agency fee that we had agreed when it was on for sale with them? We took it off the market last August, so it's ben a while. Given the crap market at the moment, and the ease of this deal if it went through, do you think we can negotiate a cut price fee for the agency? If so, what would you suggest?

LIZS Wed 18-May-05 15:00:31

It should state in your contract with the Estate Agent that a fee would be payable if a sale resulted from their introduction of the tenant. (ie. ours stated 1% + vat of purchase price, payable on completion). Think you would now only pay what was stated in the lettings contract, not the previous sales contract. Are they still managing the property on your behalf ? If your contract with the agency has expired I'm not sure whether you need to still pay them or not.

wilbur Wed 18-May-05 15:05:45

They don't manage the property for us, simply found us a tenant and sorted the tenancy agreement. they do collect the rent and pass it on to us though. I will go and dig out the contract now.

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