Liable for Estate agent fees if we withdraw before exchange?

[Doable]

Lovely Estate Agent but considering withdrawing from the market as it's become an expensive nightmare with no end in sight.

2 failed buyers (one last minute lost their mortgage offer, the other was a cash buyer then wasn't) 3rd now stuck in a death loop of delay and I'm losing faith in ever getting there with this buyer. It's been over 6 months since their offer was accepted.

Because the first buyer dropped out the day before exchange (10 months ago) the flat is empty and costing a fortune.

We keep being told another couple of weeks should do it. Every week for 4 months.

If we call it a day and stop trying to sell are we liable for Estate Agent/Solicitor fees to the same level as if it had gone through? We've already paid lots of solicitors fees for various documents etc.

Advice or suggestions much appreciated.

What does your contract with the agent say?

It will depend on the contract that you have signed. When I sold recently I was free to take my house off the market, without any fees, after thirty days. But I imagine that I can vary by agent.

Can your buyer actually proceed?

Are they SSTC?

Just trying to understand why it's taking so long for your sale to exchange

It really depends on what you agreed with your EA. None of us can tell you that.

I agree that's the obvious place to start 🙂 I couldn't find a clear answer in it but will try to delve on their website. I imagined it would be a fairly similar condition so someone might know.

I'm not sure at all what's holding them up.

What’s your plan if you don’t sell to them though? The property will still be empty so it won’t solve the problem unless you are thinking of renting it out instead.

Personally I would stick with the idea of selling it as you seem to have a sale despite your buyers being slow. With most EAs you don’t have to pay any fees if you don’t get to completion but you will need to check that with your own EA.

You should have had a T&C's that you signed when they took you on (probably electronically so you should have a pdf of the small print). Usually when you pull out before exchange there are no fees. They generally get paid on completion.

Edit to add, the agent may blacklist you if they see you as time wasters so you might need to get a new agent.

The contract we signed with our EA is no sale no fee. Not sure about solicitor fees though. Our buyers have just pulled out very close to exchange for no real reason. Shame they can't be charged with wasting 4 months of our time.

Will you still want to sell the flat though? Or will you hold onto it and rent it out? If you are still going to sell it you are better to try and progress with current buyer rather than start afresh.

Are the delays due to the buyer being particularly slow/ difficult, or due to issues that another buyer will also raise? Eg requesting documents or surveys that another buyer is likely to ask for too.

I would have a frank conversation with the estate agent that you are close to pulling out due to the delay. They will obviously want the sale to go through and can hopefully push everything along.

Solicitor you will definitely need to pay for work done. EA will depend on the T&C as others have said and also whether they choose to enforce them.

Have you ever challenged them on the delay?

Ask for it to be resisted?

Usually the EA only earns their fee on a successful sale, so an exchanged contract, your solicitor usually pays the EA upon completion. But as previously advised you need to check the contract. You will have to pay the solicitors fees, whether you sell or not. Good luck with whatever decision you make.

We got big results yesterday by going into the agents office and asking for our keys back ready to remove from market.. suddenly more happened in an hour than has done in a month. Might be worth a go?

If there’s a sale running it’s your solicitor and the buyer’s solicitor who will have the answers on why it’s dragging not the estate agents. What does your solicitor say? Has the survey been done? Do they have their mortgage offer? How many in the chain?

Many thanks all. Digging through emails for full t&cs, will decide on plan b over the weekend and follow a version of @Stressedoutforever strategy next week.

It is ridiculously stressful and hard to think straight so I really appreciate being able to ask here. 💐