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Terminating Agent's Initial Period Contract


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Hello,

 

Quick question, has anyone had any experience of terminating their agent's 'Initial Period' contract and happy to share their story?

 

8 weeks with 1 time waster of a viewing has not been the best start and another 8 weeks (16 week IP) in the same vein will be a disaster. We feel we do have grounds to terminate, in that the promises made in their sales pitch, one example being the quality of their media coverage (Sheffield Telegraph), has fallen short. We have now been given the chance to upgrade our media coverage, but at a price, which is annoying as this particular agent probably charges the most in commission, no names mentioned! They also did not mention this 16 week period. I know everyone will say 'read the contract!' but I read recently about Gym contracts and apparently not verbally mentioning the cooling off period etc etc is actually classed as mis-selling nowadays?

 

We have another agent lined up, who provides far better media coverage, i.e. more than one picture per property, but I wanted to get everyone's thoughts before I start drafting an email to our current agent.

 

Happy to expand on the above if necessary.

 

Cheers,

 

David.

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You have to be careful when using a second estate agent, as the first one could still expect to be paid a commission, and so you would have to pay 2 lots of fees or commission when your house is sold.

Double check your contract, and abide by it, or risk paying more.

The market is very difficult at the moment, and really if your house is on Rightmove and Globrix, people will see it. If they are interested they will view it. Its not going to make much differance which agent you are with.

I`ve been through this process 7 times, and these days price is king. Everybody wants a bargain. And its the bargains that are selling.

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Sorry if I was not clear, I'm NOT going to use another estate agent, whilst still under contract. This post was to find out if anyone had had any luck in terminating such contracts early, due to poor service etc, i.e. leaving you free to go with someone else?

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and, to be honest, with all the big personalities on this forum, opinions, level of articulation and, what appears to be, a general mixed bag of service received from these estate agents, I'm amazed nobody has a terminated contract story to tell, surely everyone here doesn't just put up with rubbish agent service and simply shuts-up, doesn't sound very SF :)

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Sole selling rights and, no, they did not point out the cooling period.

 

Good news, we have managed to get out of said contract, despite all the doubters! We emailed our list of complaints, where they had fallen short or where they had not even delivered a promised item, and they confirmed termination a few days later. Top tip, we ran our email by the legal chap who is dealing with our conveyancing, even he had his doubts how this would end, but there were a couple of useful 'legal speak' sentences in this reply, which I cut and paste in our email to the agent, I'll leave the audience to decide whether that made the difference!!

 

Power to the people!

 

Now to the hard part of selling our house, but at least, fingers crossed, we now have a decent agent on our team!

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Well when i lived in Mansfield i sold a house and didnt pay the Estate

You may ask how i did this?

 

Well estate agency fees are normally deducted by the solicitor on completion etc

 

However i wrote to the solicitor and advised i was not agreeing to the deduction and in the end i didnt pay.

 

That was £1250 saved!!!

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Not quite.

 

It's true that V's solicitor has no obligation to pay V's Estate Agent [EA]. Yes, the payment is normally made on (or just after) completion of V's sale. However, as you say, V can instruct that the solicitor should not pay.

 

BUT that does not relieve V from the contractual obligation to pay EA who could easily sue V for not paying. The Court fees and interest could amount to a lot. So that's not a 'saving' at all, is it?

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Not quite.

 

It's true that V's solicitor has no obligation to pay V's Estate Agent [EA]. Yes, the payment is normally made on (or just after) completion of V's sale. However, as you say, V can instruct that the solicitor should not pay.

 

BUT that does not relieve V from the contractual obligation to pay EA who could easily sue V for not paying. The Court fees and interest could amount to a lot. So that's not a 'saving' at all, is it?

 

This is true

 

But as i wasnt sued for me it was a saving, but other agencies may well act differently!

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  • 2 weeks later...

I got rid of a letting agent who was not getting many viewings. After 10 weeks he had done 2 viewings and only had one prospective tenant but they took so long doing credit checks etc that the tenant withdrew. The agent told me that the rental market was flat, and I should lower my price. I withdrew from the agreement and advertised the house myself at £100 pcm MORE than the agent was advertising it at, and I got 14 enquiries within 7 days, of which 9 came to view, and 8 of the 9 wanted the house. My advice (in relation to lettings) is get rid of the letting agent and let it to tenants directly, (or lease it long-term to a company like mine so that you are guaranteed rental income each and every month, and not having to wait around with no rental income between lettings).

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