Legal query regarding my estate agent

[andyasw]

Our property is currently listed with an agent at an amazingly low commission rate. They found a buyer but the property we wanted to buy fell through. If our buyers pull out because we are unable to find a suitable property in the current property climate and we ask to be remarketed with a higher selling price, is the contract with the agent still intact?

[Manxman in exile]

What does your contract say?  Does the "amazingly low commission rate" stay the same whatever the advertised price, or is that commission tied to a specific price or price band?  The contract ought to explain that.  Or ask the agent.

 

(Unless you want to increase the price by so much as to render the house unsellable, I don't see why it should change the commission rate?  And why do you want to increase it?)

[slick132]

The property market is pretty boyant still with reports of folk guzumping each other to get a desired home before the Stamp Duty holiday ends.

 

At the end of June, there may be a re-balancing of ppty prices to reflect the change to the Stamp Duty reduction.

 

If I were you, I would simply tell the agent you want them to re-appraise your ppty value and give you a current value at which to market the ppty going forward......

 

...... and to also give you their best commission rate (or fixed fee) based on them having sole marketing rights for maybe 6 to 8 weeks.

[Tracey Hemming]

Hi

Yes it is. Should you wish to alter the asking price raise or lower it that should have no impact on the ctract between you and the agent. You can obtain free legla advice from a company called Landlord Advice UK they advice landlords, agents and homeowners. You can go on there website 

 

Good luck