Morning All,

I could do with some help / guidance on what seems like a complicated situation right now..

I’ve inherited a house from my parents, it has been put on the market only last week.

I am going through a solicitor to help with Probate etc and have just, as I said got the house on the market through the Solicitors estate agent branch.. it’s the Co-Op and they’ve been brilliant to be honest, I went with their property wing due to the fixed fees on offer (lower than estate agents).

I have now received an offer from a local builder, the house is small but has a good garden which I suspect they will want to develop.

The offer has come to me directly as I know the builders’ family. It’s only 5k less than the marketed value, but he would like to do it without touching the agent.

My concern about this is what will I need to do? I’ve bought and sold a few houses that I’ve owned, but this is a new situation and I’m not sure what to do. Obviously, if the sale is done outside of the agent I’m going to save about 2%, but what of the legal stuff? can I just use a conveyancer and are there other pitfalls to be mindful of?

Any thoughts / experiences would be really, really appreciated

Ian

You won’t be able to complete until probate is sorted out,

You have a contract with the agent to sell the property. If you deal outside of that agreement you fall foul of the agreement and will still be liable for their costs. Read the contract, is there a length of time mentioned?

How did he learn that the property was on the market? Last thing you want is the estate agent getting mardy pursuing you for fees for the ‘introduction’.

Aside from that, there is no need for the conveyance to involve an EA at all. I take it you’re an executor – are you the only beneficiary? Obviously you can’t sell the thing until you have achieved Probate, and must act in the interests of all the beneficiaries in terms of getting a good price.

Thanks, that’s what I suspected, to be honest, I feel like doing it outside of the agents suits the buyer not me in terms of protection etc 🙂

He found out from his parents who live a few doors away, small neighbourhood type stuff.

you’re right Martin, I’m executor and sole beneficiary.

The offer is actually 5k above market valuation, so I feel I am acting in the best interests of the estate. It’s more the legal side of things I’m cautious of

If you’re the sole beneficiary, that’s not going to be an issue. If his parents found out because you stuck the EA sign up, or can claim that they found out that way, they are going to want their fee, even outside their contract period.

Sounds like a good deal even with fees in. Only other issue is possibly capital gains tax. Has the property increased in value since your parent died (offer suggests it may have)?

We were interesting in buying a friend’s house but were not in a position to act quickly enough and they needed it shifting. Our name was however lodged with the agent and put in the contract in a way that meant if we did buy direct the fees would be waived. Without that I think you are stuffed.

in terms of protection etc

What protection do you believe an estate agent will provide.

We sold a house after probate. Had an EA come round and give a valuation for probate. While we were cleaning it out a neighbour came round and asked if it was for sale, as her daughter fancied it. Shook hands on the price the EA gave.

Solicitor for the will engaged an associate for the conveyancing.

No EA fees required. Smashing.

If it’s on the market with the EA you are scuppered.

My concern about this is what will I need to do? I’ve bought and sold a few houses that I’ve owned, but this is a new situation and I’m not sure what to do. Obviously, if the sale is done outside of the agent I’m going to save about 2%, but what of the legal stuff? can I just use a conveyancer and are there other pitfalls to be mindful of?

Selling a house is really easy legally speaking. All you need is the money from the buyer. All of the problems and risks are for the buyer really. Searches, checking who legally owns it, boundaries etc. There are two really good books with a step by step guide: The which? guide to doing your own conveyancing and House Buying, Selling and Conveyancing by Joseph Bradshaw. The process is very easy, you just need to follow all the steps. You can do it all yourself, fill out the transfer forms and ID forms from the .gov website (there is also a guide to filling out the forms and a video there) and either get a lawyer/conveyancer to witness the ID form or take it all to the Land Registry office. As I said the only important bit for you is that you get the money in a non reversible way and you are good. Last time I did it me and the vendor went to the local land registry office together, I gave him a bankers draft, he signed the forms and gave me the keys. Took about an hour. Obviously a lawyer or conveyancer can do the lot for you for a fee. You need to check out the issues with selling a house privately when you have already instructed an estate agent. They get funny about that.

Tell the estate agent you’ve had a cash buyer at £5k above the asking price, get them to up the asking price by at least £10k

The builder sees value.

And as others have said, you’ve a contract, read it.

why does the builder care? He doesn’t pay the agent fee and is just looking for a deal.