- This topic has 16 replies, 13 voices, and was last updated 2 years ago by andywoods.
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Selling a house
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surferFree Member
Finally cleared my mums house ready for sale (she went into care a little while ago)
We spoke to a few local estate agents and in the meantime where approached by a friend of a friend who wants to buy it. We have valuations and he is happy with the price we have verbally discussed and already has a mortgage arranged (he was already house hunting)
Question is should we engage with an estate agent or use an online conveyancing company?
If we engage with a conveyancing company it may fall through and we have lost some money (albeit not a huge amount) and have to put it up with an estate agent anyway to entice a new buyer. Should we just go through the estate agent route and explain we already have an interested party?
Any advice gratefully received and also really looking for the least hassle method as oppose to the cheapest. We are all (3 of us) time poor and all over the place so the bulk of the work will fall to my sister so least hassle is preferable.
Blazin-saddlesFree MemberNo need for an Estate agent. They’ll just charge you a few to do the bit you’ve already done, find a buyer, just go straight to the conveyancer.
MintyjimFull MemberDo not go to an estate agent if you have a buyer ready. They will then charge at least 1% plus VAT for sweet FA.
Online conveyancing is fine or even a local sols. For what you get it’s about the cheapest legal interaction you’ll ever have in your life!
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Latest Singletrack VideosFresh Goods Friday 696: The Middlin...oldtennisshoesFull MemberDepends how confident you are with the valuations. If you’re not, go to estate agent and test the open market. If you are go to conveyancing company and save some cash. In the current climate, I’d be going to open market.
poolmanFree MemberI would do a direct deal with the buyer but if there is any iht implication further along the line make sure you have evidence of valuations and you weren’t underselling it. I assume you just keep written estate agent valuations and show you achieved the middle one.
We have a similar arrangement looming so any experts please advise if I am wrong.
dafydd17Free MemberWhy on earth would you want to involve an estate agent – you’ve already found a buyer! As for conveyancing, use a solicitor you trust, avoid online conveyancing companies like the plague!
tthewFull MemberThe WTF would you want to involve an Estate Agent has been covered above.
My top tip here is to use a local solicitor, if you can just pop in the office to sign stuff it saves a lot of posting forms back and forth for signatures. You can also hurry them along face to face if things start going a little slow.
As for valuations, pretty sure the online advertising sites like Rightmove publish prices that local and similar properties went for which should reassure you the agreement is in the right ballpark.
surferFree MemberThe WTF would you want to involve an Estate Agent has been covered above.
I would prefer not to for obvious reasons my only concern is if this purchase falls through and I am obligated to pay my conveyancer something, then I have to engage an Estate agent later anyway to advertise.
Happy with the valuations actually more than we expected although we wont see any of it.
mick_rFull MemberPurchases through estate agents are equally (maybe even more?) likely to fall through as the one you already have.
dannybgoodeFull Memberif this purchase falls through and I am obligated to pay my conveyancer something
What usually happens is the conveyancer just hangs fire until a new buyer is found and then continues the work. As the selling conveyancer there is actually very little work to do and is mainly responding to questions raised by the purchaser’s solicitor. It does not usually add to the bill and if it does it is usually not much money.
You could if you wanted get an independent valuation done by a surveyor you and your friend agree on should you be concerned the price isn’t quite right. And by surveyor I mean a proper RICS surveyor and not an EA.
The other thing to bear in mind at the moment is that prices are on the up and a lot of houses are going for above asking so an open sale via an EA may generate a higher price but that could be offset in their fees.
kcalFull MemberSounds ideal all round (apart from the sobbing, or even sodding, estate agents!!).
As above if you have e.g. 3 valuations and have taken middle or average, then just engage your own solicitor, he can employ his; it might be OK if they were the same firm but more complicated.surferFree MemberPurchases through estate agents are equally (maybe even more?) likely to fall through as the one you already have.
Yes I know but this process just restarts until a successful completion is my understanding so one fee (if inflated) is due.
What usually happens is the conveyancer just hangs fire until a new buyer is found and then continues the work.
Thanks this was the bit I was unclear on.
Thanks for all your comments 🙂
argeeFull MemberYou go to an estate agent to get coverage and potentially maximise your value, if you are content you’re getting fair market value then go ahead, no need for an estate agent, they do the front end stuff, which if you have a buyer is behind you now, a decent conveyance agent will do the rest now, but i’d definitely make sure the ‘buyer’ has everything lined up before entering the horrific stage of conveyancing!
Also, biggest bit of advice, find a decent conveyancer, so many crap ones that take time and are just slow, it’s such a minefield, but a huge risk in terms of achieving tight timelines.
b230ftwFree MemberWould agree not to use an EA. And I would use a well regarded local conveyancer/legal firm, worth a few more £ over a online one IMHO.
mick_rFull MemberThe EA bit and getting on rightmove was very quick – a matter of days, so something easy to kick off later if this sale falls through.
We are on our 3rd set of “buyers” (all have been serious). Two have made it as far as starting conveyancing and I’m not aware of any extra costs (same paperwork, different name).
Google reviews will quickly highlight the good local conveyancers – ours stood out a mile and hasn’t disappointed so far.
edhornbyFull MemberYep, avoid the estate agents – there is always the chance that the sale completely falls through but given that it’s a sellers market I wouldn’t worry.
Also if you’ve got a price agreed, I’d go with that as life is too short to worry about whether you’ve got top of the market for it, the hassle of buying/selling is enough to contend with.
I know a friend of friend who’s husband died and they were selling the big townhouse in Barnsley for something more realistic in size. They decided to sell at a selling price rather than trying to get top of the market for it, it sold quickly. This was in 2007 just before the banks went haywire so they avoided all the hassle. I don’t think the market is going to crash at the moment but bird in the hand….andywoodsFree MemberSold one last year, had estate agents lined up to sell it, but couldn’t get parked outside their shop to drop keys off on the way to the house, so thought I’ll do it on way back. Got to said house to find note through the door asking if we wanted to sell, 2hrs later price agreed and house sold. Used local conveyancer. Job done no agents to act as middleman and saved £2500 in estate agents fees.
So if you’ve got a buyer don’t waste your money on estate agents.
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