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Thomas
Thomas, Lawyer
Category: UK Property Law
Satisfied Customers: 7473
Experience:  BA (Hons), PgDip, Practising Solicitor
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I want to sell my house without using an agent. What is the

Resolved Question:

I want to sell my house without using an agent. What is the procedure? How much is required for an exchange? and if either pull out what happens then? once exchange happens ..can I change my mind (as the seller?) if I get a higher offer..or if the buyer wants to pull out?
Submitted: 6 years ago.
Category: UK Property Law
Expert:  Thomas replied 6 years ago.

Hi,

 

Thanks for your question.

 

There is no set procedure for marketing the property.

 

Make sure your negotiations with interested parties (eg. offer and acceptance) are "subject to contract". Either party is free to withdraw from an agreement to sell prior to an exchange of contracts.

 

Once you have accepted an offer you should pass the matter to solicitors with details of what you have agreed for a purchase price and any additional monies payable for chattells (ie. fixtures & fittings). The solicitors will then correspond by dealing with pre-contract enquiries with a view to exchanging contracts.

 

Once you have exchanged contracts you are legally obliged to sell the property to the buyer. If you pull out the buyer will be able to sue for breach of contract, so once exchange has been affected you cannot withdraw from the transaction.


A ten percent deposit of the purchase price is usually payable, though occasionally a seller may be willing to accept a 5% deposit.upon exchanged, It is commonplace for a clause to be inserted in to the contract stating that if a 5% deposit is tendered upon exchange and the buyer does not complete then the balance of 10% shall still be payable by the buyer .

 

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Kind regards,


Tom

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