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PPA : Spinnaker Tower
PPA : Spinnaker Tower

Expert Eye

ASK THE EXPERT

Q. Â Â Â Â Â Â  My
buyer has been let down by the person who was going to buy his house. Should I
stick with him, or should I/can I remarket my own property – and if so, will it
cost me more in fees?

A.         You won’t be surprised to learn that
this is quite a common dilemma, particularly in the current market. With buyers
relatively few and far between, do you hang on to the one you’ve already got, who
sounds pretty committed, in the hope that he finds another purchaser for his
own place quickly, or do you take a chance on finding another one and starting
from scratch again?

On the surface, it
looks like a tough call. Either way, of course, you could theoretically miss
out. You might lose your existing buyer, and get no more takers. After all, you
know what they say about a bird in the hand. But then again, there could be a
whole flock of other equally suitable birds out there in the bushes, just
waiting for the chance to swoop!

In reality, however,
this isn’t that much of a problem. Basically, you need to look after number
one, so I would advise you to put your property back on the market. You are of
course perfectly entitled to do so, since under the English system nothing is
legally binding on either party until exchange of contracts. Don’t forget, your
buyer would probably have no hesitation in pulling out if he saw something else
he preferred.

That said, of
course, he certainly needs to be informed of your decision – for three very
good reasons (which you can put in your own order of importance). First, your
agent is actually legally obliged to do so, in writing. Second, it’s the only
decent way to behave. And third, in all probability he will still want to buy
your house, so it makes sense to keep him onside, because he  might still come up trumps before anyone else.

As for whether
remarketing will involve any extra fees, the answer should be a resounding
“No.” After all, your agent is probably working on the usual no sale, no fee
basis – and hopefully you will have chosen a solicitor who does the same. The
only other cost to you so far on the sale of your property is presumably the
EPC – and that is valid for 10 years anyway. 

Branches in: Fareham, Havant
Members: Clive Bryant, Kerry Aplin, Kerry Applin

Round the Harbours bike ride

A small team of members (John Blake, Steve Sprake and Simon
Pinkney) braved the weather and the slopes of Portsdown hill to complete the
scenic 35 mile round trip in aid of the British Heart Foundation.

Starting from Langstone Technology Park at Havant the route,
encompassed most of the area covered by the PPA, taking in Fareham,
Stubbington, Gosport and Southsea, before returning to Langstone.

Monies raised through sponsorship are to be donated to the
BHF and it is hoped that a larger team of PPA members will participate in this
annual event in future.

Simon Pinkney (Pearsons) PPA Committee Member

Branches in: Auction Department, Clanfield, Denmead, Fareham, Havant, Land & New Homes Department, Southsea, Survey Department, Waterlooville
Members: Brett Austin, Chris McKenzie, Debbie Passells, Graham Atkins, Jeremy Beckingsale, Mark Gilbert, Martin Banfield, Paul Wolland, Steve Sprake