15 May 2018

What happens if my agent goes into liquidation?

There do seem to have been a spate of Norfolk estate agents going into liquidation in recent months. The reason for this is nearly always because these firms haven’t been charging enough for their services. Some consumers really do believe that they can get the best possible service for the lowest possible price and in the grown up world this is rarely the case.

If you are selling through an agent that goes bust you might find that your property is transferred to another agent who has purchased the good will value of the business. This may be a perfectly workable arrangement as long as you want your business being dealt with by the company in question. If a sale has already been agreed on your property when the firm goes bust then this shouldn’t be too much of a problem either because at this point your transaction is in the hands of your solicitor. You may end up paying your fee to the receiver or to a different firm of estate agents who have purchased the good will of the failed venture but this shouldn’t change whether you have to pay the fee or how much the fee should be.

My best advice is to pick a long established firm in the first place and not a firm that is here today and gone tomorrow