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It has recently came to my attention from many disgruntled sellers that a vast number of Estate Agents are now charging a 'cancellation fee' if you wish to terminate your agreement with the agency - up to £400!. Quite frankly, any cancellation fee is a disgrace in my opinion.
This fee is solely designed to make it difficult for you to cancel and to put you off cancelling. In my opinion it amounts to you, the seller, being punished because the agency has failed in their duty to sell your house and/or to provide you with good customer service. There is no financial reason whatsoever for any Estate Agent to charge you a cancellation fee, as their marketing fee covers any out of pocket expenses the agency has incurred.
When choosing your agent, ask them about all fees that are attributable to the agreement, especially any cancellation fees. My advice is NOT to sign any agreement with cancellation fees. Walk away from the agency, there are plenty of better agents who won't levy any cancellation fees at all.
If you find that you have already signed an agreement with an agency that has a cancellation fee, your only options are to either pay the fee, or to refuse to pay it and stand firm. 'Those who shout the loudest'! It is always worth trying.
If you wish for some advice on this matter, or any property sale related matter, please feel free to call us. We can even recommend a reputable agency to you.
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