Taking a house off the market can significantly affect buyers and sellers.
But there are rules around it.
What are these rules? And are they written in law?
Read on to learn more.
Taking house off the market rules in the UK
You can take your house off the market at any point before you exchange contracts.
After you exchange contracts, you must follow through with the sale.
Removing it despite verbally agreeing not to is unethical. However, it is not illegal.
Taking house off market vs pulling out of a house sale
There is an important distinction between taking a house off the market and pulling out of a house sale.
The latter has much more uncertainty and legal consequences attached to it. In other words, sellers may not be able to do it or be sued for doing it.
Reasons to take a house off the market
1. Switching estate agent
You will see homeowners withdraw their property if they’re unhappy with the service they receive. In other words, they might want a better estate agent.
Switching estate agent often involves taking the house off the market. This is only temporary while they move somewhere else and then relist it.
2. Changed mind about selling
Even if you’ve worked with an estate agent for a while, you aren’t obliged to sell. You can change your mind.
And in this position, you’ll take your house off the market.
Maybe your financial or personal circumstances have changed. Or perhaps it’s taking too long.
3. House has been on the market for too long
Homeowners can get restless if a house sale takes a long time. It can weaken your negotiating position because you’re seen as desperate.
Platforms such as Rightmove and Zoopla often list how long the house is listed for.
Taking it off the market can be a great ‘reset’ button while considering other options.
4. A buyer has been found
You may take your house off the market because it’s no longer yours to sell.
In other words, a buyer has been found! This happens after the exchange of contracts. It means you’re about to enter a new chapter in your life.
5. Estate agent contract
Some estate agencies have rules about taking your house off the market. You should check the contract you signed for this.
Once your deal is completed, they may want to display your property as ‘Sold’ through online property portals. It may be a condition of their support.
Can I take my house off the market if my estate agent says no?
Yes, but you might have to pay fees. This depends on the contract you’ve signed with your estate agent.
Either way, you still have the right to take your house off the market. After all, you’re the legal owner.
Can a buyer ask a seller to take a house off the market?
Yes, it is very common to ask this. It can sometimes be used to show good faith.
The seller does not have to say yes. They may want to keep their options open up until exchange of contracts. This can sometimes create bad feelings.
Once the exchange of contract takes place, the homeowner cannot sell to anyone else.
