Will I Pay Fees If I Take My Property Off the Market?

Listing your house for sale is a significant moment.

But what happens if you change your mind and decide to take your house off the market? Will you be charged?

This is a common scenario that many property owners find themselves in.

So, don’t fret if this applies to you – you have not backed yourself into a corner, and plenty of options are still available.

Keep reading to learn more.

Can I take my home off the market at any time?

You can take your property off the market if you haven’t exchanged contracts with a potential buyer.

Once the exchange occurs, you are legally bound to honour the agreement and cannot pull out of the house sale without paying a heavy penalty.

Exchanging contracts is usually the final step in selling a house, though the time it takes to completion varies.

Either way, it often occurs after several months of viewings and negotiations.

So, when you sell on the open market, you typically have at least a few weeks (and sometimes much more) to withdraw from the agreement.

What does ‘Exchange Contracts’ mean?

Exchanging contracts is when the buyer and the seller involved with a house transaction sign a contract to confirm that they are happy with the terms of the deal.

These documents will then be exchanged. Once this happens, they are legally binding.

The exchange of contracts is the final thing that happens in the house-selling process.

Most buyers will wait until after their solicitor has completed the main searches and are sure they want to proceed with the purchase before doing this.

Will I pay fees for taking my house off the market?

Some estate agents in the UK charge a ‘withdrawal fee’ when you take your property off the market prematurely.

This is because they have done work leading up to the sale—especially if you pulled out at the very last minute. They want to be compensated for that.

You should check what fees estate agents charge, which may impact your decision.

Your solicitor might also charge you a fee for taking your house off the market, depending on how much work has been done.

Once again, you should speak to them directly to determine if they do this and how the fee is calculated.

Will alternative buyers charge you for pulling out of a house sale?

If you opt for a ‘less traditional’ method of selling your property, you might be charged for pulling out of a house sale.

However, this depends entirely on which kind of alternative buyer you use.

You should not be charged anything if it’s a cash house buyer. This is because their process is completely different to that of estate agents.

But if it’s an auction house, you are more likely to be. After all, they need to arrange viewings and other tasks for you.

How easy is it to take my house off the market?

The decision to sell your property is entirely up to you.

So, if you change your mind before any contracts are exchanged, you are entirely within your rights to take your house off the market.

Your estate agent or solicitor might complain to you about this and charge a withdrawal fee. However, that is all they can do.

And while your potential buyer may also be unhappy, there is not technically anything they can do either (if contracts have not been exchanged).

Why might someone take their house off the market?

You can take your property off the market for plenty of reasons.

1. External circumstances

There are a number of external circumstances that might lead to sellers withdrawing from house sales:

The housing market is in a slump
The place you were moving to is no longer available
Your financial circumstances have shifted
A survey revealed a fault in the house you were going to buy
The potential buyer reduced their offer
Health issues or change in relationship status

2. Estate agents

You could also take your property off the market if you are unhappy with your estate agent.

Perhaps you have found them unresponsive, ineffective at finding potential buyers, or unsatisfied with their valuation.

If your home is not selling, it is expected to want to back out of the deal and search for another estate agency.

3. Renovate the house

Some property owners take their house off the market if they want to alter it to increase its value.

This might involve:

Extending the property
Installing a new conservatory
Improving the condition of tiles, gutters, floors, etc.
Refurbishing rooms for different purposes (i.e., adding an en suite bathroom, changing a study into a bedroom, etc.)

Do I get any refunds if I take my house off the market?

If your solicitor or estate agent charges an hourly rate for their services, then you are highly unlikely to be refunded this money when you take your property off the market.

These professionals will still want to be paid for their time, which is part of the price when you return from a house sale.

Solicitor’s fees for fallen through house sales might include several different admin charges.

Tips for taking your house off the market

Consider your decision carefully

You mustn’t react too hastily when deciding whether to withdraw your house. For example, a slow housing market might only be temporary.

Likewise, as another example, the housing market is often quiet during Christmas, but this doesn’t mean that activity won’t pick up in the new year.

Remove its listings quickly

Once you have decided to take your house off the market, it is highly recommended that you do so quickly.

If your property is visible on platforms such as Rightmove and Zoopla, it could be seen by hundreds of people every day.

So, the sooner you take the house off these sites, the more unwanted enquiries you can prevent.

Communicate with all parties

When you take your house off the market, you should communicate with all parties—especially your estate agent.

You should explain clearly why you are doing so, as this can then be communicated to the potential buyers and enable them to make an informed decision moving forward.

Pulling your house off the market usually impacts a property chain.

If this is the case, you should inform any house sellers you contacted that you will not proceed with the purchase.