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Ask Michael Holly Your Own Question
Michael Holly
Michael Holly, Solicitor
Category: Property Law
Satisfied Customers: 7531
Experience:  BA honours degree in law, over 20 years experience in litigation, contract and property matters
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My brother is selling his substantial property on the Isle

Customer Question

My brother is selling his substantial property on the Isle of Wight following the death of his wife as he wishes to move into assisted living complex on the island. He is in his 80s and is very vulnerable. He has had a valuation from one estate agent on the island and has been told that if they act on his behalf, he is locked into a contract with them that he cannot go to another agent or allow a private sale. This does not sound right to me and I am concerned that this could lead to a financial abuse of his situation. Can you advise me if it is correct for an estate agency to make this condition in order to act with the sale.
JA: Has he talked to a lawyer about this? What country does he live in? If different, what country does this legal question relate to?
Customer: He lives on the Isle of Wight which is in the UK and under the county of Hampshire. As I mentioned he is very vulnerable and highly anxious. He has a solicitor but I am not sure if he has spoken to them about this. Another estate agent valued the property but did not set this condition although they offered a lower valuation.
JA: What steps have been taken so far?
Customer: He is in the process of having his property valued but as yet, has not decided on what estate agent will go ahead with the sale. I am concerned that he is being locked into an agency that has suggested a higher valuation but may not be acting in his best interests.
JA: Anything else you want the Lawyer to know before I connect you?
Customer: At the ,moment no. My main question is whether an estate agent is permitted to 'lock in' a client.
Submitted: 6 months ago.
Category: Property Law
Expert:  Michael Holly replied 6 months ago.

Good evening

It is possible for an estate agent to lock in a client. However, there is usually a benefit to the client such as a lower percentage being charged for what is called "sole agency".

I would recommend your brother to do 2 things. First, he should get his solicitor to check the arrangement with the agent to ensure that there is benefit to him

The second thing I would do is get another valuation of the property from another estate agent if he is not sure it is being marketed at the right price.

If there are any further points kindly reply I will be happy to respond

Otherwise, please either accept or rate my answer on the system so I get credit for my time

Best wishes

Michael

Customer: replied 6 months ago.
Thank you.
Expert:  Michael Holly replied 6 months ago.

You are welcome.

I would be grateful if you could click accept on the system.

Michael