More and more often we’re seeing some questionable practices coming from a select few Estate Agents.
Most recently a client of Arlington Park told us that they have put forward an offer on a property that they want to buy, the agent that is selling the property is refusing to put the offer forward unless our client speaks with their ‘In-House’ mortgage broker. I’ve seen this happen many times over my career.
The agent is under pressure to push mortgage leads because they or the business owner gets ‘Kick backs’ for the mortgage referral, the more they refer, the more they earn.
Whilst paid referrals, whether they be for finance or legal work are permitted, information on referral fees must be provided to buyers and sellers in advance of them making any transaction-based decision. The consumer has a right to choose who they want to provide them with a service.
The agent has a legal obligation to verbally put forward any offer to their client within 24 hours and in written form within 48 hours. This offer must be true and free of any conditions including the requirement of the buyer to use their financial services or legal team. By withholding the offer the agent is breaking the law.
As a buyer common practice is to provide the agent with a mortgage in principle or mortgage promise from any mortgage broker to show that you can afford what you are offering. Do not be tricked into thinking that you must use their broker, the same can also be said for legal/conveyancing services. The buyer is free to use who they wish.
At Arlington Park we don't believe in pressure sales or shark like tactics to make money from unsuspecting and sometimes inexperienced buyers, we believe in providing the best advice possible and guiding the buyer through the entire process.
Our ethos is client-first, you’re a person not a property address and deserve to be treated as such. We’ve ditched the suits, built our office around client comfort and follow Propertymark regulations to guarantee that clients feel relaxed in our company knowing that we will do all we can to make their property transaction as stress-free as possible
