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Estate Agent Referral Fees:
Referral fees are a form of commission, rewards, or other benefits given to an estate agent from a third-party service provider, such as conveyancing solicitors, for recommending their services to the buyer or seller.
The conveyancing solicitor will typically pay a fee to the estate agents for each new client that they get based off their recommendations to buyers and sellers.
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National Trading Standards (NTS) calls for clear disclosure of Estate Agent Referral Fees:
In late 2020, the National Trading Standards (NTS) released a long-anticipated report on the use of referral fees within the property conveyancing sector and called for the introduction of mandatory disclosure of any referral fees received by estate agents.
They did not call for a complete banning of referral fees, claiming that too many estate agents’ rely heavily on these fees for their business model to be feasible. This indicates the level to which referral fees paid between conveyancing solicitors and estate agents are entwined into the impartial services that they offer to their clients.
Conflict of interest and Estate Agent Referral Fees:
If you are looking to use a conveyancing solicitor who has been recommended to you by an estate agent, then we would always recommend that you take the time to ask about any referral fee involved, or whether the two have a referral fee or commission-based arrangement in place.
If so, then any promising words of recommendation given by the estate agent should be taken with a pinch of salt, and you should make sure to take the time to do your own research on the conveyancing solicitor, and whether they are the best option for you. The fee being paid to the estate agent for every new client they bring to the conveyancing solicitor is a clear conflict of interest, which, if nothing else, would impact the glowing review they give of the conveyancing solicitors in question.
Fixed-fee Conveyancing Solicitors:
MG Legal's leading coveyancing solicitors offer an unmatched service, and clear, fixed-fee rates. Our team put your first, and work with care to ensure that your property matters go smoothly, with no hidden costs. Call us today so speak to a conveyancing solicitor: 01995 602129
Get in touch today to speak to a Conveyancing Solicitor.
Petition calling for ban on referral fees paid to agents:
In December of 2021, a large petition calling for the banning of referral fees to estate agents from conveyancing solicitors was created. The petition stated that the use of referral fees is “not in the best interest of the public”. It also claimed that “The payment of referral fees denies the consumer choice” and that “the payment of referral fees allows for an environment where estate agents can apply pressure or manipulation”.
It is often the case that referral fees are not disclosed by estate agents, meaning that customers take their recommendation as impartial, and use the conveyancing solicitor recommended without taking the time to do their own research, read reviews, and consider the fees and quality of services offered by other conveyancing solicitors in comparison. The petition argued that removing referral fees would “necessitate that the conveyancing companies to become more ‘Client Focused’ rather than looking at other opportunities to buy business.”
Do MG Legal’s Conveyancing Solicitors use Estate Agent Referral Fees?
Here at MG Legal, our specialist Conveyancing Solicitors never pay referral fees, or work with any estate agents on a referral fee basis in order to gain clients. Instead, our reliable service, our clear, fixed-fees, and our stellar reviews attract all of our conveyancing clients, who come to us because they trust us with their property matters.
We have a huge number of repeat clients, who keep coming back to us for their property matters over the years simply because they trust us, and because we ensure that their property sale or purchase is completed quickly, with regular communication, and in a stress-free way for all of our clients.
Contact our reliable Conveyancing Solicitors for your property purchase or sale:
To learn more about our services, and how our conveyancing solicitors can help you today, browse our website here. Or, to speak to a conveyancing solicitor about your specific property matter, and how much it will cost, contact us online here, and hear back from a conveyancing solicitor within one working hour.
Our conveyancing solicitors offer all of our services at a clear, fixed-fee rate, which can be seen outlined in full here. Or, if you would like to see some first-person reviews from our valued clients, then see an overview of our client reviews here.
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Government to sit down with National Trading Standards (NTS) to discuss estate agent referral fees:
In February 2022, it has been announced that the government is planning to sit down with National Trading Standards (NTS) to discuss whether or not stricter rules need to be imposed on estate agents to disclose that they have received referral fees from conveyancers and conveyancing solicitors. James Munro, who is the Head of the National Trading Standards Estate and Letting Agency Team (NTSELAT), has also revealed that it has been more difficult for action to be taken against estate agents since the pandemic.
Mr Munro revealed that the government “wants the situation monitored” and that they are planning on sitting down with the National Trading Standards (NTS) to make sure that happens. Another thing he discussed, which our conveyancing solicitors found disturbing, was numerous examples he knew of people revealing that they were unaware that their conveyancing solicitor was paying a referral fee to the estate agent, suggesting that this fee was never declared to them as a customer.
As it stands, it is largely only through Citizens Advice that hidden referral fees are reported, with no body being officially set up yet to handle the problem and ensure transparency across the board. Stories like this are another reminder to those buying and selling any property, as to why it is so important to find a reliable, and trustworthy conveyancing solicitor to work with throughout the process. You should be able to talk with your conveyancing solicitor, and take any advice from your conveyancing solicitor, safe in the knowledge that they have your best interest at heart, and are not just acting for you, due to a referral being made by your estate agent, who received a commission, or referral fee, for passing on their details to you.
Issues such as this are also just another reminder as to why our specialist Conveyancing Solicitors never pay referral fees, or work with any estate agents on a referral fee basis in order to gain clients. Instead, our reliable service, our clear, fixed-fees, and our stellar reviews attract all of our conveyancing clients, who come to us because they trust us with their property matters.
A large portion of our clients are repeat clients, or ones who have come to us through word of mouth when a friend or relative is happy with our trustworthy conveyancing services, and our reliable conveyancing solicitors. Instead of relying on referrals to keep our conveyancing solicitors busy and ensure clients, instead we choose to ensure that all of our clients’ property sales or purchases are completed quickly, with regular communication, and in a stress-free. We find that keeping our clients happy, and offering an amazing service, is the best way to keep our trusted clientele coming back, and make sure that the good word gets round about MG Legal’s conveyancing solicitors.
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