Trust me I am a solicitor
Trust us - we are the Estate Agents, the Surveyors, the Mortgage Lenders and the Solicitors!
Often Estate Agents recommend solicitors that are effectively owned by their own company, or have very close links or alliances. Estate Agents work for the seller/vendor of the property and as such receive a fee on completion of the sale and it is in their interest that the sale precedes as swiftly as possible. Estate Agents are not liable for any problems the purchaser may have with the property once the property is sold.
Why should you be pressurised into using a solicitor preferred by an Estate Agent?
- The Estate Agency is part of a national group of agents with their staff having incentives if their client uses in-house solicitors for conveyancing.
- Estate Agents may receive a referral fee as they have an agreement with a firm of solicitors.
- Regular up dates may be promised from an Estate Agents preferred solicitor to enable them to be informed of progress.
The solicitor recommended by the Estate Agent is frequently higher in cost than if you find a solicitor in the open market. The solicitor can often be paying a referral fee. Solicitors have a code of practice whereby they give you independent, impartial advice but often if they are tied in with the Estate Agent then they will more than likely ask for you to waive your privacy rights. This means that the Estate Agent will know the progress, which can if you are for example a seller be awkward. If a sellers sale is progressing but their purchaser pulls out you may wish to hope to tie up the sale quickly with another purchaser but if the solicitor tells this to the Estate Agent the buyer may consider pulling out and pursuing alterative property. Always be clear that the Estate Agent only gets their commission once the sale completes so it is in their interest that they know how conveyancing is progressing.
Solicitors and conveyance work
Always compare the market to achieve a fair price and appoint a solicitor that has your best interests at heart. Ensure your solicitor is experienced and will complete the transaction accurately and well-timed. The Council for Licensed Conveyancers (CLC) and the Solicitor’s Regulation Authority (SRA) advise clients should not be under pressure to choose them – you have the right to choose whichever solicitor you wish – not necessarily the one recommended by the Estate Agent.