It is legal for an Estate Agent to recommend a Mortgage Advisor however it is illegal for them to insist that you must use them.
The reality may be that some Estate Agents refer certain services to their Clients as they receive a financial incentive for doing so, regardless of whether the service is best suited towards their Clients needs.
Using an Estate Agents in-house Mortgage Advisor may seem like the easiest option however: you may not get the best financial deal, the service provided by that recommended firm may not be the best available and they may not be specialists in the area that you require.
We have a panel of Mortgage Advisors that we refer our Sellers and Buyers to dependent on their needs: Choosing from a panel of Mortgage Advisors can be beneficial for several reasons:
Access to a wider range of options: A panel of Mortgage Advisors typically consists of multiple advisors who work with different lenders. This means that you'll have access to a wider range of mortgage options than if you were working with a single advisor who only had relationships with a limited number of lenders. This can help you find the best mortgage deal for your specific needs and financial situation.
Objective advice: When you work with a panel of Mortgage Advisors, you can receive advice from multiple advisors with different perspectives. This can help ensure that you're getting objective advice that is tailored to your specific needs and financial goals. Different advisors may have different approaches to mortgage advice, which can help you make a more informed decision.
Convenience: Working with a panel of Mortgage Advisors can be more convenient than working with a single advisor. Instead of having to search for an advisor on your own and compare options, a panel of advisors can present you with multiple options to choose from. This can save you time and effort in the mortgage application process.
Potential cost savings: A panel of Mortgage Advisors may be able to offer you better mortgage rates than a single advisor due to their relationships with multiple lenders. This could save you money over the life of your mortgage.
For the legal side of a sale we work very closely with a number of Law Firms including www.montroseconveyancing.com.
Using an estate agent's recommended conveyancing firm can be beneficial in several ways:
Streamlined process: Estate agents often work with specific conveyancing firms on a regular basis. This means that they have an established relationship with these firms, which can help streamline the conveyancing process. The estate agent and the conveyancing firm will be familiar with each other's processes and requirements, which can help make the process faster and more efficient.
Better communication: By using an estate agent's recommended conveyancing firm, you may be able to benefit from better communication between the estate agent and the conveyancer. The estate agent can act as a liaison between you and the conveyancing firm, keeping you updated on the progress of the transaction and addressing any issues that arise.
Confidence in the firm: Estate agents have a vested interest in ensuring that your property transaction goes smoothly. By recommending a reliable and efficient conveyancing firm, they can help build trust and confidence in the transaction. This can help alleviate any concerns or anxieties you may have about the process.
Potential cost savings: Estate agents may be able to negotiate a discounted fee with their recommended conveyancing firm. This could result in cost savings for you, compared to using a conveyancer you found independently.
Find out more about our recommended services by calling our team on 01531 825736 or email sales@odosproperties.co.uk
