William H Brown - £1000 Buyer's Incentive conundrum

System

I had a valuation done by Browns and although we were looking for around £105k they said they would put it up fr sale for £110 that would cover the £1000 buyers incentive and allow for some negotiation in the price.

Their fees were over £500 more than others and they were pushing me to sign up with their solicitor.

I didn't particularly trust the woman who came out i got a bad feeling about her so we went elsewhere.

pinkteapot

We're selling with WHB. We refused to do the buyers incentive. To our mind, we shell out £1k to help their mortgage advisor and conveyancer get business, !!!!!!?!

They started off quoting a high fee but we got them down to match the cheapest agent who'd come round.

Okydoky25

chanz4 wrote: »

be warned theirs are crap

Could not agree more!

IF the sale falls through for any reason your still paying your £399 to the Mortgage Broker. Even if this is the day you've paid them. They say you can use their services for any future purchases....great until you try using them for a purchase with a dif EA. They are then as helpful as a chocolate teapot!

harrys_dad

£399 for advice on a mortgage that they are then going to get commission on? Rip off. I also have no understanding whatsoever how this can be in the vendor's interest, and the EA is supposed to be working for them.

princeofpounds

Why oh why would you agree to use a mortgage adviser who can pass your entire negotiating position to the other party and a conveyancer who has a vested interest to smooth over difficulties that might threaten exchange and completion?

Ok, so they may be honourable enough people. But inviting a conflict of interest is often foolish.

As pointed out, with the deal the seller only gets 99k. So why not just offer 99k and book your own services? Clearly if the EA says this deal is not acceptable to the seller they are lying.

pagelad

We did this on the purchase on the last house,

I suppose the incentive for the seller is all of the sale is managed through them and they can ensure that everything is pushed through smoothly. They will have a good relationship with the mortgage adviser and the solicitors.

The £399 free is a lifetime fee, we have since used this several times for mortgage advice since and they are currently working on the purchase of our new home.

3Bowls

This might be a late reply but, seen a house (with WHB) and WHB have being trying to push us into a mortgage discussion. I wont be doing it and will be using my choice of solicitors and mortgage company, but do/should I make this clear to the vendors with any offer put in?


Thanks all

MostPerplexed

Hi,

On the Memo Of Sale for our property sale it mentions that the sale price includes a reduction of £1000 Buyers incentive. I am certain that I did not sign up for the incentive when I chose the EA.

Is this legal? The sale price is £1000 less than the asking price... coincidence?

I would imagine that the full asking price would have been achieved if this was not offered, but it seems to me that this has been offered to tie the buyers into their solicitor/conveyancer etc... but cannot prove this though.

Any help with whether this was legal would be appreicated.

Thanks all.

thequant

This company tried to hook me with this one.

Offered £1000 cash back if I used their mortgage services,

best rate they could find me was 3.79%

Best rate I could find 1.59%

Total difference in payment over lifetime of mortgage was over £100,000.

That's were your £1000 cash back comes from, with the rest divvied up between the EA and and Lender.

But enough thick people must fall for it, for them to continue offering it.

Why do think some mortgage lenders never make an attempt to get to the top of the best buy tables ? It's because they have other means of shifting their wonky mortgages.

princeofpounds

On the Memo Of Sale for our property sale it mentions that the sale price includes a reduction of £1000 Buyers incentive. I am certain that I did not sign up for the incentive when I chose the EA.

Is this legal? The sale price is £1000 less than the asking price... coincidence?

I would imagine that the full asking price would have been achieved if this was not offered, but it seems to me that this has been offered to tie the buyers into their solicitor/conveyancer etc... but cannot prove this though.

If you did not sign for this, then why on earth are you not pushing back now?