William H Brown - £1000 Buyer's Incentive conundrum

eddddy

MostPerplexed wrote: »

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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.
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Maybe ask the EA to confirm whether or not you signed up for this. Here's what it says on their website:

how do I sign up to this?
We will ask you to sign an agreement for the promotion of this benefit. In order not to mislead, you can only withdraw from offering this benefit by written notice to the branch, which must be given before an offer has been accepted on your property, subject to contract. Otherwise you will be obliged to honour the £1,000 buyer incentive offered on your behalf.

Link: http://www.williamhbrown.co.uk/stock/file/MS_SEQ_677_06_14_SELLERS%20SCOTLAND_buyer%20incentive.pdf

(But even if you are in the right, bear in mind that this might scupper the sale - if the buyer was promised a £1000 cashback, and the offer is now withdrawn.)

MostPerplexed wrote: »

...but it seems to me that this has been offered to tie the buyers into their solicitor/conveyancer etc... but cannot prove this though.

Yes - absolutely. It's no secret. Their marketing leaflet says:

The £1000 Buyer Incentive Scheme is available on selected properties by way of an allowance upon completion or a price reduction provided that you use both our mortgage services* and conveyancing service.

Here's the leaflet: http://www.williamhbrown.co.uk/stock/file/MS_SEQ_675_06_14_BUYERS%20SCOTLAND_buyer%20incentive.pdf

I suspect that much of the £1000 will disappear in inflated fees and referral fees to the EA - with very little benefit to the buyer.

betmunch

MostPerplexed wrote: »

it seems to me that this has been offered to tie the buyers into their solicitor/conveyancer etc... but cannot prove this though.

Its easy to prove, they stick it up all over the shop!

Its the biggest easiest scam in the industry.

I have no idea how they have got this approved, but it would seem they did!

txljay

There'll be some reason or other why it won't actually apply. We bought a house through an EA offering the buyer's incentive. At no point was it said that the incentive didn't apply until the memorandum of sale came through and said it didn't. I kicked up a fuss but didn't manage to get it - just the mortgage advice fee waived.