Pressured to use estate agents preferred solicitor

TripleH

I can't remember how much we paid for a circa £300k purchase, but again less than £1,000.

propertyhunter

A decent solicitor would decline because of the conflict of interest. The fact they are willing to work for both parties says everything you need to know about them. My solicitor actively has a clause about conflict of interest in the contract letting me know they would inform me if there was one to arise. 

steampowered

In the mortgage market, the going rate for referral fees is about £250. In some cases it can be £350. 

That's what your conveyancer will have to pay your EA, or your broker, or a website like reallymoving.com - if you instruct through them.

That's why everyone is so keen to get you to use "their" conveyancer. 

It's much better to go direct to a good solicitor. 

Working_in_pyjamas

I agreed to use the estate agents 'receommended' broker and conveyancers in order to be a 'preferred buyer' when it came to offers (insanely hot market)... as you've already had your offer accepted I don't think you need to sweeten your position.

The mortgage broker they recommended was excellent but the conveyancers were very poor, my vendors were using the same conveyancers too - obviously duped into the recommendation by the EA as they had nothing to gain by agreeing to use them.

bargainbetty

£2k for this is ridiculously high - My fees were less than half of that too. 

I would also be more concerned about the conflict of interest involved in having one firm represent two 'opposing' parties on the same transaction. It's not a good idea if issues arise, as the solicitors duty is to act in the best legal interest of their client. If both parties are the client, who gets precedence? Just no. 

steve866

Honestly I’d almost rather give the EA a brown envelope with a few hundred quid in it than have to use their recommended services. 

There seems to be more and more threads along these lines, I think it should become illegal for EAs to recommend solicitors and mortgage on a referral basis. 

Just_another_saver

Quick update guys

firstly, thanks for all you help!! It’s been very stressful and as someone said, it’s just the beginning!

I went with your advice and found my own solicitor, for literally half the price!

I just forwarded the solicitors details to the EA and broker. 

Just waiting for solicitors to check my documents/proof of funds ect. 

Hopefully things progress smoothly now. 

Thanks again!