New guidelines for Estate agent referral fees to be issued
Whilst 2018 has come and gone, the controversial topic of estate agents receiving referral fees from solicitors continues to make conveyancing news. With the National Trading Standards Estate Agency Team due to deliver guidelines within the next month and an updated code on the issue to come, we can expect that transparency will be a key focus going forward, and even the future possibility of an outright ban. According to the Ministry of Housing, Communities and Local Government, we can expect further statements “very soon” but we will have to wait for a full review of the revised fees system in about a year or so.
Whilst referral fees are widely used between estate agents and solicitors, the public are largely unaware of the practice and are urged to seek clarity from their estate agent before deciding which law firm is best placed to support them on the sale or purchase of their home.
Rix & Kay does not engage with any estate agents on a referral fee basis and instead builds relationships with agents based on our approach to supporting transactions in a way that ensures they complete quickly, cost effectively and with minimal stress.
For more information contact Sacha Bolourchi, Residential Property lawyer in Rix & Kay’s Seaford office.