Referrals

Referral Fees

Compliance with the Consumer Protection from Unfair Trading Regulations 2008.

The latest guidance specifically addresses the issue of transparency of fees, including referral fees, within the Estate Agency sector.

An Estate Agent should disclose in plain terms.

1. The price for its services, including any ‘’compulsory’’ extras; and
2. Where a referral arrangement exists, that it exists and with whom; and
3. Where a transaction specific referral fee is to be paid, its amount; and
4. Where a referral retainer exists, an estimate of the annual value of that retainer to the Estate Agent or its value per transaction; and
5. Where the referral is rewarded other than by payment, an assessment of the annual value of the reward or the value of the reward per Mundys Property Services LLP refer business to internal departments and external companies, and to this end a full disclosure is set out below.

Financial/Mortgage Services

Mundys Financial Services who will be able to offer a range of financial service products. Should you decide to instruct Mundys Financial Services we will receive a commission from them of £250 and, in addition, the individual member of staff who generated the lead will receive £50.

Conveyancing

Mundys Property Services LLP may provide a conveyancing quotation via selected local law firms, Bridge McFarland, Sills & Betteridge, Ringrose Law, Dale & Co, Burton & Co and Bird & Co. Where a client instructs the Lawyer to proceed with the process Mundys Property Services LLP will receive a referral fee of to £150.00 on legal completion for each sale and purchase. This fee is included in the law firm’s quotation prior to instruction and the fee taken is to cover the on-line transaction management service provided by Law Firm Services.

Guild of Property Professionals

Mundys Property Services LLP are part of the Guild of Property Professionals which have associated offices throughout the UK. As members Mundys Property Services LLP receive a referral fee, amounting to 20% of the recommended Agents’ selling fee, should Mundys Property Services LLP refer a client who subsequently sells through that agent. The referral fee is paid from the commission agreed between the Agent and the introduced seller. If Mundys Property Services LLP introduce a buyer/applicant to a member agent Mundys Property Services LLP receive 5% of the sales fee. This is a national agreement between all members.

Insurance

Mundys Property Services LLP may refer to Let Alliance for insurance and utility quotations and should the policies be taken out then a commission is received by Mundys.

Removals

Mundys Property Services LLP will refer to a local removal company, Claverings, and should the work proceed an average referral fee will be received by Mundys of around £125.00.

Surveys

Mundys Property Services LLP will refer to local survey companies, CWH Surveyors, J Walter and Callum Lyman, and should the work proceed an average referral fee will be received by Mundys of around £85.00.