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
- The price for its services, including any ‘’compulsory’’ extras; and
- Where a referral arrangement exists, that it exists and with whom; and
- Where a transaction-specific referral fee is to be paid, its amount; and
- Where a referral retainer exists, an estimate of the annual value of that retainer to the Estate Agent or its value per transaction; and
- 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
Naomi J Ryan Estate Agents refer clients to the services of The Mortgage Quarter and receives, on average, a referral fee of £200.00 on legal completion.
*All clients have the option to deal with any of the above companies or seek alternative providers of these services.
*Clients are defined as people who have instructed Naomi J Ryan Estate Agents to sell their property or people who are buying a property through Naomi J Ryan Estate Agents.