Referral fees involving residential property sales and lettings
The following is our demonstration of our compliance with the Consumer Protection from Unfair Trading Regulations 2008. Andrew Grant refers business to both internal and external companies, a full disclosure is set out below:
Andrew Grant offers clients the services of L&C Mortgages. We refer clients to London and Country for Mortgages, Life Cover and General Insurance and we receive 25% of monies received by L&C. For Mortgages this averaged £177.63. For Life Cover this averaged £314 (average includes claw backs for cancelled policies) and for General Insurance this averaged £220.62
Andrew Grant offers the services of MyHomeMove and receives a payment of £250 per legal completion where a client instructs them to handle the conveyancing process, this is included in the solicitors quote prior to instruction. The fee is charged to cover the sales progression, transaction management, text and web updates, service level management and work carried out by Andrew Grant LLP.
In the event a client requests a survey which Andrew Grant is unable to carry out we will refer the survey to GoToSurveys.
Via our specialist insurance partner NFU Andrew Grant is able to offer clients insurance cover specially designed for properties with more complex insurance needs. Suitable for homeowners and landlords. For each referral we receive:
- Block Insurance 15% of written business value per year for every year the insurance is renewed. This averages £190.39
- Single Landlord 15% of year 1 written business and 10% of year 2 this averages Year 1 £46.41 and Year 2 £35.16
- Home insurance 10% of year 1 only this averages £62.31
Andrew Grant recommend the services of regional removals specialist to provide removal services across Worcestershire and nationally. For each referral we receive £80.
Andrew Grant can recommend the services of approved contractors. For each referral we receive 10% of the contractor invoice - if the cost of a job equals £100 we will receive £10.
- Utilities: where a tenant opts to use these services we receive the following referral fees: Media - £15, Electric - £7.50, Gas - £7.50
- Tenant's Home Insurance: where a tenant opts to use this service we receive 20% commission on new business and 10% at renewal.
All clients have the option to deal with any of the above companies or seek alternative providers of these services.