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  • rfph1
    replied
    Originally posted by Wannadonnadoodah View Post
    I always read your great contributions but never comment. Keep up the good work.
    same here.

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  • loanarranger
    replied
    Thanks Wannadonnadooda for your generous comments, very motivational.

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  • Wannadonnadoodah
    replied
    I always read your great contributions but never comment. Keep up the good work.

    Leave a comment:


  • loanarranger
    replied
    I accept 100% your comments regarding establishing cudos but I believe this only extends to ones credibility in closing on agreed purchases and definitely not contingent on using the in-house broker. I have several portfolio clients , the largest having in excess of 140 properties and agents know that when they decide to buy a property the deal goes through. One added factor is that whenever I become involved in the funding I engage with the individual agents and invite them to keep in contact with me should they have any concerns over the progress of the mortgage application.

    i completely agree with your observations on solicitor recommendations particularly those in close proximity to the agent, invariably there are issues which arise , equally I hold Conveyancing Factorieswith great suspicion , seldom do you get to speak with the organ grinder relying on the “ monkey” to have sufficient expertise or intelligence to refer when matters are above their pay grade and importantly your conveyance is just one in a multitude of cases so there is little incentive for escalating matters of urgency.

    Again call me a cynic but with 50 plus years in lending I feel I have a fair take on such matters.

    Thanks for responding to these postings within Mortgage News I often wonder if forum readers just glance and move onto the next live topic.

    Leave a comment:


  • boletus
    replied
    All perfectly correct loanarranger.

    Trouble with making demands and threats though is your offer may be talked down in favour of another. And you've shot your reputation if you want to deal long term in that area- I'm talking provincial market towns now rather than big cities. Word gets round, negotiators move freely between agents, the good ones becoming branch managers. In my local town, in every estate agent there will be someone who knows me and that I'm good for it. I don't think I've ever had a cross word with one, I actually like estate agents!

    Going back to your original point, IME customers are far better served by truly independent brokers, but that's just the way it is. The only way to stop it would be a ban on in-house brokers. And in-house solicitors too for that matter.

    Leave a comment:


  • loanarranger
    replied
    Sadly a not uncommon complaint.
    one observation on your posting, if you had an AIP , then a copy of this would have been perfectly acceptable and could not be ignored, had they chosen to do so I personally would have demanded to meet the Manager and threaten to report his offices practices to the regulator and importantly the CE of the Agency Group, believe me they would have scattered for cover.

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  • sam_cat
    replied
    Originally posted by loanarranger View Post
    Unless practices have changed, Negotiators are targeted to achieve sales , the number of referrals to the In-house broker who in turn is targeted on fees generated which include making referrals to a set panel of solicitors. When you package it all up there does appear to be an incentive to use subtle means of involving the in-house broker some of whom are good, the only downside is that there is a regular turn over of both negotiators and In-house brokers because they haven’t cut the corporate mustard.

    2 years ago I purchased a new home.. At the time of looking 2 of the local estate agents, in their own words, "would not take my interest seriously" unless I used their associated mortgage broker and solicitors (big chain, very large, you can probably guess). I already had an AIP in place and a well reputed local solicitor lined up.
    Unfortunately the house I wanted was with one of these 2, and they told me in no uncertain terms that if I wanted it taken off the market and nobody else to see it then I had to use their own services. In a very active local market I had little choice.
    The mortgage advisor was superb, very responsive to any contact/questions but the solicitors were an absolute shower of poop.. Huge amount of issues with them, including lost documents (which were emailed and confirmed received, only to be informed a week later that it was 'lost' - How they managed that I do not know!), arguing with me on stuff that had been agreed (in writing, on email).
    It was so bad that official complaints were raised at the highest level within their organisation.

    When we move again, as a matter of principal, if anyone tries to get us to use those solicitors again (or tries to apply pressure like they did) they will be told in no uncertain terms why I am withdrawing my offer, and I will post the vendor a letter as well ensuring they know exactly why by offer is withdrawn and what their agent is doing.

    Its a shady practice, but they were very very careful to only say it face to face.

    Leave a comment:


  • loanarranger
    replied
    Hi Boletus
    i think the difference is that you are experienced in Property the same cannot be said for First Time Buyers or indeed a percentage of homemovers.

    Unless practices have changed, Negotiators are targeted to achieve sales , the number of referrals to the In-house broker who in turn is targeted on fees generated which include making referrals to a set panel of solicitors. When you package it all up there does appear to be an incentive to use subtle means of involving the in-house broker some of whom are good, the only downside is that there is a regular turn over of both negotiators and In-house brokers because they haven’t cut the corporate mustard.

    As we get older, we perhaps become more cynical of the world at large and certainly in our market of finance and Property we all take differing views.

    Leave a comment:


  • boletus
    replied
    Standard practice to qualify buyers I always thought.
    Same with using their solicitor.
    TBH, I always use the in-house broker to help sweeten the deal (I generally know which product I want anyway).
    I draw the line at using their solicitors though. They tend to be bucket shops paid peanuts for referrals with a commensurate appalling level of service.

    Leave a comment:


  • loanarranger
    replied
    Are Estate Agents back to their old tricks ?

    It has been reported in the media that the a large Estate Agency Group are investigating alleged claims made by some clients that they were coerced into "consulting" with their In-house broker and for crucial financial documentation to be provided before the offer to purchase was submitted to the vendor: in fairness the claims centre on one particular agency but responses to the article suggest that this is indeed a common practice despite it being viewed as being wrong with clients being free to choose whomever they wanted. With mortgage transactions at a low point , I am wondering if forum readers have experienced similar practices or is it a case of certain offices coming under pressure to generate more leads for their brokers?

    Leave a comment:


  • loanarranger
    replied
    Metro Bank has announced that it is buying £523. Millions of Mortgages from CHL, so those with current loans with this former lender may start to receive notifications of this by mid March when all the legal formalities are complete.

    Leave a comment:


  • loanarranger
    replied
    Rates they are a changing

    In recent days I have ,along with most brokers, received notification by individual lenders that mortgage rates are being withdrawn and repriced but in a Northerly direction, this is due to money Swap rates increasing and the need for higher capitalisation to be achieved.

    Should any Forum reader be considering refinancing current borrowings , might i suggest that the time has arrived for considering future borrowing options and for those with more than 3 mortgaged Btl properties take note that the overall portfolio is assessed at a higher rate even if the individual property meets the basic rental stress calculation.

    Leave a comment:


  • loanarranger
    replied
    CaveMan. In response to your question , suggest you either trawl through the Land Registry site for the Alert Service or simply google Land Registry Alert, this will immediately provide two links into the site or a link which sets out .the background to helping in Fraud Prevention.

    Leave a comment:


  • CaveMan
    replied
    Originally posted by jpkeates View Post
    Me too.

    There are two things you can do to protect your property (which are extra useful when you don't live in it).

    There's an alert service for up to 10 properties, which alerts you if critical details are changed or someone applies a mortgage charge against it.

    You can also apply for a "Restriction by owners not living at a property" which is something you have to apply in writing (there's an RQ form you can download) which adds a restriction to the land registry records which means that a conveyancer has to check with the person adding the restriction that they are making the sale - and confirm that they have to the land registry. That adds a significant hurdle to anyone trying to sell a property they don't own, even if they live in it.
    could you provide more details of this alert service.

    Leave a comment:


  • loanarranger
    replied
    Just to keep everyone in the picture particularly as communications are being received I thought you would like to know that Computershare has announced the successful transfer of £12 billion of buy-to-let Bradford & Bingley and Mortgage Express mortgages to new owners Prudential and Blackstone.

    Leave a comment:

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