A. We will charge all purchasers a fee of £75 to complete compliance checks, they will receive additional benefits such as Mover Protection, a free Will, legal advice and discounted conveyancing for 3 months. The benefits can be extended for just £7.99 per month. We intend to introduce charging for Vendors later this year.
Q. Are we charging sellers and buyers for compliance?
Q. Taking payment and overcoming objections will take time, how many more staff have LTL employed as now customers paying their expectations will be much higher on service levels.
A. Lifetime Legal have enough staff to make all outbound calls to an agreed service level, they have been trained and are ready to deliver high service levels and explain the benefits of the new proposition.
Q. What if the buyer doesn’t want to pay? Say their solicitor says they have done an AML and its ok. What do we do?
A. If a buyer wants to purchase a property with LRG then they will have no choice but to pay the compliance fee. Explain the additional benefits that they will receive Mover Protection www.moverprotection.co.uk , a Free Will, Legal Advice and discounted conveyancing fees with Lifetime Legal. Estate Agents are required by law to make their own AML checks as are solicitors and mortgage brokers.
Q. If either buyer or seller is prepared to use LTL for solicitors, I presume we then don’t charge them the costs?
A. Lifetime Legal have always charged buyers a membership fee of £90 if they use Lifetime Legal for conveyancing, Buyers who have paid the Compliance Fee will automatically become members and will not be asked to pay the membership fee if they go on to instruct for conveyancing.
Q. If someone sells and purchases through us is just one payment taken?
A. Initially we are only charging purchasers a fee of £75 when they have had an offer accepted. We intend to start charging vendors in March. A vendor who sells and buys through Leaders Romans Group will only be charged once and is likely to be referred as a vendor first.
Q. What if a buyer refuses to pay as they may have had experience of it before with another agent and not paid? What happens then?
A. If a buyer wants to purchase a property with LRG then they will have no choice but to pay the compliance fee. Explain the additional benefits that they will receive Mover Protection www.moverprotection.co.uk , a Free Will, Legal Advice and discounted conveyancing fees with Lifetime Legal. Estate Agents are required by law to make their own AML checks as are solicitors and mortgage brokers.
Q. Managers are concerned about the length of time an AML could take especially given that there is now a payment involved.
A. It’s important that when purchasers are referred, they understand that they will be asked for a payment of £75 by Lifetime Legal. If this is the case, there is no reason that AML checks will be delayed.
Q. What if a buyer already has a solicitor instructed and has paid for AML with that solicitor? Can we accept it and avoid a conflict? I would not personally be forced to pay for an AML if I already obtained one for a previous purchase for example.
A. An AML check is done for the benefit of the regulated business e.g., the estate agent, solicitor, or mortgage broker – not the client. Even if the client has been charged a fee the results of the checks do not belong to them and cannot be transferred from one business to another. If a client has to deal with different regulated businesses, then at the moment all have an obligation to make their own checks.
Q. Can a vendor postpone the 3-month benefit in case they take some time to sell? I can see some vendors worried 3 months isn’t enough time for marketing, sale agreed and completion to take advantage of the benefits without paying more.
A. No, both vendors and purchasers will receive 3 months benefit within the initial fee and then can extend benefits for £7.99 per month. They can cancel at any time.
Q. Are the AML checks transferable – can they use the file for their solicitors or mortgage broker (as we know sometimes, they also charge.)
A. The client will not receive the results of the AML checks, they are for the benefit of LRG only. They cannot currently be assigned to another business, but this may change in the future.
Q. Is it £75 per purchaser so if two buyers it will be £150?
A. The fee for a purchase transaction is £75 only, if there is more than one person buying a property the charge will still be £75.
Q. What’s the cost if an individual is purchasing using a company e.g., a landlord?
A. The fee will still be £75 unless the company in question is on the approved company list in which case there is no fee.
Q. Can we still refer purchasers for a conveyancing quote without requesting AML checks and the purchaser being charged a fee?
A. Yes, just select Purchaser Offer Made and AML – No and we will provide a conveyancing quote but not carry out AML checks. If the offer is accepted and the AML checks are subsequently needed then use Reapit to Refresh the lead after selecting AML – Yes and we will call the client to collect the fee and carry out the checks.