Certain practices in the property market, such as conditional selling, can put unnecessary pressure on buyers.
Buying a home should be an exciting journey, not a stressful one. However, certain practices in the property market, such as conditional selling, can put unnecessary pressure on buyers. Conditional selling happens when builders or estate agents tie the purchase of a property to using their services—like in-house mortgage brokers or solicitors. These practices might seem helpful on the surface but often aren't in the buyer's best interests.
At Chetwood Lloyd Mortgages, we believe in fairness, transparency, and putting you in control of your choices. Let’s explore what conditional selling looks like, why it’s problematic, and how you can protect yourself.
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Spotting Conditional Selling Tactics
Conditional selling can sneak into the buying process in ways that might catch you off guard. For example:
• "Use our services, or your offer might not be considered": Some agents or builders make it seem like agreeing to their mortgage or legal services is the only way to proceed with your purchase.
• Exclusive deals that aren’t exclusive: Claims of faster processing or better rates often turn out to be sales pitches, not genuine benefits.
• Pressure during buyer checks: Buyers may be told that using in-house services is a necessity for identity verification or offer acceptance.
These tactics often serve to increase the agent’s profits rather than benefit the buyer. At Chetwood Lloyd, we think you deserve better.
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Why Conditional Selling is a Problem
1. Conflict of Interest: Estate agents prioritising their commissions can lead to biased advice that doesn’t serve your needs. For instance, they might recommend products or services without disclosing their financial incentives.
2. Increased Stress: The pressure to comply with these conditions can make the home-buying process unnecessarily stressful—especially for first-time buyers.
3. Market Manipulation: Sellers can also be disadvantaged when buyers are excluded for not agreeing to unfair conditions, distorting the true value of a property.
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How to Protect Yourself
Knowledge is your best defence. Here’s how you can take control:
• Understand Your Rights: Conditional selling is unethical and breaches regulations like the Estate Agents Act 1979. If you feel pressured, report the issue to the relevant authorities.
• Work with Independent Brokers: An independent broker—like Chetwood Lloyd Mortgages—can give you honest, impartial advice. We work with over 100 lenders to find a deal that truly suits your circumstances.
• Seek Independent Legal Advice: Avoid legal advisors linked to estate agents. An independent solicitor ensures the terms of your purchase are fair and transparent.
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Putting You in the Driver’s Seat
At Chetwood Lloyd Mortgages, our goal is to make the home-buying process as smooth and stress-free as possible. We’re here to guide you every step of the way, offering advice that’s truly in your best interest—without any strings attached.
If you’re looking for a team that puts your needs first, let’s talk. With Chetwood Lloyd, you’ll have the confidence to navigate the property market with ease and make decisions that work for you.
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