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TODAY'S OTHER NEWS

Agents to receive full legal packs for auction with no upfront costs

An online auction platform is offering agents full legal packs with no upfront cost in a bid to keep the housing market moving during lockdown.

LetsBid Property has teamed up with Movin Legal; the latter supplier has developed a bespoke referral platform which allows all agents partnered with LetsBid to order a complete legal pack, allowing their vendors to achieve a quick auction sale.

LetsBid currently works with over 200 estate agents across the UK, listing in excess of £30m worth of property. 

“One of the biggest obstacles agents using our platform have encountered is asking vendors to part with hundreds of pounds to obtain a legal pack to sell via auction. We have now solved this problem. Not only do we continue to offer a free service for our partnered agents, we also do not charge any buyers’ fees, with our partner agents being remunerated by vendors” says Milton Rodosthenous, founder of LetsBid Property. 

“We are also in the latter stages of developing a canvassing tool for the residential auction market to help our agents attract listings which we hope to launch in the coming months.”

John Ahmed, chief of Movin Legal, adds: "The new conveyancing service for LetsBid agents will include dedicated case chasers, who will help safeguard a seamless home move while providing an efficient service.”

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    The upfront information idea is making the rounds generally.

    Indeed, far too many auction packs we see - and like the shoddy HIPs that were rife - agents need to be careful they do notend up holding shoddy upfront legal packs offering too much (or wrong or unnecssary or overdisclosing or unvetted) information exposing the preparer to legal action that the selling conveyancer then has to unscramble.

    We need to raise the standard of conveyancing, not reduce it further.

    Upfront information is not an easy thing to prepare well or correctly.

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