GUIDANCE ON TRANSPARENCY OF FEES INVOLVING PROPERTY SALES
Compliance with the Consumer Protection from Unfair Trading Regulation 2008. The latest guidance
specifically addresses the issue of transparency of fees, including referral fees, within the Estate
An Estate Agent should disclose in plain terms:
The price for its services, including any ‘compulsory’ extras; and
Where a referral arrangement exists, that it exists and with whom; and
Where a transaction-specific referral fee is to be paid, its amount; and
Where a referral retainer exists, an estimate of the annual value of that retainer to the
estate agent or its value per transaction; and
Where the referral is rewarded other than by payment, an assessment of the annual value of
the reward or the value of the reward per transaction.
RELOCATION AGENT NETWORK (RAN)
The Frost Partnership is part of RAN with over 600 associated offices throughout the UK, and as a
member we receive a referral fee amounting to 20% of the recommended agent’s selling fee. This fee
is agreed between the agent and the introduced seller. If we introduce a buyer to a member agent, we
receive 5% of the sales fee. This is a national agreement between all members.
The Frost Partnership offers clients the services of Mortgage Advice Bureau (MAB). MAB are one of the
largest mortgage brokers in the country and provide specialist mortgage advice. They can search
thousands of mortgage deals to find the right one for you and due to their size have exclusive rates
from many lenders that cannot be found on the high street or anywhere else. MAB have won over 70
national awards for the quality of their advice and service during the last five years. It is your
decision whether you choose to deal with MAB. Should you decide to use MAB, The Frost Partnership
will receive a referral fee of £300 inclusive of VAT from MAB. You will not have to pay anything
with regard to this to The Frost Partnership.
The Frost Partnership offers clients the services of Home Legal Services (HLS). HLS provide us with a
panel of quality conveyancing solicitors who operate on a fixed fee and a no sale, no fee
arrangement, with 24/7 online case reports keeping you up to date at all times. It is your decision
whether you choose to deal with HLS. Should you decide to use HLS, The Frost Partnership will
receive a referral fee of £250 inclusive of VAT from HLS. You will not have to pay anything with
regard to this to The Frost Partnership.
The Frost Partnership offers clients the services of Pattinson Auction. Should a vendor instruct
Pattinson Auction to sell their property and it proceeds to completion with Pattinson Auction, the
vendor will not have to pay The Frost Partnership a fee. The Frost Partnership will instead be paid
a fee of 2% plus VAT by Pattinson Auction for the referral. Sellers should be aware that this method
of sale could result in a higher or lower price being achieved for their property than the
conventional method of selling.
All clients have the option to deal with any of the above companies or seek alternative providers of
The Frost Partnership believes in complete transparency in relation to our upfront fees and detail below those you will incur:-
NEW ASSURED SHORTHOLD TENANCIES (ASTs) SIGNED ON OR AFTER 1 JUNE 2019
Holding Deposit (per tenancy) - One week's rent.
This is to reserve a property. Please Note: This will be withheld if any relevant person (including any guarantor(s)) withdraw from the tenancy, fail a Right to Rent check, provide materially significant false or misleading information, or fail to sign their tenancy agreement (and / or Deed of Guarantee) within 15 calendar days (or other Deadline for Agreement as mutually agreed in writing).
Security Deposit - (per tenancy.) Rent under £50,000 pa. - Five week's rent. This covers damages or defaults on the part of the tenant during the tenancy.
Security Deposit (per tenancy.) Rent £50,000 or over pa - Six week's rent. This covers damages or defaults on the part of the tenant during the tenancy.
Unpaid Rent - Interest at 3% above the Bank of England Base Rate from Rent Due Date until paid in order to pursue non-payment of rent. Please Note: This will not be levied until the rent is more than 14 days in arrears.
Lost Key(s) or other Security Device(s) Tenants are liable to the actual cost of replacing any lost key(s) or other security device(s). If the loss results in locks needing to be changed, the actual costs of a locksmith, new lock and replacement keys for the tenant, landlord any other persons requiring keys will be charged to the tenant. If extra costs are incurred there will be a charge of £15 per hour (inc. VAT) for the time taken replacing lost key(s) or other security device(s).
Variation of Contract (Tenant's Request). £50 (inc. VAT) per agreed variation. To cover the costs associated with taking landlord's instructions as well as the preparation and execution of new legal documents.
Change of Sharer (Tenant's Request) £50 (inc. VAT) per replacement tenant or any reasonable costs incurred if higher. To cover the costs associated with taking landlord's instructions, new tenant referencing and Right-to-Rent checks, deposit registration as well as the preparation and execution of new legal documents.
Early Termination (Tenant's Request) Should the tenant wish to leave their contract early, they shall be liable to the landlord's costs in re-letting the property as well as all rent due under the tenancy until the start date of the replacement tenancy. These costs will be no more than the maximum amount of rent outstanding on the tenancy.