In the UK, there are many non-compliant de-facto sourcing agents regularly sourcing deals to clients. Using a non-compliant agent could put you at significant financial loss with no comeback. A fully compliant sourcing agent must be insured for Professional Indemnity, registered with the Information Commissioner’s Office (ICO) for Data Protection, registered with a redress scheme such as The Property Ombudsman, and supervised by HMRC for Anti-Money Laundering. You’ll be pleased to know that PSA is fully compliant with all the above! Please don’t take unnecessary risks with non-compliant agents or individuals.
An estate agent works with the seller, and their fees are based on selling at the highest price possible, whereas a sourcing agent works with the investor/buyer’s interests by negotiating the lowest purchase price on your behalf.
A non-disclosure agreement is a written and legal agreement, through which you sign to agree not to disclose information on our deals, to prevent it from being sent to unauthorised third parties. It creates a confidential relationship between the seller, buyer and PSA, in order to protect our business, your deal and future deals.
PSA is registered with the Information Commissioner’s Office (ICO), and all personal data is handled and stored in accordance with UK Data Protection legislation. Any information you pass to PSA is only used for the purposes of establishing your service requirements, to enable PSA to send details of deals, and by way of communicating with instructed power team members. We do not share with, or sell to, any unauthorised third parties. We use military grade encryption on our devices, including to our off-site secure cloud. Our Data Protection Policy is available on request.
We can use online software such as Skype or Zoom for video calls, or telephone calls can be arranged at a mutually suitable time.
Yes, if you opted for our project management option, we will send you updates, and reports of the progress of the property as frequently, or infrequently as you require.
No, we do not receive commission for referrals from our team members, as we do not feel this would reflect a trusting or ethical relationship with our clients. Other agents could be unfairly influenced when deciding who to recommend, and be tempted to start recommending services which benefit the agent more than it does the client, which is not good business practice.
Yes, as PSA is a fully compliant business, we are supervised under HMRC’s Anti-Money Laundering, therefore we are legally obliged to conduct Client Due-Diligence (CDD) in accordance with Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. We work with the National Crime Agency (NCA) and part of our sourcing process requires PSA to gain evidence showing the source of our client’s funds intended for purchase. Our designated Money Laundering Reporting Officer (MLRO) will help you through this process if there are any concerns.
Property Sourcing Agency Limited is not authorised or regulated by the Financial Conduct Authority (FCA) and is not permitted to offer financial or investment advice to UK resident investors, whether or not the intended investments are regulated or unregulated. This is not an offer to participate in a collective investment scheme as defined in section 235 of the Financial Services and Markets Act (2000) and Investors will not have access to the Financial Services Compensation Scheme (FSCS) or the Financial Ombudsman Service. Packaged deals are for the sole use of prospective purchasers. We recommend that all appropriate commercial, tax and legal inquiries and advice is taken before entering into a legally binding contract to purchase a property deal.
Our services are transparent, and we charge a fixed fee, rather than a percentage of the purchase price. PSA ensures our fees will never exceed the value we offer you in a deal! When we notify you of a property deal, we list the breakdown of the key costs, such as: purchase price, refurbishment estimate, stamp duty, along with our fee, so that there are no hidden or unexpected charges at the end! Our fees are currently not subject to VAT.
The sourcing fee is paid in two stages. Once you have received and reviewed a property deal notification, and you are in a position to commit, in order to exclusively secure the deal and lock competition out, you will need to make the first payment, which is a reservation fee. This is 25% of the sourcing fee. The second payment is the 75% balance of the sourcing fee, due upon exchange of contracts.
The reservation fee is non-refundable should you simply change your mind without reasonable justification. However, if the surveyor or solicitor finds a problem with the property prior to exchange of contracts, which could result in significantly increased costs or make the deal prohibitive, then we will refund you the reservation fee in full if you have to pull out of the deal.
This is a bespoke additional service, and if you would like to know more about how you can benefit, please get in touch to discuss, and a quote can be provided upon request.
Yes, as we only offer members of our power team if required. If you already have your own solicitor and builder, and you are happy with their services, then that’s fantastic. If, for example, you don’t have a mortgage broker or surveyor, then let us know, as we can supply them to fill any gaps in your team. Otherwise, we can simply just ‘source’ you a property without any additional services.