Lending Solutions, the owner of Your Move estate agents and e.surv chartered surveyors, has bought Reeds Rains Estate Agents for a reputed 22m.The acquisition by the residential property services group is the latest move in the consolidation process taking place in the house buying industry in preparation for the introduction of Home Information Packs in 2007. From January 2007 sellers will have to provide property valuation and structural surveys to buyers, and estate agents with associated conveyancing firms with be able to cash in. Lending Solutions was founded in July 2004 when it led the 42m management buyout of e.surv and Your Move from Norwich Union. The company, which is controlled by Barclays Private Equity, also owns conveyancing firm Homefast Property Lawyers. Reeds Rains, which also has 70 financial consultants that advise on mortgages and associated insurances across its 130-branch network, sees over 750m mortgage applications arranged per year. Reeds Rains management will retain 10% of the share capital, reinvesting in the business in order to benefit from the opportunities created by the change of ownership. Although Reeds Rains becomes part of the wider Lending Solutions group it will retain its brand and operate as an autonomous business run by the existing management team. Simon Embley, chief executive of Lending Solutions, says: “With the advent of Home Information Packs, we believe this move positions us very well to take advantage of the forthcoming opportunities.” Nigel Favas, managing director of Reeds Rains, adds: “The synergies between ourselves and existing Lending Solutions companies will enable us to take maximum advantage of the upcoming changes in the home buying process.” Paul Duckworth, managing director of online conveyancing firm xit2, says that as the introduction of HIPs draws closer, consolidation has risen to the top of many firms’ agendas. He says: “It will be interesting to see if consolidation delivers the benefits of scale these firms are aiming for or whether it will allow smaller more nimble players to take advantage.”
Online systems can’t replace talking to good business development managers but lenders seem to be spreading them so thinly that smaller broker firms are missing out, says Sue Read
Following the Citizens Advice Bureaus recent report on the selling of payment protection insurance, Select & Protect has backed the Financial Services Authoritys review of PPI and its bid to improve standards.Bruce Reid, managing director of Select & Protect, says: Payment protection insurance is sold to borrowers to offer peace of mind and reassurance that […]
A survey by moneyfacts.co.uk shows 77% of consumers would not consider an equity release mortgage, despite figures released by the Bank of England last week suggesting otherwise. The moneyfacts.co.uk survey was conducted online and anyone who visited the website could take part. Of those who did, only 9% were over the age of 60. Dean […]
State Securities is extending the maximum terms of its commercial mortgage range as part of its continued growth strategy. The extension means commercial mortgages will be available over a term of up to 25 years, giving borrowers the option to reduce their monthly repayments by spreading them over a longer loan term.
A report published this morning by the CIPD (CIPD Employee Outlook March 2015) provides yet more interesting data to the changing landscape of retirement planning. It should be remembered that we are in a period of genuine flux here given that the default retirement age was scrapped three years ago, and new pension freedoms come online in April. Both of these alterations will have a huge impact on how employees plan for their retirement.
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