90% Of HoC ARs move over to First Complete

More than 90% of Home of Choice appointed representatives have transferred across to trade under the First Complete banner, with around 500 of the original 540 signing new contracts.

A spokeswoman for the network says: “Some 92% of ARs have transferred and we are still anticipating a few more, but do not expect it be more than 93%.”

But the network says up to 23 brokers are still being investigated by it over compliance issues.

The network earlier revealed that 13 ARs were suspended or under investigation by the regulator when the network went into administration. A further 10 have been denied reauthorisation.

The spokeswoman also says 90% of ARs’ commission has been paid and it expects the remainder to be paid this week.

First Complete will be treating its top 30 brokers to a trip to Dublin in June. The network says this will not be paid for by members but will be a sponsored event.

ARs have been told they need to change their stationery, website and marketing material to reflect the new corporate name. One First Complete

AR alleges he has been threatened with suspension if he does not make the changes.

The spokeswoman says ARs must make the changes under Financial Services Authority rules.

LSL Property Services bought the assets of Home of Choice for £1.5m from administrators at the beginning of May.

It also owns the UK’s largest residential surveying operation and second largest estate agency network, having recently acquired the Halifax estate agency operation.

In 2009 LSL Property Services reported pre-tax profits of £28.3m.