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Home of Choice confirms LSL talks

Home of Choice has confirmed for the first time today that it’s in advanced talks with LSL Property Services about acquiring the business and this will result in the network going into administration while it’s bought.

A spokeswoman for Home of Choice, says: “We can confirm we are in advanced discussions with LSL and would expect to make an announcement in the next 48 hours.

“When the board recognised the potential financial difficulty steps were taken to secure further investment, in whole or in part, to support the business.

‘However, despite a number of very positive developments, in the time available the necessary level of support could not be secured.  

“The board were advised that in the circumstances, administration offered the best solution to rescue the business.”

Because it is a new company brokers will have to sign contracts which will enable them to carry on submitting new business.
 

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  • Birmingham HOC AR 6th May 2010 at 5:02 pm

    Why was no one from LSL at the meeting today.

    Why no contract.

    Why no FSA Approval?

    Today was election day. Its all over…

  • anon 6th May 2010 at 12:10 pm

    i was at meeting yesterday and was promised contract yesterday afternoon and paid by friday,not going to happen chaps is it???oh and if HOC go into administration and we sign contracts for 12 months what happens with our offs???

  • tmurtagh 6th May 2010 at 10:02 am

    HOC a r s….Ask your board why in a public statement a few days ago on this site, Your chief executive said “hoc needs little cash” to continue….MY BID PREVENTED ALL THESE ISSUES ,PREVENTED NEW CONTRACTS OR ADMINISTRATION AND VALUED YOU THE NETWORK AS THE ASSET. your board acted against against you,and LOOKED AFTER THEMSELVES in accepting the lsl bid..its really that simple.If i could have kept you out of administration..SO COULD LSL….Your board needs to answer these questions UERGENTLY.

  • Thomas 6th May 2010 at 9:53 am

    Simple solution. HOC to come out and say, if you sign the new contract you will get your pipeline cash, if you dont you wont. Come on guys after whats gone on its time to be transparent.

  • Zonda 6th May 2010 at 9:49 am

    Plenty of shit stirring going about, in reality it seems as though “competitors” arn’t too happy that the company hasn’t gone down.

    I was at the meeting and found that the approach of HOC was anything but “negative.”

    Can it not be seen that HOC are actually trying to move forward in a positive manner ?

    I was also told yesterday that the new contract would be pretty much the same as my curent one.

    Facts, not fiction !!!!

  • Anne Proudlock 6th May 2010 at 9:47 am

    Mr Thalha,s comment above is typical of either someone who does not understand

    “OR THE MORE likely is simply trying to cause trouble for advisers and HOC”

    Advisers who are business men will make there own minds up based on facts and business relationships.

    HOC Directors themselves have not been paid and continue to work for staff and advisers.

    All this rubbish about looking after themselves and being able to sleep at night is nonsense.

    one director that I know personally has not been able to sleep at night for fear of letting his brokers and staff down, they are all working around the clock.

    This blog is not done out of friendship but more out of courtesy as I see how hard he and the other directors have been working to hold it altogether, this work is for everyone!!!

    The overiding effort is done for staff and brokers as withoutthere is no business and brokers and staff do not get paid.

    Mr Thalha is the one who appears to have an agenda to disrupt.

  • Richard Sexton 6th May 2010 at 9:42 am

    It seems to me there is little to be lost in waiting to hear the message in person and reading documentation for oneself- informed decisions tend to be the right ones!?

  • Angry HOC AR also at meeting 6th May 2010 at 9:31 am

    Adrian
    Open your eyes and look at the latest accounts on company house. It will cost you one pound. Look where our monies have gone. The only thing you can congratulate the directors on is paying themselves bonuses of 750k
    How do you feel now?

  • Adrian Holland HOC AR 5th May 2010 at 11:32 pm

    Why are people allowed to post comments anonymously on these forums??

    Why do people post anonymously? Is it to hide their identities? Or is it because they are not brave enough to put their names to their comments??

    I do not think you should have the right to post comments if you are not brave enough to put your names to them!

    I was at the meeting today and no one seems to have mentioned that there were many questions answered and answered in person in an open forum both by HOC and LSL.

    The board of HOC should be applauded at least for this upfront approach to keeping us all informed and should also be given some credit for getting this deal this far in such a short space of time.

    Whilst of course this is a very unsettling time, there appears to be a genuine appetite for this acquisition from LSL and a genuine desire to pay us the pipeline. Many of the above comments are mere speculation! Let’s see it in writing and then comment based on fact not fiction.

    At the end of the day, WE are the assets of the business, it is in LSL’s interest that the contract is competitive.

  • Tony Owen 5th May 2010 at 10:25 pm

    Are the new contracts being emailed or mailed I have had nothing yet….

  • Jeff Baird 5th May 2010 at 9:34 pm

    It is good to see the art of good communication is firmly dead and buried at the Home of Choice household. A key message to HoC AR’s is spread over 2 days and not exactly clear and apparently contradicting some earlier communications, allowing the rumour-mill to run rife, I can’t wait to attend my meeting!

  • Chris Downham 5th May 2010 at 9:11 pm

    I can understnad that people are angry and frustrated but lets not forget that for nearly 5 years HOC has been an excellent place to be. The new deal needs to be inspected to really comment on but I expect it will be okay as they need people to sign it. The offer WILL allow us to trade again quickly and receive pipeline monies. It could have been much worse. The clarity of communication etc could have been better but I think under the circumstances they have done well to get a new option on the table with an excellent parent company.
    In the name of fairness I don’t see how being negative on a forum really helps.
    Together we are stronger.

  • Mark Johnson 5th May 2010 at 8:42 pm

    I was told today that the new contract would be pretty much the same as the one I’ve got now. So why are epople making up scary stories about needding to sign up to three year deals and targets. Sounds like some recruiter from other networks are disapointed we haven’t gone bust and are trying to stir things up again. Shame on you !

  • Ian Dix 5th May 2010 at 8:00 pm

    Me too! I found the presentation today to be an honest one. Speculators in this thread must have hidden agendas. Let us see it for ourselves before knee jerk reacting to such twaddle. If there is to be a new contract then we will know the terms soon enough.

  • sam 5th May 2010 at 7:18 pm

    Similar like the last contract change? LSL will want a return so if a large number of AR’s leave the remainder will foot the bill. They are not taking over out of kindness it’s a business.

  • AR HOC 5th May 2010 at 7:06 pm

    GOB (gerry o’brien) better be very careful what he tells all the Scottish brokers on Friday morning. No lies, half truths, or holding our pipeline to ransom. I have been offered higher commission rates by two other networks as well as at least a 50% reduction in my fees / pi costs. OUR cash should be in OUR banks before the meeting or there won’t be a HOC presence north of Carlisle very soon. AR of HOC

  • chris burn 5th May 2010 at 7:05 pm

    Similar like the last contract change? LSL will want a return so if a large number of AR’s leave the remainder will foot the bill. They are not taking over out of kindness it’s a business.

  • Neill Turner 5th May 2010 at 7:00 pm

    So many anonymous statements…!!!
    I’m an AR of HOC, I’ve atended the meeting. Just like everyone else, I’m not happy. The bottom line is this: Let’s look at the contract when it’s available. If, like they say, it’s similar to the old contract, I for one will be staying. Let’s face it, times have been, and still are, tough. I for one take my hat off to Richard for turning up, saying sorry, and giving as much information as he could. He hit the nail on the head for me when he said “we were perfectly happy with the network a few weeks ago”
    If we have a company like LMS to back us with cash till things improve, where’s the problem. Yes, before anyone says it, it’s been a mess, mistakes have been made, I havn’t been paid either, but you know what, life’s made up of two types of people, Victims and survivors. It’s an attitude of mind. make your own mind up one way or another to stay or to go but at least when you post a comment, have the balls to own it.

  • AR 5th May 2010 at 6:53 pm

    Not looking good. No details. No money. Time to look elsewhere.

  • Paul 5th May 2010 at 6:44 pm

    What a suprise …. 6.45 pm and still no contract

    Accurate as ever !!!

  • Brian Dobson 5th May 2010 at 6:13 pm

    Once again the information placed on this site is misinformation. Are the authors really HOC AR’s? I’ve attended a meeting today and it was made very clear that the new contract will be very similar to our existing contract. When I receive my contract I’ll make my mind up then and not before!

  • tmurtagh 5th May 2010 at 5:59 pm

    To Peter Beaumont and other doubters….what do you say now ?

  • Steve Powell 5th May 2010 at 5:59 pm

    I can’t believe that directors of a business can be legally allowed to use the media to send out lies just to keep themselves in jobs. They have said time and time again that they wouldn’t be going into administration and now when the truth comes out they are. Subject to fsa approval Tony Murtagh’s bid would of stopped the need for that and paid all payments to ar’s instantly.

    The fact that one of the directors still owes the business 30k while the people who generated his income go without leaves me speechless and shows that they take your loyalty for granted.

    If this LSL deal goes through you should all sign up to a network that appreciates your efforts and does not just look at you all as cash cows to fund the lifestyle they have but certainly don’t deserve.

  • Darren Pescod 5th May 2010 at 5:53 pm

    TOP 20 HOC AR – Im also off, what a bunch of crooks! I welcome discussions with all other networks – Any suggestions please? Richard / Gerry – I hope you have sleepness nights!

  • Anonymouse 5th May 2010 at 5:34 pm

    has any one had a new contract to look over?????

  • Anon 5th May 2010 at 5:25 pm

    Is there anyone who will be staying with the new network?
    Surely LSL aren’t happy tht the firm they though they were buying won’t be the firm they end up with?!

  • Very Unhappy HOC AR 5th May 2010 at 5:14 pm

    I cannot believe what is happening.I have been told I will get paid this week. Now you are telling me new contracts, new tie in terms, still no date of my monies.

    How can I trust anything the management says.

    I will be voting with my feet and leaving.

    I suggest every other now ex HOC AR does the same

  • Steve Powell 5th May 2010 at 5:07 pm

    How can the directors be allowed to lie like this. The bid by Tony Murtagh gave the business every guarantee that it could pay all of the AR’s their commission in full without having to sign any new contract.

    Shameful behaviour by the directors who have already milked the business for all they can get and are now coming back for more

  • David 5th May 2010 at 5:04 pm

    You can imagine what the next move will be cant you? The new contracts will be tied to performance targets thereby insuring the continuity of business to HOC and the new investor. If you dont meet the performance target wave bye bye to your hard earned pipeline, but we will invite you to a free lunch!

  • David 5th May 2010 at 5:02 pm

    You can imagine what the next move will be cant you? The new contracts will be tied to performance targets thereby insuring the continuity of business to HOC and the new investor. If you dont meet the performance target wave bye bye to your hard earned pipeline, but we will invite you to a free lunch!

  • kim morgan 5th May 2010 at 4:30 pm

    I have been to the meeting this morning and were made to believe that the company had been bought and were will get our monies owed if we sign the new contract about to be sent today, if signed today we get monies Friday. When asked about hoc going into admin while being bought we were told no. What is going on…. who is not telling all.. what are the implications for me?

  • Darren Pescod 5th May 2010 at 4:26 pm

    TOP 20 AR of Hoc – What a shambles…. the new contract will be “Sign up for 3 years and then we will pay you the pipeline that we owe you” The way this has been dealt with is disgusting and Richard & Gerry should be ashamed that they have come out of this ‘looked after’ while the rest of us have been shafted.

  • Silvia Holland 5th May 2010 at 4:23 pm

    Remember any payment from the new company will be an incentive to join this company and not pipeline payments. If a lender or insurer will pay commissions through this company, they will pay it DA or through any network you join.

    I’m a sole trader and can’t really afford to lose around £6,000 which I stand to lose when HOC finally go down. But I wouldn’t touch this mess with a barge pole.

  • Anonymous 5th May 2010 at 4:10 pm

    If it goes into administration then surely the administrators will decide who gets paid? So the banks and Paymentshield will be the main creditors according to the accounts. Staff and brokers can kiss goodbye to their monies owed I would guess.

    Will the lenders and life insurances pay moneys owed to the company in administration?

    WHEN WILL THE FSA PUT AN END TO THESE REDICULOUS PHOENIX JOBS WHEN COMPANIES CAN DUMP ALL THEIR DEBT AND WALK AWAY AND START UP THE NEXT DAY WITH SOMEONE ELSE WHO TAKES ALL THE COMPANY’S ASSETS AND NONE OF THE LIABILITIES!!!

    ITS A DISGRACE AND INSULT TO EVERY OTHER FIRM WHO IS MANAGING ITS WAY THROUGH THIS RECESSION.

    MAKE THEM ACCOUNTABLE – NOW!

  • C Thalha- HoC AR 5th May 2010 at 4:03 pm

    http://www.mortgagestrategy.co.uk/story.aspx?storycode=1011148&PageNo=1&SortOrder=dateadded&PageSize=20#comments

    The above is a link to yesterdays article in MS where i quote a comment by Gerry O’Brien “He adds: “Can I also remind you that Home of Choice is not in administration and normal service is currently being resumed.”
    Based on this comment and coupled with the comment above “The board were advised that in the circumstances, administration offered the best solution to rescue the business.” Where is the honesty that us brokers must adhere to when talking with our clients being echoed by our Network?As far as I am concerned HoC Directors are purely and simply looking after Number One! The truth of the matter is that you are not guaranteed the monies owed to you by HoC by the new co. My opinion is that the best option for all of us brokers would of been that the board had accepted the proposal from Mr Murtagh which would of meant that HoC would of remained a viable business with someone with clear business accumen. I trust that the HoC Directors can sleep well at night in the knowledge that they have served THEMSELVES well.

  • AR of HOC 5th May 2010 at 3:45 pm

    We haven’t even received an official communication from Home of Choice about this. I was told that LSL have purchased HOC but this story is saying they are in advanced talks.

    It’s all a load of nonsense.

  • Mark Finnegan 5th May 2010 at 3:43 pm

    Surely this means any pipeline business will be lost, unless it can be re-broked under the new network??

    This is just the same as what happened with Network Data, lots of talk about getting bought but in the end there were no results.

    My advise to the HOC AR’s is get yourself cued up with a new network asap, Mortgage Next did a great job for me last year.

    Good luck.