LSL Property Services is reported to have become the preferred bidder for mortgage network Home of Choice, Money Marketing revealed.

The news is cited to extend hopes to hundreds of appointed representatives who are jittery to lose their businesses should the deal collapse.

It is cited that both the Home of Choice board and the network's bank have selected LSL as the preferred bidder.

Money Marketing also reveals that the board was not in favor of the bid from The Money Group's Managing Director, Tony Murtagh, as they had a belief that was not supportive to both HoC's staff and the company.

LSL Property Services, which operates the UK's largest lettings agent network including national chains Your Move and Reeds Rains, was also considered to have been under consideration.

The new investor is revealed to have come forward after learning that the network was to file for administration and is believed to already be cognizant with the network model and the industry.

In the statement, O'Brien quoted, "Tomorrow I expect to be telling our brokers about the new listed owner who will bring financial security to the network. Their questions about backdated fees, commission and pipeline will also be answered".