Following overwhelming demand, a new tool has been launched for solicitors to reach borrowers at a key decision point in the process of obtaining credit.
According to the designers, gone are the days when a home buyer could be certain that the conveyancing lawyer of their choice could also act for their lender.
Hardly a month now goes by without news that yet another lender has culled its conveyancing panel by removing hundreds of firms.
Speaking on the news, Simon Seaton, CEO of Lexsure Ltd, the form behind the solution, said: “We’re addressing a frustration of borrowers and estate agents with a simple, but effective solution.”
“Until now, there was no easy way to search whether a specific firm is on a specific lender’s panel.”
Lexsure cited a recent SRA survey, which revealed that 76 per cent of law firms said they’ve been removed or threatened with removal from at least one lender panel.
The new online directory shows conveyancing lawyers and which lender panels they have been approved on. The tool also provides geo-location services to borrowers so they can pinpoint the conveyancers that are closest to their location.
Lexsure recently commissioned a survey of UK estate agents which revealed that they had recently seen 18 per cent of their transactions delayed or derailed after discovering a buyer’s lawyer was not on their mortgage lender’s panel of approved solicitors.
“Lawyers have spent significant time and energy to get onto a lender’s panel and they should be marketing that status to get the most from their investment,” Seaton said. “The last thing a law office needs is to not be visible while a local competitor is.”
By Chanice Henry
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