Majority of brokers unhappy with lender panel solicitors

Majority of brokers unhappy with lender panel solicitors




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Nearly nine out of ten directly authorised brokers use lenders’ panel solicitors but the majority find the service received only ‘average’, according to a recent conveyancing broker survey conducted by The Mortgage Alliance (TMA).

The survey found that 88% of DA brokers said they did currently use lenders’ panel solicitors, however, the majority (60%) only classed this service as being average overall. 22% highlighted the service as being good, 14% as being poor and 4% as being very poor.

 

Respondents cited a great variety in service quality from lender to lender which encouraged them to plump for the ‘average’ option. DA’s surveyed also commented that they would benefit from greater consistency in service standards.

 

In other areas of the research it was found that whilst an overwhelming 88% of DA brokers said that they did currently recommend their clients to a legal services provider or conveyancer, a worrying 12% were still missing out on a valuable additional revenue stream. Of those that responded positively to offering such services, just over half (52%) reported that they use a local solicitor.

 
36% of those surveyed reported a quick turnaround to be the most important factor when dealing with a conveyancer or legal services provider whilst 21% highlighted the size of referral fee as being the top of their list. 14% quoted getting a fixed fee as being at the pinnacle of their agenda with online case tracking being the focal point for 7%.
 
22% stated that other factors were key which included additional areas such as help and advice, face-to-face contact and reciprocal business.
 
Phil Whitehouse, Head of TMA, commented:“The results are interesting and in terms of the quality of service of lender panel solicitor offerings it’s fair to say that DA’s reported experiencing highs and lows and they are, quite rightly, looking for greater service consistency. Notwithstanding these service issues, access to a good conveyancing proposition remains a must in any intermediary’s range of offerings. Therefore it is a slight worry that there are still a number of DA’s missing out on a quick and simple way to earn a decent referral fee.”

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