The offer is available to all brokers regardless if they have selected a BM Solutions product. BM research into conveyancing indicated that around 80 per cent of borrowers do not have legal representation at the application stage, with the new service allowing for brokers to refer clients to a conveyancer and extend their service.
Benefits of the system include up to £200 per referral, the ability to select solicitors based on price, location or client rating and online tracking with no completion or legal fees charged.
Phil Rickards, head of sales at BM Solutions, commented: “Once they’ve got their application sorted, borrowers can often find the next step more tricky. This conveyancing service provides a really straightforward process for borrowers and it’s easy for brokers to sign up. It also provides an additional income stream at the same time as making things easier for clients.”
Dominic Toller, director of marketing and new business at LMS, welcomed the move. He said: “Lots of lenders do it, such as the HBOS group, and most of the deals are supported by large lenders. This is a sensible idea as the client is assured of a good quality service from all sides.”
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