Instructions for both remortgages and purchases have more than doubled between September and October after a fall-off in both during the summer months.
Broker Conveyancing said two-thirds of all instructions it has recently received were for purchase products while a third represented remortgages.
The distributor puts a significant amount of the increase down to a refocus by the broker community on the price of the conveyancing services which it recommends to its clients. Brokers are now actively looking for conveyancers who do not have to pay substantial panel fees and can therefore offer low pricing to clients without having to compromise on service levels.
Broker Conveyancing has been launched to meet the specific conveyancing needs of brokers and their clients.
The proposition has a number of unique features including a radical pricing structure, a £25 loyalty bonus, payment on exchange, an all-inclusive fee structure, no completion – no legal fees charged promise and fall through protection on searches.
Harpal Singh, managing director of Broker Conveyancing, said: “Without doubt the summer of 2012 was nothing to write home about in terms of overall housing transaction and conveyancing instruction levels. We certainly saw a fall-back in terms of the number of instructions received however since the start of September and particularly during October both purchase and remortgage levels have seen a considerable increase.
“There are many reasons for this including a far more competitive remortgage market at low LTV levels, a push on from the summer lull and a more concerted effort by some brokers to be as active as possible in the conveyancing sector.”
Singh said he has seen a growing number of registrations on its site which he hopes will translate into greater levels of broker-introduced conveyancing business.
He added: “There are still two camps in the broker sector; those that take it seriously and those that don’t. The challenge is two-fold to get those that don’t to understand what they can achieve and to get those that do to change their thinking about their existing suppliers and the value for money they represent.
“We are starting to see evidence that both groups are beginning to understand the benefits of not just recommending a conveyancer but the need to ensure the service is as competitively priced as possible.”
