Intermediaries are responsible for the majority share of mortgage transactions (58%) and carried out over 1.2 million residential mortgage sales last year. However, Easier2move said an estimated 60% of intermediaries fail to recommend conveyancing services to their clients.
Easier2move went on that with the average fee for conveyancing standing at £100 per referral, intermediaries could be losing out on up to £61.8 million pounds in fees per year and this not only does this lead to a reduced revenue stream, but can result in lower service standard.
Karen Babington, marketing director at Easier2move, commented: “In a world where income streams are becoming increasingly stretched, intermediaries are missing out on simple to obtain, profitable revenue opportunities. It is shocking to see that intermediaries are happy to let up to £61 million slip through their fingers by failing to refer their clients to a trusted conveyancing firm. Referrals are not only a great way to earn fees, but also help advisers to offer a more efficient service.
“By having links with a designated conveyancer, advisers are safe in the knowledge that they are offering the best possible service to their clients.
“We would recommend that intermediaries ensure they are making the most of these valuable partnerships, as they are mutually beneficial for both advisers and their clients.”
