The research study, which is still in progress, has revealed that approximately 80% of brokers feel that the quality of service provided by lender panel solicitors is either poor or, at best, average. This statistic is corroborated by similar research conducted recently by a leading mortgage network. Broker complaints include poor or non-existent communications, the refusal of solicitors to pay referral fees, slow response times and poor quality service from call centre staff.
Eddie Goldsmith, senior partner at Goldsmith Williams, said: “Mortgage brokers are being badly let down by lender panel solicitors at a time when they have every right to expect far better. Lender fee free deals are a major bone of contention, because brokers believe they have little choice but to use the conveyancers recommended by lenders.
“The silver lining to this dark cloud is that in most instances brokers do have a choice and don’t have to accept second-best. Most lender fee free deals give borrowers the option to accept a cashback and arrange their own conveyancer. By taking up this offer, not only can brokers instruct a solicitor who will give a reliable and fast service, but they will also be paid a fee for the referral and will be kept informed about the progress of their clients’ case.
“Most importantly, clients also receive full legal representation which many brokers may be shocked to learn they do not get with fee free deals. In reality, fee free deals usually look after the legal interests of the lender and borrowers are left to fend for themselves.”
Goldsmith Williams’ research, which is being undertaken online, is still live and the law firm is encouraging as many brokers as possible to provide their feedback, so that an accurate picture can be gleaned of the standard of conveyancing services being provided to intermediaries throughout the UK.
The online survey is available via Goldsmith Williams website: www.goldsmithwilliams.co.uk (click on the ‘latest news’ tab) or by going to:
https://www.surveymonkey.com/s.aspx?sm=wosyirRTHthNAJevJrLXXg_3d_3d
