The research also confirmed that although 80% of brokers had used lenders’ fee free panel lawyers, a staggering 83% of them rated the service provided as either average or poor. High amongst the list of complaints was poor communications, including difficulties making contact with fee earners and a lack of information about the status of cases.
Eddie Goldsmith, senior partner at Goldsmith Williams, said: “Given the abysmal rating awarded to lender panel solicitors, it’s hardly surprising that the overwhelming majority of brokers prefer to make their own conveyancing arrangements using lender cashback facilities.
“The good news is that in most instances lenders do provide a cashback alternative allowing brokers to appoint a conveyancer on behalf of their clients. These arrangements not only enable brokers to ensure their clients’ receive a fast and reliable conveyancing service, but brokers also receive a fee for the referral and are kept informed about the progress of their clients’ case. Neither brokers nor borrowers need accept a service which our research shows is second-class.”
