Under the new model, brokers will receive a fee solely for referring clients to Convex as leads and as Convex then follows up these leads directly, the broker bears no further accountability.
The conveyancing process is frequently stressful and clients tend to raise any concerns with the mortgage broker who introduced the conveyancing company rather than with the conveyancing company itself. By transferring accountability to Convex in this way, any threat to an on-going relationship between client and broker is removed.
Convex managing director, Duncan Samuel, said: “Each time mortgage brokers recommend any third party to clients they jeopardise an ongoing relationship should that recommendation fall foul. The conveyancing process in particular is hugely stressful, no matter how good the professionals or systems involved are. Clients frequently vent their frustrations with the person who recommended the conveyancer, and this can put a broker’s key client relationship in danger.
“Our new service offers a win-win situation: mortgage brokers continue to receive commission for passing on leads to Convex but as we then contact those leads directly, the buck stops with us if any hitches arise.”
This innovation follows a new pricing policy introduced by Convex last month. Clients are given a precise, fixed quote for conveyancing as well as the option of an upfront premium – 8.5 per cent of the total fees and expenses. The balance of the fees and searches are then paid on completion but should the sale fall through the insured party incurs no further fees or disbursements, significantly limiting the total expense.
