The proposition includes the launch of broker exclusive products with panel fees which are a fraction of what its competitors charge, according to The Conveyancing Alliance.
Harpal Singh, managing director of Broker Conveyancing, said: “The launch of Broker Conveyancing represents a significant moment for the business and our overall product offering to this distribution group. Our core market is both brokers and estate agents and their needs are very different therefore we wanted to put a proposition together that was tailored specifically for brokers.
“With Broker Conveyancing we also wanted to ensure that brokers knew they had access to a number of features they simply couldn’t access elsewhere which is why we have priced so keenly, developed a specific product range and rewarded brokers for using us.”
Broker Conveyancing has also said it will introduce a £25 loyal bonus automatically built into the proposition which is paid to the broker for every completed case for as long as the broker submits business.
Singh added: “We certainly believe that, at this time, we are not being beaten on price by any of our competitors and, on top of this, we are awarding a loyalty bonus to brokers for every single piece of business that completes with us. Brokers might rightly ask where this £25 comes from and the simple answer is that, on the whole, their network or club holds onto this.
“We however are giving this to the broker which means that with Broker Conveyancing, on average, they are increasing their fee per case by between 15-20%. This puts as much income into the broker’s pocket as we can and should send a signal that we have their best interests at heart.”
Brokers will also be paid on property exchange rather than completion. Broker Conveyancing said it was the first in the marketplace to pay on this basis as far as it is aware.
Singh said: “Other features such as pay on exchange show that we do not want to make brokers wait for their fees and therefore we have worked with our solicitor firms to put this into place.”
If the property transaction does not complete, Broker Conveyancing says it will not charge any legal fees.
If the property deal falls through, brokers’ clients will have their next set of searches provided free of charge.
Broker Conveyancing will initially be launching with five solicitor firms on panel: O’Neill Patient, Ramsdens, Martin Kaye, Shoosmiths and Woodford Stauffer.
Brokers must be FSA authorised to register with BrokerConveyancing.
Singh concluded: “All in all this is a proposition which has the needs of brokers and their clients at its heart. Regardless of what some brokers are told, they should look to use such a proposition as it is unlikely they will receive this level of income anywhere else and not only will they benefit from our service levels and fee structure but so will their clients.”
