Investec said this arrangement has the potential to shorten the time required for legal checks and reduce the cost of a mortgage application
Investec Bank has announced the launch of dual representation for mortgages, allowing approved solicitors to act for both the buyer and the bank during the mortgage process.
Investec said this arrangement has the potential to shorten the time required for legal checks and reduce the cost of a mortgage application.
Dual representation is available to clients who appoint legal firms meeting certain minimum requirements, and who have been onboarded by LMS. For particularly complex situations, Investec said it might be unable to undertake dual representation but separate representation, using its own panel, will also be available.
Dual representation is typically harder for specialist providers of bespoke, high-value mortgages to provide for their high-net-worth borrowers because of the additional complexity involved.
Read more: Dual representation in short-term lending.
To provide dual representation, Investec has enhanced its internal processes and systems and partnered with LMS, one of the UK’s largest providers of conveyancing services.
“We have a relentless focus on improving our offering for clients and our mortgage intermediary partners. We are already able to provide decisions quickly. Allowing dual representation should make us faster still for many clients,” Peter Izard, head of intermediary business development at Investec Bank, said.
