Lawcomm Solicitors has recently carried out research into the in-house legals that are increasingly being offered by mortgage lenders on re-mortgage products.
Out of the 150 brokers approached by e-mail survey, 67 per cent overall were not satisfied with the in-house legal service provided.
Lawcomm Solicitors has discovered that a majority of brokers are concerned by the lack of control they have over their clients transactions once submitted, due to the absence of set service standards from offer to completion and the frustration of having to deal with a call centre when seeking updates or when assisting with more difficult cases. Brokers also mentioned that clients are dissatisfied with the impersonal service that is received from the lenders in-house service, as they do not act for the client but are there only to protect the lenders interest.
In response to these findings Lawcomm Solicitors has tailored its service offering.
Amar Sandhu, marketing consultant at Lawcomm Solicitors explained: “We are now encouraging mortgage brokers to take control of their re-mortgage cases, by advising clients to take the cash back on offer from the lenders and appointing a chosen solicitor to deal with the transaction. We currently offer a base fee £249 all-inclusive re-mortgage offer, acting for the lender and the client, with a five working day completion guarantee from mortgage to completion or we will refund 50 per cent of our fee. This is an incredible offer and we have already received a huge amount of interest.”
