The conveyancing firm is offering packagers a service where it will fund the costs of the legal work on remortgage cases undertaken by LMS or allow packagers to offer cashback on a product in return for exclusivity over the legal work on these products.
LMS believed its offering makes the legal process quicker and easier for both packagers and clients, as well as giving them cost benefits.
Dominic Toller, director of marketing and new business at LMS, said: “We have done similar things in the lender market before and now we are looking to give these benefits to the packager market. We’ve had encouraging feedback from over 25 packagers and we will hopefully be signing many of them up over the next few weeks.”
LMS’ system gathers all the data from the case and produces a legal pack, which goes straight to the solicitor, and a questionnaire which is sent to the client.
It also produces a script where LMS contact centre staff can speak to the client to check all the details, rather than asking them to fill out another form.
LMS believes the service shortens the time the legal work takes, with the period between instruction to completion reducing all the time.
Toller added: “The quickest time we currently have from instruction to completion is 48 hours but once we have secured the right partnerships and added another couple of enhancements, we should be completing the process in 24 hours within a year.”
Rachel Bancroft, managing director at KGB Packaging – one of the firms that will be signing up, said: “Giving customers the benefit of free legals on remortgages can be an attractive marketing advantage to distributors that are able to offer it, and to brokers that submit cases through them. The LMS service should also help to provide customers with a fast and effective service that ensures a speedy and trouble free process.”
