It will initially be open to those looking to buy in France or Spain, and aims to cut the cost of foreign legal services. LMS claims that French and Spanish lawyers typically charge one per cent of the house purchase price on top of a minimum £750 fee, while it will charge 0.5 per cent on top of a minimum £475 fee.
The web-based system allows clients to check how the case is progressing 24 hours a day.
David Ballard, managing director of LMS, said: "There is a real opportunity for IFAs and mortgage brokers to build a wider portfolio of clients. Last year, 150,000 British people bought a house in France or Spain – the equivalent of the population of Blackpool. An estimated 200,000 people intend to buy a home in Europe this year. The majority of these people will be looking for a mortgage, and the quicker and cheaper the process the happier they will be. Happy clients share the experience, which is good for business – so everyone wins."
