The rate cut has promoted interest in remortgaging – but advisers must grab every cross-selling opportunity
The latest batch of conveyancing statistics starts from April. Although the pre-stamp duty rush probably lingers strongly in everyone’s memory, it feels like far more than four months have passed since that mad time.
That said, transaction figures for April show a healthy level of growth, while overall activity in the second quarter beat that of Q1 by 4 per cent.
All well and good, perhaps, but the market since the EU referendum vote is, of course, far harder to fathom.
For brokers at least the interest rate cut came at exactly the right time, not just in calming some nerves about the overall economy and where the housing market might be heading but also in creating growing interest in the remortgage sector. Purchase levels would have been strong throughout the first half of the year but perhaps the rest of 2016 will belong to the remortgage sector.
Lenders have already responded and, from a conveyancing perspective, there is clearly an opportunity to protect clients. Rather than opt for ‘free legals’, ensure they get their own representation, not just those looking after the lender’s interest.
The opportunity to provide conveyancing advice is obvious but advisers still have to make the most of it, whether it be alongside a remortgage or a purchase. In an uncertain market, now is not the time to let slip an important part of the advice proposition.
Instead, it is about grasping every cross-sale opportunity – especially conveyancing – and delivering a full service that leaves the client in no doubt about who they should recommend and where they should return for all their advice needs.
Harpal Singh is managing director of Broker Conveyancing