Mortgage brokers and IFAs could have missed out on £330m in extra in-come in the past five years by neglecting the conveyancing needs of clients.
Easier2Move says an estimated 60% of brokers have been failing to recommend conveyancers to their clients.
The firm claims that with fees at around £100 per referral, the average broker has missed out on an additional £1,600 a month.
Karen Babington, marketing director at Easier2Move, says: “I’m not surprised that brokers have missed out on such a lot of commission.
“Those who don’t currently earn in-come from conveyancing should take a look at a number of providers and work with the one in which they have most confidence.”
But brokers are surprised by Easier2Move’s stance and say it is simply touting its own service.
Danny Lovey, proprietor of The Mortgage Practitioner, says: “This is simply an attempt by Easier2Move to talk up its service.
“I recommend conveyancers to cli-ents when appropriate and also use a panel service when necessary.”
He adds: “But often a local solicitor is the best option and earning a few bob on a proc fee is far less important than doing the right thing for my clients.”
John Lukanik, director of Capricorn Mortgages, says: “This statement from Easier2Move is strange. Most brokers I know already recommend conveyancers to clients when necessary.
“It’s important to take advantage of alternative income streams because brokers who only sell mortgages get poor quickly, but it’s often better to recommend clients to solicitors you know and trust.”