Brokers lose out on conveyancing work

HARPAL SINGH
HARPAL SINGH, MANAGING DIRECTOR, CONVEYANCING ALLIANCE

I have been to many mortgage industry exhibitions and there is normally a weighting of attendees which can be broken down into 60% collecting stationery and 40% doing business.

At the Mortgage Business Expo in Manchester in May it was refreshing to be able to speak to almost 100% professional advisers who were interested in conducting conveyancing business.

This is not a regular occurrence at trade shows.

It was interesting to split the brokers we spoke to into those who advise and conduct conveyancing work and those who don’t and have never done so.
I would say this was a 50/50 split, which means many brokers are missing out on significant income.

I understand some of the reasons why this might be the case. Many brokers I spoke to lacked confidence when it came to selling conveyancing products and had never recommended a solicitor before.

Others simply assumed that their clients picked their own solicitor and given that they have never been asked for such a recommendation, have never thought of offering the service.

These are understandable reasons and I suspect that there is still a lot for the conveyancing industry to do to make the process clearer, easier to understand and more transparent.

We found that brokers respond to all these things particularly cheap pricing and the fact they can earn good income.