Conveyancing Alliance Ltd is launching a special remortgage deal as an alternative to free legals.
The Rapid remortgage product will cost £120 plus VAT which clients will pay, although advisers can choose to add their own referral fee.
The deal has a seven-day completion period with regular updates and control for the adviser, plus the solicitors act for the clients, compared to free legals where the solicitor is only acting on behalf the lender.
Conveyancing Alliance is questioning whether free legals treat customers fairly given the poor value and the lack of client representation.
The product will be available for an initial limited period of three months but it may continue to offer this product if business levels allow.
The deal follows the publication of Conveyancing Alliance figures for Q1 2010 which revealed a slight increase in remortgage instructions on the previous quarter although overall completions stayed the same.
Whilst remortgage activity remains subdued, the expectation is that it will begin to show a steady increase throughout the next few months.
Harpal Singh, Managing Director of Conveyancing Alliance Ltd, says: “While it is only for a limited period we have the option to extend this should business levels allow. This pricing shows Conveyancing Alliance’s support for brokers and it also ensures the client benefits from the same level of quality and service they have come to expect from our solicitor firms but this time with the added benefit of a historically low price.
“Many advisers still choose to take the free legals on offer from lenders even though they provide no protection or service to the client. With the ‘Rapid Remortgage’ pricing at such low levels, brokers would be much wiser to take the cashback that is often available from lenders for legals and use this money to pay for quality conveyancing.”
He claims the deal offers a quick completion with the adviser kept fully in the loop and they are at the heart of the transaction rather than being marginalised in a free legals arrangement.