5 minute read
Interviews
Broker-conveyancer relations: How can they be improved?
Karen Rodrigues
Director of sales, eConveyancer
Ask a mortgage broker for their view of conveyancing, and the response will likely be along the lines of ‘necessary evil,’” says Karen Rodrigues, director of sales, eConveyancer.
Rodrigues believes that advisers understand the crucial importance of getting the legal side right with a property transaction but have often been burned by too many cases in which the process was protracted to the point where a deal was put at risk.
“Unfortunately, as an industry, we do not do a good enough job of highlighting to brokers the importance of being selective in which conveyancing partners to work with, and the ways that quality conveyancing firms can help brokers to secure repeat business from their clients,” she said.
The primary issue for any broker is the actual conveyancing work, Rodrigues explained.
She said advisers wanted to be able to recommend firms that they trusted – that could not only be relied upon to be vigilant regarding the details of a transaction, but could also help push a deal towards completion in a timely manner.
“It can be tempting to stick with just one or two local conveyancers who are perhaps something of a jack of all trades when it comes to property,” Rodrigues said.
However, the reality is that the legal tasks involved in property transactions can vary significantly based on the buyer.
Rodrigues said there was a big difference between a first-time buyer purchasing a new-build flat and an investor picking up commercial premises that will be converted into homes.
“A decent panel manager will have a range of conveyancing firms for you and your clients to choose from, each of whom may have a particular area of specialisation,” she added.
According to Rodrigues, expertise counts in these more complicated cases, and this could make a real difference to timescales for completion.
She believes that having proper support on hand is crucial, too. There would always be cases where the intermediary, or indeed the client, needed extra support.
Rodrigues explained that the right panel manager could educate not only the broker but also the client on the conveyancing journey.
“At eConveyancer, for example, we have designed and produced several consumer-facing guides that break down the legal jargon and provide a step-by-step guide on what will take place during a case,” she said.
“We also offer regular training sessions with several mortgage networks and clubs to help boost broker understanding.”
Rodrigues said that while the legal side was the bread and butter of any conveyancing partner, it was important for brokers to bear in mind that there was more to a good panel manager than that.
“In fact, picking the right partner can help brokers offer their clients a more rounded service,” she said.
Looking at examples, Rodrigues said eConveyancer had built a range of ancillary services that brokers could access for their clients beyond the main conveyancing task.
“Some of these are directly related to the move-in question, such as Homebuyer Protection from Surewise, which helps protect client money in the event that a transaction falls through, but others are not,” Rodrigues said.
“Brokers can refer their clients to an online will-writing service, for example.”
She said these additional features meant that brokers could go the extra mile for their clients and open up future avenues for working together.
“If clients know their broker can help them with a will, they will likely come back to them for help with getting protection in place,” Rodrigues said.
She believes this not only secures a stronger relationship with the client but also provides additional revenue streams for the broker.
“That’s why when brokers consider the conveyancing firms they might want to work with, they need to look beyond the headline offering and include those ancillary services that could boost their business over the long term,” Rodrigues said.
Finally, she noted that it was worth remembering that clients’ experience with the conveyancer would often have a bearing on their ongoing relationship with the broker.
If things go poorly – for example, the conveyancer is slow or makes mistakes – then it is the broker who introduced the client to that legal firm who may bear the brunt.
However, when things go well, and the conveyancer helps conclude the legal side of a transaction swiftly, then it is ultimately the broker who benefits, as a satisfied client is more likely to provide repeat business, according to Rodrigues.
“Working with the right conveyancing partner can make a real difference to the prospects of any broker, but it is up to the industry at large to do a better job of highlighting to advisers how we can support them and their clients,” she concluded. M I
The more support, the easier the journey
Rachael Hunnisett
National accounts and new build lead, Skipton Building Society
Skipton Building Society has launched a helpdesk aimed at supporting brokers with complex enquiries about the new build market.
The ‘New Build helpdesk’ initiative is in response to feedback about the need for broker education on the sector. They will have access to a designated team who will be on hand to answer complex questions about new build cases or, alternatively, pass enquiries on to one of four underwriters.
Rachael Hunnisett, Skipton’s national accounts and new build lead, told Mortgage Introducer that the society also wanted to help first-time buyers specifically.
“First-time buyers in general are a segment that we really want to support, and I know from developers that a huge portion of new build homes are sold to them,” she said.
Skipton’s announcement earlier this month comes at a time when first-time homebuyers are facing major challenges, including all-time high property prices and a rising interest rate environment.
Meanwhile, house prices have rocketed, with a typical home now 20 per cent more expensive than in February 2020.
Hunnisett said, “As an industry we should consider that housing has to be accessible. We’ve got creative solutions to look at how we can really think outside the box to get more people on the market.”
She said the helpdesk would provide crucial support to brokers, who face a “cascade” of complex information about construction types.
“We’re seeing loads of different construction types at the moment and lots of different innovation in terms of shared ownership, different schemes, clauses, and section 106 restrictions that refer to only being able to buy property if you’ve got a local connection.”
Skipton said that it had so far received 1,781 new-build applications this year, of which 961 (53 per cent) had been earmarked for first-time buyers.
Skipton is reputedly the UK’s fourth-largest building society, with more than one million customers, £29.0bn of assets and a network of 88 branches. M I
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