Legal & General launches conveyancing service

Legal & General has launched a fast conveyancing service through its Mortgage Club, offering customers an essential service at a competitive price and advisers the opportunity for new revenue streams.

A panel of conveyancing companies has been selected with quick turnaround times, thereby reducing the lag between application and completion and reducing the likelihood of a chain falling through. The service is open to both directly authorised and appointed representative advisers that use the Mortgage Club to submit mortgage applications to lenders on behalf of their clients.

Ben Thompson, Director of Mortgages at Legal & General said: "Advisers already know that they can access a large panel of lenders and a variety of exclusive products through our Mortgage Club. We are ideally placed to start expanding the services that we offer around the whole housing transaction and this move to provide conveyancing is a natural next step.

"We wanted to tackle one of the issues that advisers and their clients are facing at the moment and we hope our conveyancing service will go some way towards minimising the frustration of a breakdown in the property chain. We've carefully selected conveyancing partners with fast, efficient service and transparent pricing. Our new conveyancing proposition allows advisers to give a more complete service at point of sale and offers them new revenue streams in the process. This will be very welcome in the current environment of reduced revenue from mortgage procuration fees."

Legal & General's conveyancing panel comprises eConveyancer, MyHomeMove and enact/Live. Advisers can choose which company they want to use according to their business model and client needs. Live and eConveyancer use a network of solicitors and conveyancing firms whereas MyHomeMove and enact use in-house conveyancers.

Advisers can set their own referral fee within certain parameters, again to suit their model and individual clients.

All of Legal & General's conveyancing partners have a transparent pricing structure so that the client knows exactly what they are paying and what they are getting for their money up front, with no hidden surprises.