Failing to refer conveyancing services when selling residential mortgages could be costing IFAs up to £61m a year, according to Easier2Move.
Research conducted by the conveyancing firm suggests only 40% of intermediaries recommend conveyancing services to their clients.
Mortgage intermediaries currently advise on around 1.2 million transactions each year, which means not suggesting conveyancing, which pays a fee of around £100, causes brokers to miss out on £61.8m per year.
According to Easier2Move, if a broker refers customers to a well known and trusted conveyancer, they can ease the home buying process for clients and also increase the chance of clients returning for advice in the future.
Karen Babbington, marketing director at Easier2Move, says: “By having links with a designated conveyancer, advisers are safe in the knowledge that they are offering the best possible service to their clients. In addition, they can be confident that they are recommending a competitively priced service.
“We would recommend that intermediaries ensure they are making the most of these valuable partnerships, as they are mutually beneficial for both advisers and their clients.”
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