Blog: Conveyancing clients need you | Mortgage Strategy

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While the past 12 months have been tough for many people, the slow emergence out of both lockdown and winter appears to provide our market with plenty to be positive about.

The end of previous lockdowns has resulted in significant boosts in demand and, with government measures such as the stamp duty extension, the new Help to Buy scheme and the guarantee scheme for higher-LTV mortgages, there are a number of new factors at play that should support those seeking mortgages.

For first-time buyers (FTBs) in particular, notwithstanding the ongoing difficulties in finding the deposit levels required to purchase, there seems a greater degree of optimism than we have seen over the past 12 months. Already, lenders are returning to the 95% LTV market and the expectation is that more will follow — those intending to use the government guarantee and those who will not.

Advisers have access to high-LTV products — albeit still in small numbers — that they haven’t had for a year, and already FTBs are making their move. Recent research from comparison site Reallymoving suggests that FTB demand for conveyancing quotes was up by 111% at the end of March from just a few weeks earlier.

For brokers, the benefits of offering conveyancing advice to FTBs are obvious, in terms of not just the income that can be generated but also the access new purchasers have to conveyancers. I’m confident that very few buyers will have a total understanding of conveyancing or the best firm to handle their needs. Advisers will, and an individual who is willing to trust their adviser to sort out their mortgage will also be happy to go with them for their conveyancing advice. Ditto protection, general insurance, legal services, etcetera.

So, while it is positive that FTBs are increasingly looking for conveyancing quotes, they should have no need to do so. Having forged the relationship already, advisers are in the strongest position to cover all the bases for clients who are new to the experience. It would be criminal to miss this opportunity.

Mark Snape is chief executive of Broker Conveyancing 


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