As mortgage brokers, you’re well aware that conveyancing is an essential part of the property transaction process, yet it is often underappreciated.
I think it’s fair to say that it’s long been seen as a transactional, behind-the-scenes service, something to get through as quickly as possible without much attention. But that approach is outdated, and it’s time we start changing the narrative around conveyancing to reflect its true value in the overall client experience.
At Conveybuddy, we’ve launched with the express goal of innovating in a space that I believe has seen very little change over recent years. The traditional conveyancing panel management model has remained stagnant, with rising costs and a lack of transparency that often leaves brokers and their clients frustrated.
But the truth is, conveyancing can – and should – be much more than just another step in the process.
Common conveyancing pain points
One area that has particularly frustrated brokers is the lack of clarity around costs.
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On the surface, many conveyancing services offer low-cost fixed-price remortgage products, but once you dig under the surface and read the small print, you’ll find hidden extras – much like those “budget airline” fees we’ve all encountered.
This creates uncertainty for brokers – and clients – undermining trust and adding to the overall stress of the transaction. It’s just not helpful.
We believe an all-inclusive package, which includes all standard disbursements and even the telegraphic transfer (TT) fee, is the way forward. By operating in this way, there are no surprise charges, and this all-in-one approach not only simplifies the process for your clients, but also provides you with peace of mind that you’re offering a product that is totally transparent and straightforward.
Another challenge we’ve identified is the unpredictability of referral fee payments.
Brokers rely on these fees to maintain a steady revenue stream yet delays in payments can disrupt cash flow and make financial planning more difficult. In our view, referral fees should be paid the week after exchange on purchases or the week after completion on remortgages.
It’s a fairly simple concept and provides the reliability you deserve so you can forward plan with great confidence.
A new attitude
In my book, I think it’s high time for brokers to shift the way you think about conveyancing. Rather than seeing it as a box-ticking exercise, use conveyancing to help differentiate your service offering by providing a higher level of service.
By working with a panel management firm that offers transparency, reliability, and a comprehensive product offering, brokers have the opportunity to add additional value to the overall client experience.
Conveyancing has long been viewed as a necessary but complex part of property transactions. But with the right approach, it can become a key component of your service offering.
By aligning with partners who prioritise communication, service, and transparency, you can create a seamless process that ultimately leaves your clients satisfied and positions you as a trusted adviser.
Now is the time to change the narrative around conveyancing: let’s move away from seeing it as an afterthought and instead start treating it as the valuable service it truly is.
