Independent solicitors network Legal Marketing Services (LMS) is targeting lenders that develop European mortgages in order to establish partnership deals.
LMS can cut the legal costs of buying a property in Europe by 50%, and is offering to provide legal services to those taking out mortgages. In France and Spain lawyers charge 1% of the house purchase price with a minimum fee of £750. LMS will charge 0.5% of the purchase price with a minimum of only £575.
The new service is to be handled through a web system, linking English-speaking solicitors through a hub, and clients can check case progress by checking solicitor’s input.
LMS is hiring a European sales manager to develop this side of the business and can offer lenders a white label service, where the legal side is handled by LMS, but clients would only deal with the lender.
Denise Ballard, managing director of LMS, said: ‘Europe is a booming property market for expatriate house purchase. The legal side of taking out a mortgage can prove the most time-consuming and expensive element. We can help lenders develop the most attractive and cost-effective proposition for customers.’
Last year 150,000 British bought Spanish second homes, a figure expected to rise to 200,000 this year.