Mortgage News
Conveybuddy releases conveyancing portal
Conveyancing panel management provider Conveybuddy has launched a new portal that aims to enable cost savings that can be passed on to customers.
The portal leverages current technology, and Conveybuddy said it would give brokers full transparency of fees when a client is given a quote.
Introducers will have access to a tailored quoting portal that will allow them to choose the best firms for the clients at suitable price points.
There are fixed referral fees that are paid the week after exchange on purchase cases and the week after completion on remortgages.
The products available through Conveybuddy include surveys and an all-inclusive remortgage that includes all disbursements.
Conveybuddy said it would not take a “large slice” of any fees, but said the cut it takes would vary by product type and property band. However, the cut the firm takes is usually £100 lower than other conveyancing firms on purchasing cases, it said.
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Conveybuddy said this was according to broker feedback that informed it that its quotes for the same conveyancers were often cheaper by three figures.
The fixed referral fee on the all-inclusive remortgage also varies based on the product chosen, while a fixed fee of up to £200 is paid.
The Conveybuddy team is led by CEO Harpal Singh and chair John Phillips.
Both have returned to the conveyancing market after working elsewhere for nearly five years. Phillips joined Conveyancing Alliance in 2006, while Singh joined in 2009. The two launched the Broker Conveyancing brand in 2012 just after organising a management buyout.
Phillips and Singh then sold the group in 2016 and resigned from the board at the end of 2019.
Singh (pictured) said: “The panel management conveyancing model for introducers hasn’t changed since we’ve been gone, but what has changed is a steady increase in panel fees and a lack of transparency as panels have sought to increase their margins.
“Our model, which embraces market-leading technology, seeks to revolutionise this status quo. By understanding exactly what intermediaries want, we feel we have created a solution that leads the market – in terms of pricing, technology, service, and support.”