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LMS seeks lender partners for European mortgages

  • 08/05/2002
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Independent solicitors network Legal Marketing Services (LMS) is targeting lenders that develop Euro...

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.


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Correspondent lending might still be in its infancy in the UK but the scope for growth is definitely out there