Advisers can take a referral fee of up to £200 for the Convey99 deal.
The product offers search protection against the property purchase falling through, meaning clients will receive a guarantee of a replacement set of personal searches for any new property free of charge.
Conveyancing Alliance said the price of the product would not affect the quality of service, saying the majority of the cost saving with Convey99 was down to a reduced panel fee meaning solicitors’ incomes are not compromised.
Harpal Singh, managing director of Conveyancing Alliance, said: “We believe that advisers want good value products that deliver a quality service. This product has been launched exclusively for the mortgage adviser market and based on our research we believe the overall costs are market-leading in the mortgage adviser space.”