The existing LMS management team, LSL and Connells each paid £672,000 for a 33.33% share in the business.
Established in 1991, the LMS Group offers conveyancing and remortgaging panel management services to mortgage lenders and has relationships with mortgage brokers and estate agents.
Both LSL and Connells representatives will join the LMS board.
Andy Knee, LMS managing director, said: “LSL and Connells have an outstanding track record and provide the perfect ‘fit’ for our business and I am excited at the prospect of working with them in the future.”
David Livesey, group chief executive of Connells, said: “Developments in transactional conveyancing and the increasing number of lenders taking greater control over their conveyancing panel mean that now is an ideal time to invest in a best-of-class panel management provider. LMS will enhance Connells’ proposition to our lender partners, providing an effective and profitable addition to the Connells Group.”
Simon Embley CEO of LSL said: “This investment is in line with our desire to ensure that we have a market leading conveyancing proposition for our lender clients.”