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Broker compliance teams hesitant to reject free legals – Copland
Brokers are finding it difficult to get compliance departments on-board with recommending borrowers to pay for conveyancing despite poor free legal services.
Speaking on Mortgage Solutions Television, LSL director of mortgage services David Copland said there had been issues with free legal services on remortgage products.
“Brokers find it difficult to justify through compliance department the reason they’ve decided not to go with the free legals, because there’s been really poor service, and therefore ask the client to actually put their hand in their pockets,” he said.
Copland also agreed there had been problems in the last 18 months with the volume of business going through some solicitors.
But he added that without a free legal option it made product transfers more attractive.
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John Charcol product technical manager Nick Morrey noted that it was a difficult situation for brokers as they were unable to put any pressure on conveyancers when things went wrong on free legals.
He noted this was more likely to happen on cases which may have any sort of complexities to them.