The service was set up with a view to create a seamless end-to-end homebuying process and is available to the lender’s direct customers and its intermediary panel.
This will enable borrowers and brokers to allow the Gen H team to handle a mortgage case from application to completion.
Borrowers will be able to work with a dedicated conveyancer who will provide them with updates. Gen H said borrowers would also pay “simple, transparent prices with no surprises or hidden fees”.
For example, there is a flat fee of £150.25 plus VAT for property searches.
The legal fees start from £1,250 plus VAT for freehold properties with a value of up to £1m, £1,955 plus VAT for homes worth up to £1.5m and £3,155 plus VAT for properties worth up to £3m.
For leasehold properties, the corresponding fees are £1,455 plus VAT, £2,160 plus VAT and £3,360 plus VAT.
Gen H said it would work “in harmony” with Gen H Legal but “at arm’s length to protect the customer’s best interest”.
Gen H Legal has been licensed since October last year and developed with both internal and external partners. The systems will be improved over this quarter.
The service initially launched for first-time buyers last month and is now available for home purchases. It will be open to remortgages and movers in the future.
Homebuying experience under one roof
Will Rice, CEO of Gen H, said: “The launch of Gen H Legal is an enormous achievement for our team, who have been working diligently for two years to create a homebuying experience that can happen all under one roof. From an initial affordability calculation to the moment our customers get their keys, the Gen H and Gen H Legal teams will be there, creating a supportive, stress-free buying experience unlike anything else in the market today.”
Rebecca de Andrade, head of conveyancing at Gen H Legal, added: “The demand for our conveyancing service has already surpassed our expectations, and this highlights the gap in the market that Gen H Legal is poised to fill. By taking a proactive stance, we’re able to help the process move more quickly – even when faced with slow third party contributors.
“Being paired with Gen H – affiliated but at arm’s length – allows us to create tremendous efficiency, and therefore value, for our customers. This means, finally, that high quality conveyancing is no longer reserved for those that can afford high prices. It’s our goal to set a new standard for what conveyancing can be.”
