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‘Holding lenders to account only way to improve conveyancer service’ – Star Letter 26/10/2018

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  • 26/10/2018
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‘Holding lenders to account only way to improve conveyancer service’ – Star Letter 26/10/2018
Mortgage Solutions and its sister title Specialist Lending Solutions select the most thoughtful or thought-provoking comment for Star Letter.

 

This week’s letter comes from Arron Bardoe in response to the article UK Finance rejects calls for mortgage lenders to help inform consumers about conveyancer quality.

He disagreed with the argument that it’s not the lender’s role to provide customers with information about the quality of service offered by conveyancers.

Bardoe added: “Judging by the poor service consistently provided by some of these firms, it seems highly likely some lenders are not monitoring the service at all.

“Holding the lenders to account seems to be the only way to improve matters and perhaps requiring them to publish service data.

“As for suggesting ‘the independent schemes for solicitor accreditation would be sufficient’ demonstrates a complete lack of awareness on the part of UK Finance.

“[Conveyancing Quality Scheme accreditation] does not ensure good administrative standards and does not provide recourse for complainants to hold the solicitor to account for poor service for fees free work.

“My constant push for all lenders is to offer all their remortgage products with a cashback option.

“This enables the lenders’ in-house advisers to offer the fees free service and for brokers to provide a choice based on their experience.

“If the large panel firms are not competing on service, they will see fewer brokers recommend them and choose the cashback option.

“Either the large panel firms will improve or they will shrink.

“It will also ensure a more even distribution of business.

“With a cashback option, the lender is no longer responsible for the complaint as it passes to the solicitor who acts for both borrower and lender.

“Brokers will then more actively monitor the solicitors they recommend ensuring a smoother process for borrowers and fewer complaints.”

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