You are here: Home - Your Community - Top Comments -

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

by:
  • 26/10/2018
  • 0
‘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.”

There are 1 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
  • RT @robjupp: Great day yesterday for donations to @MortSleepOut. With Gift Aid, we are now close to £17,000. It would be great to get to £2…

Read previous post:
newspapers
This week’s top 10 stories on Mortgage Solutions – 26/10/2018

This week's most-read stories take in compensation for Halifax customers after an interest rate calculation, capital gains tax relief on...

Close