What is an online Conveyancing broker ?
Web based online Conveyancing broking companies act as introducers for specialist Conveyancing firms many of whom lack the marketing expertise to advertise their services directly. In other words Conveyancing firms who require other companies to help them communicate with you (critics argue that they start as the mean to go on i.e. no personal contact) .
Brokers companies create a panel of Solicitors, purport to negotiate discounted rates, agreed service standards and put you in contact with the most appropriate one.
How do online Conveyancing brokers make their money ?
The commercial reality of the business is that they negotiate the highest referral fees from Conveyancers. The risk is that by going to the Cheapest Conveyancing lawyers those firms may have no alternative to cut corners and that is dangerous to the public. There is of course no comeback to the conveyancing brokerage.
During a recent conversation with a senior member of one such brokerage I was advised that Conveyancing lawyers were “like pigs in the trough” always looking to agree to do Conveyancing for astoundingly low fees. The Conveyancing brokerage buys in work at one fee from Conveyancing firms and then sells on to the public for another.
One such conveyancing brokerage on their quote process states :
“The Solicitors' Code of Conduct 2007 is published by the Solicitor Regulations Authority. the IFA Conveyancing comply with, and are subject to, the Solicitors' Code of Conduct 2007. We will ensure than any referral we make will be to an independent professional from whom you will receive impartial and confidential advice. Under the duty of disclosure required to be made for introductions, we must inform you that the solicitor / conveyancer will pay a referral fee for promoting their services. This fee will be paid by the solicitors themselves and not by you. Your chosen solicitor / Conveyancer will pay us a fee of one hundred and twenty five pounds plus VAT. This cost is paid for the promotion of their business via various distribution channels, maintaining accurate information within our panel, ongoing development and monitoring the quality of individual partners. ”
Sometimes the commission or “ mark up “ can be as high as £300 with the Conveyancer taking a fee of about £100.
Never rely on reviews published on Conveyancing brokerage sites ( there is clear conflict of interest ), rather rely on your own research over the web.
Benefits of using an online Conveyancing brokerage ?
There are occasionally some benefits for using a Conveyancing brokerage firm such as :
1. "no-move, no-fee" service
2. Provide online case tracking facilities.
3. Offer Conveyancing Quotes instantly on line
4. They can offer cheaper Conveyancing and more efficient service than your average "High Street" or "Family" solicitor.