Are free legal fees on the way out?

Approximately two-thirds of all mortgages approved by lenders currently include free legal and/or valuation deals, but this figure is expected to tumble as lenders look for ways to cut costs.

Donna Smith, Head of Sales at Goldsmith Williams, said: “This development comes as no surprise in a market starved of competitive mortgage deals, in which lenders have no need to incentivise borrowers to select their products. The emphasis is now on controlling costs and free giveaways are an obvious soft target.”

Goldsmith Williams says that as these schemes are withdrawn, brokers need to be able to present their clients with alternatives which are not just low cost, but which also provides a fast and reliable service.

Smith continues: “Goldsmith Williams is offering a fixed price £299 remortgage deal, which includes VAT and all standard disbursements. Not only is this one of the most competitively priced conveyancing deals currently available, but we also guarantee to complete standard remortgage cases in just 7 days.

“Brokers need to be aware that if they refer clients to small, local legal firms they may not necessarily be able to offer a guarantee of speed, service quality or back-up that borrowers have every right to expect. Goldsmith Williams gives brokers real time access to all case files and notes via our highly acclaimed online system, GW Live, which means brokers are able to stay firmly in control throughout the whole application process.”

Goldsmith Williams has also launched Free Fee Plus, which enables brokers to offer clients an alternative to lenders own fee free conveyancing schemes and therefore retain control of the sales process and earn valuable fees.