As part of the collaboration, LMS is providing legal panel management services for the building society’s approved solicitors and conveyancers, as well as offering conveyancing services.
To join the new panel, legal services firms will be invited to apply through an online portal designed and operated by LMS.
Selected firms will be required to submit detailed company information to ensure they meet the specific panel membership criteria.
The new panel and portal will allow the West Brom to provide assurances to its members that all appointed conveyancing firms are credible, reliable and safe as each are subject to detailed and rigorous membership criteria and checking.
Intermediaries are able to recommend a conveyancing firm for panel membership. These firms are subject to the same stringent vetting process.
As part of the agreement, LMS and the West Brom have agreed a twelve-month extension to their current conveyancing contract which will see LMS continue as the exclusive provider of the building society’s panel management services.
Huw Lewis, sales and marketing Director at LMS, said: “There has clearly been an increasing demand for a service of this nature and already we’ve seen a very positive response from the industry. We expect further uptake in future, as more firms see the benefit of being on a well-managed West Brom panel.
“The new panel standards underpin quality, service and security; key principles fundamental to the LMS business model. Our new proposition offers first-rate quality, without the need for expensive joining fees, making it especially appealing to the mutual sector. Additionally it offers substantial benefits to intermediaries and law firms.”
“Having worked alongside the West Brom for two years we are thrilled to be developing and renewing our relationship further. This ongoing collaboration will benefit every area of the industry from law firms and lenders, through to intermediaries and, most importantly, the society’s members”.
Paul Field, divisional director (operations) at the West Brom, said: “We are delighted to be joining forces with LMS to bring firms onto our panel who are proven conveyancing specialists.
“With its knowledge of the industry and expertise in conveyancing managed panel services, LMS is perfectly placed to support the West Brom and our mortgage customers as we continue to increase our residential lending activity.”