This is a new marketing channel for lawyers to reach borrowers at a key decision point in the conveyancing process.
LenderPanel enables borrowers and estate agents to ensure a law firm is approved by the lender prior to the conveyancing process taking place, removing the risk of delay or failure if the solicitor is not on a mortgage lender’s panel of approved solicitors.
“Until now, it has been difficult to establish which law firms are on a lender’s panel,” explains Don Belcher, national commercial manager of OneSearch Direct.
“Borrowers and estate agents search the internet to find out which solicitors can be instructed, often without success. There is nothing more frustrating than getting part way through the process of buying a home only to discover your conveyancer is not on your mortgage lender’s panel of approved solicitors.
“It can lead to costly delays or even aborted transactions, as well as extra stress and inconvenience for everyone involved.
“In addition, many lenders have reduced their conveyancing panels. A typical law firm is now only on the panels of about 30 banks and building societies from a pool of 130 mortgage lenders, which has exacerbated the issue.
“Therefore, a listing on LenderPanel.com gives the law firm prime visibility and all parties know from the outset which solicitors have been approved.''
LenderPanel.com is free to search, allowing users to instantly see those lenders on whose behalf subscribed solicitors can act. It has been developed by the team at Lexsure Ltd.
“Making the buying and selling process as simple, safe, and stress free as possible has always been our number-one priority at OneSearch Direct, which is why we’re pleased to see this new service arrive in the market,” confirms Belcher.
“Lexsure has produced a simple and effective online solution to give our clients and their customers instant access to information. The service gives peace of mind that the conveyancer they have instructed will be able to see them all the way through to the completion of their transaction.”
