The survey found that 88% of DA brokers said they did currently use lender panel solicitors, however, the majority (60%) only classed this service as being average overall. 22% highlighted the service as being good, 14% as being poor and 4% as being very poor. Respondents cited a great variety in service quality from lender to lender which encouraged them to plump for the ‘average’ option. DAs surveyed also commented that they would benefit from greater consistency in service standards.
In other areas of the research it was found that whilst an overwhelming 88% of DA brokers said that they did currently recommend their clients to a legal services provider or conveyancer, a worrying 12% were still missing out on a valuable additional revenue stream. Of those that responded positively to offering such services, just over half (52%) reported that they use a local solicitor.
36% of those surveyed reported a quick turnaround to be the most important factor when dealing with a conveyancer or legal services provider whilst 21% highlighted the size of referral fee as being the top of their list. 14% quoted getting a fixed fee as being at the pinnacle of their agenda with online case tracking being the focal point for 7%.
22% stated that other factors were key which included additional areas such as help and advice, face-to-face contact and reciprocal business.
The conveyancing survey was launched by TMA in order to gather feedback and views in response to difficult market conditions. The results gathered from this face-to-face survey will be used to highlight any potential fears, opening or developments in the market which TMA will look to address in the future.