Brokers 'should be referring for conveyance'

The failure of brokers to offer conveyancing services when selling residential mortgages are costing their industry millions every year.

According to one industry commentator, easier2move, by not referring those taking out mortgages on to solicitors they are missing referral fees which could total as much as £61.8 million.

"Intermediaries are missing out on simple to obtain, profitable revenue opportunities," comments Karen Babington, marketing director at the firm.

"Referrals are not only a great way to earn fees, but also help advisers to offer a more efficient service."

While brokers conducted more than 1.2 million mortgage sales last year, the firm estimates that around three in five do not recommend conveyancing services to those purchasing a new home, IFAOnline reports.

The company states that brokers can not only earn fees through such referrals but can also ease the buying process for consumers, possibly prompting further business in the future.