Broker Conveyancing has reported a rise in yearly instruction numbers, as well as a monthly shift in its sales and purchase/remortgage split.
Through the first nine months of 2024, Broker Conveyancing has seen a rise in total instruction levels received via the platform, up 13% on the same time period in 2023.
It has also tracked its instruction level split over the course of the last two months with sale and purchase accounting for 60% of the total in July, and 40% remortgage.
Through August this transaction split began to shift more in favour of remortgage instructions which accounted for 44% of the total, with sale and purchase down slightly at 56%.
Broker Conveyancing said the growth in remortgage instructions was likely due to the increase in interest generated by the Bank of England’s Monetary Policy Committee’s decision to cut Bank Base Rate by 25 basis points at the start of August and cuts to mortgage product rates increasing demand from existing borrowers in their potential refinance options.
As a result, advisers had increased their advice levels in the remortgage conveyancing space, taking advantage of Broker Conveyancing’s cashback product, which is an alternative to the ‘free legal’ options offered by many lenders, and provides the client with their own representation via its panel of specialist conveyancers.
Total user registrations with Broker Conveyancing have also seen a 3% increase over the last 10 weeks, compared to the same period in 2023.
Mark Tosetti, CEO of Broker Conveyancing, said: “It’s very positive to announce that Broker Conveyancing has received a 13% increase in total instructions over the first eight months of the year compared to the same period in 2023, and we have generated an increase in user registrations over the past 10 weeks.
“Conveyancing is often a misunderstood area for borrowers and having a trusted adviser able to point them in the right direction, and deliver the specialist legal representation they require, is a huge tick in the box in terms of delivering a positive outcome and ensuring the case can complete as quickly as possible. Plus, its ability to generate recommendations and referrals from satisfied clients.
“Our panel is one of specialist conveyancers who fully understand the requirements of this work and have the resource, experience and skills to ensure they deliver completion of the case in the required timescale.
“The growth of remortgage activity was perhaps always likely given the MPC’s decision, the renewed focus on refinancing, and the shift downwards in product rates we have seen in the last couple of months.
“At the same time, we shouldn’t underestimate the income-generating opportunity that increased remortgage interest and demand delivers for advisers, not just in terms of conveyancing advice but also the opportunity to provide a complete review of the client’s finances in other ancillary areas.
“With firms seeking to add additional revenue streams, conveyancing should be a non-negotiable in terms of the overall advice service proposition. At Broker Conveyancing we make it as easy as possible to be active in this space, to work with leading conveyancers and to earn from every single instruction. We would urge advisers who are either not involved, or who are not getting the most out of their current conveyancing partners, to contact us to see how we can help them make the most of this opportunity.”