Free legals

Free-Legals have been a key part of most lenders' remortgage products for quite some time. With it sounding easier and free most clients are happy to have a product offering this legal option. However, the solicitors offering these services at incredibly low costs to lenders are overloaded with case size and consequently, the service is often poor and elongated. Another factor is the free-legal solicitors will not begin work on the transaction until they have the mortgage offer, which can cause delays. In the current climate that may not be such an issue, with more and more borrowers looking to apply for a remortgage up to six months before their planned completion date. For borrowers with a more urgent deadline, a product with cash-back and appointing their own solicitor to begin work immediately and working for them and not the lender may be the most prudent option.

I'm not a huge fan of Free Legal services as the service is generally not great and people should be mindful that, in most cases, this is a basic service and the firms do not usually act on behalf of the client, just the lender. The 'Conveyer Belt' lawyers in my experience, have poor communications and aren't the easiest to get hold of. I have some local arrangements with reputable firms and, where cashback is an option, give my customers the pros and cons and let them decide which is best for them.