Businesses can say what they like about who they are and what they think they stand for – but it’s the customers who decide whether a service really hits the mark or not.
For that reason, we’ve been listening to broker feedback to understand exactly what does and doesn’t work for them and their clients, making sure we’ve created a service that delivers.
It has been just over four weeks since the launch of conveyancing panel management service conveybuddy, and broker interest, as shown by the number of new registrations, has been gratifying.
However, the reviews we’re hearing on fee certainty confirm that this is a unique selling point (USP) that resonates with the market. Customer feedback suggests that hidden fees often lead to unpleasant surprises late in the conveyancing process.
Clients can be caught off-guard by additional charges for services such as ID checks, Land Registry fees, or telegraphic transfer (TT) fees – all at a time when no one wants an unexpected larger final bill.
The feedback loop
Brokers have told our account managers that surprise fees from other conveyancing firms and panels have put them in awkward, unprofessional positions. One broker reported that he had to sacrifice his own referral fee after several undisclosed fees appeared on the completion statement, as an unwelcome surprise to the client. This lack of clarity blindsided him professionally, forcing him to forgo his own fee to maintain transparency with the client.
In a series of remortgage cases, brokers have shared that the ‘packaged’ nature of conveybuddy’s deals, where every cost is accounted for upfront, ultimately resulted in significant savings for consumers. It ensured that the fees outlined at the start remained unchanged, giving customers peace of mind and no late surprises.
Hidden fees damage trust
Transparent fees not only reinforce trust but are also essential in providing a smooth, frictionless process for both you and your clients. When fees are clearly outlined from the outset, it helps advisers maintain their position of trust and ensures that clients know exactly what to expect from the conveyancing process.
Conversely, when clients feel confident about transaction costs, it strengthens their trust not just in the conveyancer but also in you, the broker, and the process as a whole. This level of clarity fosters a sense of security, ensuring clients are more likely to view you as a reliable and honest adviser.
Consumer Duty and transparency
Consumer Duty, which became a statutory obligation for advisers in July 2023, also requires firms to provide consumers with clear and comprehensive information about their products and services and to act in their best interests.
When we launched conveybuddy, embedding transparency and trust into our services was a clear goal to help brokers support their clients.
If your conveyancing provider discloses fees but buries them in small print at the bottom of the contract, can you honestly say you’ve fulfilled your obligation to be clear, fair, and not misleading to a client?
In this new regulatory era, clients deserve near penny-accurate quotes, and if they’re not getting them, you have to ask: is this good enough?
To ensure confidence, my advice is to ask your provider or panel management firm several critical questions about transparency and reliability. For instance, do they disclose all fees upfront? Does your panel offer features such as ‘no completion, no fee’ or fall-through protection on searches to provide additional security for clients? These features can be game-changers in offering clients peace of mind.
Access to a custom quoting portal where you can select the most suitable conveyancer for your client’s specific needs can also be incredibly valuable, giving you greater control over the process and helping you meet client expectations more effectively.
Equally important is determining whether referral fees are paid promptly – for example, on exchange for purchases and on completion for remortgages, ensuring a steady revenue stream
All these factors impact the overall broker-to-client experience and help you offer a transparent service that you can confidently stand behind. We firmly believe in a virtuous circle of transparency and clarity for all, which ultimately leads to better results for your clients.
Harpal Singh is CEO at conveybuddy
