Mortgage platform IFonline is linking up with Legal Marketing Services to provide IFAs with online access to a network of solicitors specialising in mortgages.
The move will allow IFAs to put a mortgage application through IFonline and get an immediate quote on the legal work for clients.
Three hundred law firms – a total of 5,000 solicitors – have signed to LMS on the basis of charging a single fee. Clients can be quoted an exact price as there is no hourly charge.
Once the quote is accepted, the solicitor tracking and reporting system notifies the IFA of the local firm that will be carrying out the legal work It also allows them to track the progress of the local authority search and conveyancing online. For each completed case IFAs receive a £163.50 referral fee.
IFonline head of sales and marketing Mike Douglas says: “This is a major breakthrough for our customers. The complexities and risks of trawling for reliable, co-operative legal support have long been significant obstacles for intermediaries, but with this link-up the whole process has been simplified.”