Halifax has announced it will be expanding into the legal market by introducing a fixed fee conveyancing service.
The service, which is believed to be the first of its kind offered by a major lender, opens up to the company a potential market of a staggering £780 million per year, according to the ODPM.
The Halifax Conveyancing Service will refer customers to a panel of selected legal companies who will carryout the legal work and offer legal advice.
This will be much more efficient for clients, who will be able to arrange both their mortgage and the conveyancing details during the same meeting.
It will also mean they are less likely to lose money, since if they do not make a sale, Halifax will not charge them for the legal procedures.
“Providing home related legal products is a natural extension to our role as the country's leading mortgage provider,” says Nigel Payne, head of the Halifax Conveyancing Service.
Halifax will be working with many established legal firms and conveyancing practices across the UK, so clients can be assured they are will be in capable hands.To read more about mortgages, click here.
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