The Equity Release Solicitors’ Alliance (ERSA) says that legal firms that invest in online tracking systems offer a better service for both intermediaries and consumers.
The newly formed equity release
trade body says that those firms that offer an online tracking system are in "a better position to deal with increasing customer demand" for equity release products.
The ERSA says that while online case tracking systems are common in residential conveyancing, they are rarely found in firms dealing specifically with equity release schemes
, but those that do offer online tracking are providing a much better service to their clients - both consumer and intermediary.
"Currently, very few firms have systems that are geared specifically for equity release legal transactions," said Claire Barker, Chairman at ERSA.
"All ERSA members have these systems in place and are therefore able to offer customers a faster and quicker service, whilst being better placed to deal with demand in equity release cases; ultimately ensuring a more efficient process for both the client and the intermediary."
Ms Barker says that "around-the-clock access to case details by all parties ensures customers are involved every step of the way; speeding up the process and enabling greater clarity of the equity release application stages."
She warns that, with the equity release sector expected to increase by £200million in 2009, hitting £1.4billion by the end of the year, those firms that do not supply this service "will find it difficult to match competitors and considerably hinder the time it takes for case completion."
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