UK Conveyancing Firms Report Increased Remortgage Levels

Despite the fact that the Council of Mortgage Lenders (CML) reported that the number of mortgages and remortgages in August 2010 decreased by 19% from the same period last year, 2 UK conveyancing firms published different statistics.

As such, according to Conveyancing Alliance Ltd., independent conveyancing company, saw a 48% in remortgages in Q3 compared to Q2 2010. Commenting on the figures, Mr. Singh (managing director at Conveyancing Alliance), said that the company's statistics suggests that the remortgaging market has seen improvement and that lenders have been active.

Another report that comes at odds with the statement of the CML was published by Enact Direct Legal Solutions. The firm has seen a 41% improvement in remortgage transactions in September 2010 from September 2009. Mr. McChesney of Enact said that although the overall amount of remortgage transaction was lower this year, the firm managed to sign contracts with new clients and, thus, significantly increase its sales volume.