Mortgage broker network Stonebridge Group has teamed up with valuation service SDL Risk Management to launch a property survey service.
The new facility will allow Stonebridge’s appointed representative firms to arrange detailed homebuyer reports and building surveys directly for their clients, rather than relying on lenders for the service.
Richard Adams, managing director of Stonebridge, said: “Statistics show 20 per cent of homebuyers will opt for a detailed survey rather than just a standard valuation, but will usually arrange this via their lender.”
The new service, which he described as “simple and straightforward to use”, will allow advisers to pull together the relevant information themselves and pass it on to SDL Risk Management, which will build the report.
Simon Jackson, chief operating officer of SDL Group, said the service should become a “natural part of advisers’ client proposition”.
He said the service “fits seamlessly” within Stonebridge’s platform, Revolution, adding it “requires no further data capture offers advisers the chance to provide this in-demand service without any considerable effort and presents a new, potentially lucrative, income stream”.
Stonebridge said it would be running 15-minute webinars demonstrating the service for its member firms.
Jane King, a mortgage adviser with Ash-Ridge Private Finance, said there is significant demand for this kind of service, telling FTAdviser her clients ask her to recommend surveyors “all the time”.
However, she generally refuses, saying advisers, surveyors, lawyers and estate agents should remain independent from one another to avoid accusations of collusion.
Regarding the Stonebridge-SDL partnership, Ms King said: “There could be applicants that will use it and it could work well for them, but I prefer to keep it all at arm’s length.”
However, she added it is generally cheaper for the client to arrange a survey through his or her lender.
However, a spokesperson for Stonebridge made the point that lender’s surveys are generally much less thorough than homebuyers’ surveys.
Stonebridge advisers will receive a referral fee from SDL.
In February, Stonebridge revealed over the course of 2015 it nearly doubled the number of advisers in its network, from 203 to 404.
james.fernyhough@ft.com
