Britain's biggest conveyancing firm has entered the Irish market promising to stimulate the mortgage-switching market.
London & European (L&E) claims its fees will be up to 50 per cent cheaper than the service traditionally offered by solicitors here.
Currently, savings that can be obtained by switching mortgage are often swallowed up in fees which in turn restricts the market.
L&E estimates conveyancing costs on the transfer of ownership of a property in Ireland are upwards of €1,500; it is offering the service at €950 in most circumstances.
The company also claims it will generally achieve completion within 10 days compared to around a month at present.
Catherine O'Sullivan, managing director in Ireland, said: "A more effective conveyancing service will dramatically increase consumer interest in switching between lenders and will, therefore, stimulate competition in the mortgage market and lead to better value for consumers."
The company believes aspects of the Irish mortgage market is underdeveloped, quoting figures showing that mortgage switching accounts for around 16 per cent of the Irish market compared to around 50 per cent in the United Kingdom.
Chief executive Chris Taylor also noted that the average life span of a mortgage in the United Kingdom was three years, while in Ireland it was seven.
L&E will also offer title insurance for a one-off fee of €110. Mr Taylor claimed around 20 per cent of all titles are defective.
The company hopes to expand its workforce to around a 12 people before the end of the year.
The Law Society, which represents and regulates solicitors, was unavailable for comment.