I was shocked to read in the Legal press that lenders are incorrectly advising clients that they cannot use their preferred solicitors for conveyancing because they are not on the lenders panel. Santander has been named as a main offender and have been found to be advising clients they would be charged a higher interest rate if they didn’t instruct a solicitor from their panel.
Moving house is one of the most stressful experiences. The role of the conveyancing solicitor plays such an integral part of the process. I know several conveyancers who are either sole practitioners or are part of a small firm and rely heavily on personal recommendations. If all the lenders follow the bullish tactics of the likes of Santander what chance does your local friendly conveyancer have?
For a process which is so time consuming, emotionally draining and complex (for the average home owner), surely we should have the opportunity to appoint a conveyancer who has been strongly recommended or perhaps has been instructed in the past. I fear for the future of small conveyancing practices. Why is it that so often we hear of large organisations just bulldozing over the smaller businesses?
The Law Society is in discussion with lenders but as yet I can’t see what impact they have made. It all comes down to cost and lenders will be looking to work with a select number of firms that are prepared to slash their fees and do factory style conveyancing with little client contact. These panel firms will not be able to offer high standards in client care. Maybe it will go full cycle and customers’ complaints will grow and the need for the quality and careful approach by so many sole practitioners will be required again but in the meantime how many will suffer and not survive the wait?
Liz