The public are being mislead by mortgage lenders about
conveyancing options thereby jeopardising one of the biggest
financial decisions in their lives, claims a leading East Midlands
law practice.
Jim Abbott, a senior partner at Mander Cruickshank said the
public needs to know that mortgage lenders are incorrectly advising
clients they cannot use their own solicitor, leading to a
deluge of complaints to the Law Society.
Mr Abbott, whose firm has offices in Coalville and Hinckley,
Leicestershire warned the situation was leading to property sales
being rushed through with poor home buying reports.
He said: "There is a one size fits all attitude which is leading
to a very poor level of conveyancing."
He added that the price driven strategies, which often see
people in the county dealing with solicitors who could be hundreds
of miles away, is hindering local solicitors looking out for their
clients interests.
He said: "Property transactions can be very complex and one of
the most important purchases a person can make. Local firms act for
their clients on the basis of making sure that every detail has
been looked at correctly and the public need to know that these
firms are there to act purely on their behalf."
Mr Abbott's comments come shortly after the Law Society Chief
Executive Desmond Hudson said their was a huge volume of complaints
because of lenders staff incorrectly advising home buyers on who
they could use.
The Law Society singled out Santander and The Mortgage Works,
part of Nationwide, as the worst offenders, but said the problem is
widespread.
Mr Abbott, whose practice has been in Leicestershire since 1923,
added: "We are pleased that the Law Society has raised this
concern. It is now our duty as solicitors to get this message as
widespread as possible as it's far too important an issue for the
public not to know about."