With the recession biting everywhere and reaching its lowest troughs, it would seem that no profession is safe from cutbacks; 3,600 conveyancing solicitors have been unceremoniously dropped from their positions as advisors to two leading high street banks.
Following rival building society Abbey recent move, Britannia and the Co-Operative have let their panel of conveyancing solicitors go from their positions in a reaction to the recent recession.
The banks claim that their investors had made it clear that without the move then they may withdraw mortgage fraud cover; nevertheless, The Law Society has asked the banks to reverse this decision.
The conveyancing solicitors, who hail from all areas of the country, including Coventry, will all be affected negatively by this move but it will also have sour implementations for the customers of the building societies, as they will have to go to another law firm to get their consultations on the conveyancing process.
The banks have had to consider the best interests of their investors and their customers, claims a spokesperson, and they simply could not afford to choose the panel's jobs over mortgage fraud support.
They were not overjoyed to see the panel go, as they have put in some stirling work over the years, yet it was a decision made for the greater good; mortgage fraud can be a devastating criminal activity to the victims of such con artists and both the public and the banks can lose large amounts of money.
Although it would have created an option to keep the solicitors on, due to the fact that the banks offer the best cover at the price, they could not afford to go elsewhere.
The dismissed solicitors will almost certainly find some other work at other companies, yet for those that do not have an immediate fallback plan, the coming weeks, months or even year will be tight; it is hoped for by the solicitors and The Law Society that Abbey will at least reverse their decision and take back the 7,000 conveyancing solicitors that they sacked earlier in the year.
Don't hesitate to contact a Coventry conveyancing solicitor for a professional consultation if you have a query or question about any element of the conveyancing process, or are in the market to buy or sell a property and would like some expert legal advice.
Following rival building society Abbey recent move, Britannia and the Co-Operative have let their panel of conveyancing solicitors go from their positions in a reaction to the recent recession.
The banks claim that their investors had made it clear that without the move then they may withdraw mortgage fraud cover; nevertheless, The Law Society has asked the banks to reverse this decision.
The conveyancing solicitors, who hail from all areas of the country, including Coventry, will all be affected negatively by this move but it will also have sour implementations for the customers of the building societies, as they will have to go to another law firm to get their consultations on the conveyancing process.
The banks have had to consider the best interests of their investors and their customers, claims a spokesperson, and they simply could not afford to choose the panel's jobs over mortgage fraud support.
They were not overjoyed to see the panel go, as they have put in some stirling work over the years, yet it was a decision made for the greater good; mortgage fraud can be a devastating criminal activity to the victims of such con artists and both the public and the banks can lose large amounts of money.
Although it would have created an option to keep the solicitors on, due to the fact that the banks offer the best cover at the price, they could not afford to go elsewhere.
The dismissed solicitors will almost certainly find some other work at other companies, yet for those that do not have an immediate fallback plan, the coming weeks, months or even year will be tight; it is hoped for by the solicitors and The Law Society that Abbey will at least reverse their decision and take back the 7,000 conveyancing solicitors that they sacked earlier in the year.
Don't hesitate to contact a Coventry conveyancing solicitor for a professional consultation if you have a query or question about any element of the conveyancing process, or are in the market to buy or sell a property and would like some expert legal advice.
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