Mortgage Lenders face another OFT investigationgreenspun.com : LUSENET : Repossession : One Thread
Mortgage lenders face OFT investigation into refusal to instruct sole practitioners:
MORTGAGE lenders who discriminate against sole practitioners are being challenged by the Law Society, which has asked the Council of Mortgage Lenders to look into the practice of some lenders not to instruct borrowers’ solicitors if they work alone. Michael Napier, the society’s President, said the practice discriminated against sole practitioners.
An interesting read.
Full Article Here:
-- Tony Hayter (Tony@Hayter.com), November 28, 2000
Interesting point. I was always told that you had to have a practice with more than two solicitors because the solicitor usually acts for both the lender and the buyer. However, if you instruct a solicitor that is a sole practitiner then he or she will usually also use another solicitor in another practice to make up the numbers if you like. It does seem a bit silly, after all it should only take one solicitor to do the job and as long as he or she is qualified and competent it should not make any difference to the level of service offered. In some regards smaller practices are able to offer a more personalised service as smaller teams are usually well updated as to the current status of files etc.
-- Jo (firstname.lastname@example.org), December 16, 2000.