From The BBC:
A merged financial services group is to drop 3,600 solicitors from its list of those who handle the conveyancing process during a house purchase.The Law Society has asked the Britannia and Co-operative to reverse its decision to serve notice on 3,600 of its conveyancing panel members. But the group said that its insurers had threatened to withdraw cover for mortgage fraud unless it made the move. It follows a similar move taken by Abbey in March this year. PanelNormally, solicitors on the approved panel of any lender would act not only for the buyer who was taking the mortgage, but would be relied upon by the lender to look after its interests in the deal as well. That would mean ensuring the mortgage money was passed to the seller or their solicitor, and ensuring that the bank’s mortgage was registered as a charge on the property at the Land Registry. The Britannia/Co-op said that this panel of solicitors would be smaller, but the Law Society is trying to persuade the building society…
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