Advantages
- Clarity of the obligations of solicitors and removal of any possibility of a conflict of interest arising, thus ensuring that clients on both sides of a security transaction receive truly independent advice.
- Reduction in the number of negligence claims arising from breach of CML Handbook or BSA Mortgage Instructions. Ultimately this should reduce the cost of PI insurance.
- Reduction in lender panel management costs and panel compliance costs for solicitors.
- Reduction of mortgage fraud.
- Inevitable increase in borrowers’ conveyancing fees, due to the involvement in transactions of another firm of solicitors.
- Likely delays in conveyancing transactions involving a mortgage, due to more complex procedures and parties.
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