News that Britain’s
biggest banks and building societies could be forced to demonstrate
their ability to withstand a house price slump of roughly 35% got us
thinking about the repercussions of that scenario for conveyancing firms.
Consider the aftermath of that scenario for conveyancing firms:
Quite
apart from the strain on the financial stability of a
conveyancing firm in a housing slowdown, could firms cope with high
levels of repossessions which will inevitably result in lenders looking
to pursue lawyers for losses?
apart from the strain on the financial stability of a
conveyancing firm in a housing slowdown, could firms cope with high
levels of repossessions which will inevitably result in lenders looking
to pursue lawyers for losses?
Would a firm be confident if 100 of their cases were reviewed for compliance with CML Handbook provisions?
With all they have at stake, perhaps conveyancers should be stress-testing themselves.
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