Research by a peer to peer lending platform Sourced Capital has found that the UK property market could see a double-digit rate of property value decline, with the market taking over five years to recover, while the number of property repossessions could also soar as a result of a COVID-19 induced recession. It is too early to know if we are about to return to the late 80s with huge repossession numbers or whether lenders actually take a more pragmatic view. It would seem that even the more optimistic of commentators expect the repossession market to re-emerge. If such a prediction comes to pass it will be destructive for conveyancing firms. Lenders will not swallow their losses happily. For conveyancers, that means a tsunami of file reviews because lawyers are an easy target for a lender looking to offset a loss – or pass it on altogether. Any failure by the lawyer to comply with the letter of their mortgage instructions – typically based on the lenders’ handbook – will be pounced u...
This blog is for CQS accredited firms in England and Wales. Including topics like the Conveyancing process, Conveyancing Policy Templates and Conveyancing case law. As it contains everything about conveyancing and conveyancers it should be of particular interest to property lawyers and property solicitors, as well as COLP and Compliance Managers.