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Small Law Firms Excluded From the Property Market by the Big Banks.

By banksbad4biz  |  Posted: February 18, 2013

Angry Lostwithiel traders fight back: Mike Dobbie, vice- chairman of the Lostwithiel Business Group, Mat Connolley of Iteracy, Kat Smith from Transition Lostwithiel, solicitor Paul Bassett, Office Manager Joy Bassett, solicitor Peter Ripley, trainee legal executive Kirsty Baigent and Olivia Stevens from Mount Chase Pharmacy.

Comments (2)

Small law firms are now finding themselves excluded fromacting for their local clients buying a property with a mortgage. The bankscracking down on mortgage fraud have taken the decision to remove the smalllocal law firms as a way reducing the risk saying that small firms do not doenough transactions to be familiar with the conveyancingprocess. A P Bassett Solicitors in Cornwall who have been campaigning against the decisionsuggest that the true reason for the bank's action is because the banks areeither selling legal services themselves, they own the law firms that do orthey have a financial relationship with companies the likes of Countrywide ConveyancingServices.

Liberal Democrat MP for North Cornwall Dan Rogerson asked the Prime Minister on Prime Minister'sQuestions last month about the restrictive practice of the mortgage lenders and the Prime Minister said he is now going toinvestigate.

A P Bassetts are campaigning because they see this as a serious issue that willimpact not only on consumer choice, but also the towns where local law firms are being forced to close and borrowers will no longer have access to local independent legal advice.

Have you been prevented from using the conveyancer of your choice when buying aproperty with a mortgage? What was your experience? We would love to hear yourcomments. Email: campaign@banksbad4biz.co.uk

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  • banksbad4biz  |  February 18 2013, 11:42AM

    Vince Cable the Minister for The Department of BIS says that small businesses are vital to the growth of the economy and one of their main objectives is to remove the barriers that prevent their growth. The banks in this case, are a barrier to the growth of small local firms. With access to justice already an issues, where are people expected to go? You are welcome to sign the petition and or leave a comment on our letter to Vince Cable... http://tinyurl.com/apm9qn8

  • trudie2010  |  February 18 2013, 10:46AM

    I'd trust a small company above a large one nearly every time.

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