Large Mortgage Lenders And Small Solicitor Firms

EDM number 1187 in 2010-12, proposed by Mark Durkan on 13/12/2010.
Categorised under the topics of Financial services, Legal profession and Mortgages.

That this House regrets the decision by some larger mortgage lenders to reduce the number of firms on their panel of conveyancing solicitors; notes that this entails removing some firms which have served on such panels for many years; is concerned that small and local firms appear to be the targeted casualties of this change; recognises that this has a direct and adverse impact on the ability of clients to choose which solicitor acts on their behalf; is further concerned that these large mortgage lenders may extend such restrictive conditions on clients in respect of other transactions including paying off a mortgage, transferring equity to family members, changing a mortgage, selling a house or checking deeds; and calls on Ministers to intervene to uphold rights of client choice as well as the professional standing and competitive rights of small and local solicitor firms.

This motion has been signed by a total of 21 MPs.