Santander has commented on its decision to cut several hundred firms from its conveyancing panel, whilst industry backlash continues.
Firms right across the country are angry at the news they have been removed from the panel with many threatening to challenge the decision.
For local firms such as A P Bassett Solicitors, the only law firm in the town of Lostwithiel, this means that we will no longer be able to act for clients wanting to buy a property with a mortgage from any of the main lenders.
Like lots of other firms in small towns, they may never have enough transactions to meet the banks criteria, meaning they will lose business to larger firms.
Santander issued the following comment on the situation: “We continue to manage our conveyancing panel in relation to both quality and activity and in line with our terms and conditions.
“Firms which do not meet our requirements and are removed from the panel have a right of appeal which some firms choose to exercise.
“We are in continual dialogue with the Law Society and industry committees to ensure firms are treated fairly.”
They were not prepared to comment further on the number of firms affected or the criteria for removing the firms from the panel.