More costs involved
Posted on April 03rd 2009
Home buyers that are looking to take out a mortgage with Abbey National have been warned it could cost them alot more in conveyancing fees.
One of Britain’s largest mortgage lenders has decided to cut its panel of solicitors due to the decline in levels of work by law firms in the last 12 months. It will affect house buyers that don’t use Abbey National’s solicitors who are there to protect both the lender and the buyer. If one used a different firm Abbey would insist on another firm being involved to insure that their interest is being taken care of and to ensure all the paperwork is correct.
Abbey announced its cost cutting measures without any prior notice; the 7000 solicitors and their practices which have lost the contract face a bleak future. They rely on big lenders to help put business their way.
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