Lists of 'approved' conveyancing solicitors is cut by mortgage lenders...

A new issue has been introduced to the chaos that can be, buying a house. Not only do you have to worry about finding a property, saving for a deposit and passing credit and salary checks but you now have to worry about your chosen solicitor. Many lenders will now, not work with the law firms chosen by the borrower to to their conveyancing. This is a situation that is reducing consumer choice and can cause costs to build up, as well as causing hassle and delay to the homebuying process. And the problem is set to continue to increase. Mortgage lenders have always kept a list of law firms that they are willing to work with, however in recent months big names such as Santander, Nationwide and Lloyds Banking Group have all reviewed those lists and reduced the number of solicitors in those lists– in some cases removing solicitors who have worked with them for over 20 years.