12:00 PM, 29th May 2019, About 3 years ago 3
Should mortgage companies be able set the requirement to use a closed panel of solicitors as one of the criteria for obtaining a loan from them?
I have a cousin who has his own legal practice in my area and there are a significant number of partners, enough there for any lender to allow them to be used.
Some BTL lenders give you a list of about 10 solicitors firms that they insist you must use to have a loan with the company.
So instead of instructing my cousin, which would cost me about £800 per purchase, I am given a list of solicitors I need to use to complete the purchase. These solicitors are given a fixed fee they must charge, by the lender. The cost is then hiked to about £2700 per transaction.
Feel this is the making of a cartel, but unsure of the contract law behind thee transactions.
Has anyone else run across this as an issue or have any advice?
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
Advice and implementation provided by a practising Barrister-At-Law with £10,000,000 of Professional Indemnity InsuranceBook Now
Previous ArticleUK’s driveway income hotspots
|“Account”||means an account required to access and/or use certain areas and features of Our Site;|
|“Cookie”||means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below;|
|“Cookie Law”||means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003;|
|“personal data”||means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and|
|“We/Us/Our”||Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.|
|Name of Cookie||Purpose||Strictly Necessary|
|JSESSIONID||Used only to collect performance data, with any identifiable data obfuscated||No|
|__cfduid||This cookie is strictly necessary for Cloudflare's security features and cannot be turned off.||Yes|
|Name of Cookie||First / Third Party||Provider||Purpose|
|__utma, __utmb, __utmc, __utmt, __utmz||First||Helps to understand how their visitors engage with our website|
|_fbp||First||Helps to understand how their visitors engage with our website|