Changes to Nationwide mortgage conveyancing are announced.
Requirements have increased for the law firms signed up to the Nationwide mortgage conveyancing panel.
To be able to remain on the lender's conveyancing panel firms now have to complete more than one new case per week.
Due to this change the Law Society of Scotland has advised that so far around 200 Scottish conveyancing firms have already been removed from Nationwide's panel since April this year.
Nationwide advises that it started to remove firms from its conveyancing panel at the start of 2012, but has said it will not confirm the number of firms on its panel of 3,500 and 4,000 who have already been removed.
A Nationwide mortgage spokesperson has advised that it has amended its conveyancing policy and low-volume firms can now no longer automatically remain on the panel. Adding that some exceptions can be made for those conveyancing firms who meet a specific need within their community, such as those who serve a remote area.
Another lender whose mortgage conveyancing has come under scrutiny this year is HSBC, who earlier revealed that it had amended its policy to allow only 43 conveyancing firms to act for both it and the mortgage borrower. HSBC were criticised for the move and eventually changed their decision to allow all Law Society accredited solicitors on their panel.
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