As the recession bites everywhere and reaches its lowest troughs, it would appear that no profession is safe from cutbacks, with 3,600 conveyancing solicitors recently being unceremoniously dropped from their advisory positions to two leading high street banks.

Britannia and the Co-Operative have imitated rival building society Abbey’s decision to fire their panel of conveyancing solicitors from their positions in what seems to be a knee-jerk reaction to the current recession.

The Law Society has requested that the banks reverse this decision, however the banks claim that their investors had made it clear that if they didn’t make this move then they may withdraw mortgage fraud cover.

The move will have negative implementations for the customers of the building societies, as it means that they will have to go to another law firm to get their consultations on the conveyancing process in addition to affecting the conveyancing solicitors, who hail from all areas of the country, including Coventry.

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A spokesperson for the banks claimed that they simply could not afford to choose the panel’s jobs over the support for mortgage fraud and they have had to consider the best interests of their investors and their customers.

They were not overjoyed to watch the panel go, as they have put in some stirling work over the years, however it was a decision made for the greater good; mortgage fraud can be devastating for the victims of such con artists, with both the public and the banks losing large amounts of money.

Although it would have created an option to keep the solicitors on, due to the fact that the banks offer the best cover at the price, they could not afford to go elsewhere.

The dismissed solicitors will almost certainly find some other work at other companies, yet for those that do not have an immediate fallback plan, the coming weeks, months or even year will be tight; it is hoped for by the solicitors and The Law Society that Abbey will at least reverse their decision and take back the 7,000 conveyancing solicitors that they sacked earlier in the year.

If you have a question concerning any element of the conveyancing process, or are in the market to buy or sell a property and require some expert legal advice then contact a Coventry conveyancing solicitor for a professional consultation.

Trying to find a good Coventry Conveyancing Solicitor can take time. If you are looking for Conveyancing Solicitors in Coventry then TakeLegalAdvice.com has a free service to match your requirements with the best law firm.

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