Last week Lloyds culled hundreds of firms from it’s conveyancing panel. The group, which includes Lloyds TSB; Halifax; Bank of Scotland and Birmingham Midshires, confirmed it plans to remove firms that have transacted low levels of conveyancing on a rolling 12-month period.
The Daily Mail has reported – in it’s article entitled Lloyds culls independent solicitors - that some conveyancing solicitors have already been informed of the bad news.
Last week Limbach Banham who conduct Conveyancing Hertfordshire was removed from Lloyds’ conveyancing panel ‘with immediate effect’.
‘This is outrageous and will only encourage monopolising factory conveyancing services, with the referral fees culture that they involve, ’ says Stephen Larcombe, for the firm. ‘The conveyancing market just became a whole lot murkier. ’
Limbach Banham, which was established in the 1890s, and based in Hampshire has carried out 60 residential conveyancing property transactions in the past year, which accounts for 25 per cent of the firm’s revenue.
Lloyds have not yet disclosed how many conveyancing solicitors it has culled, and denies that it will receive referral fees from the firms that remain on the conveyancing panel.
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