Following the profession's recent decision not to require separate representation for residential mortgage borrowers and lenders, Lloyds, in conjunction with CML, have now created new conditions for solicitors to act in residential mortgage transactions. These conditions include :-
payment of an annual (practising) fee,
disclosure of a wide range of confidential information and
submission to inspection.
Details of these new conditions are currently in circulation to law firms. It is likely that a unified response to this development will be of better service to the profession and to the public who wish to choose their own solicitors to act for them than individual responses. Accordingly, it is suggested that you submit your views and information regarding this matter by email to email@example.com and that you copy to SLAS any representations which you decide to send to CML or to Lloyds or to the Law Society or wherever.