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Lenders want to control our business

A new centralised portal will hold property lawyers to ransom, says Philip Guise

16 December 2013

A group of banks including Lloyds, Santander and Royal Bank of Scotland, with the backing of the Council of Mortgage Lenders, have hatched a scheme operative from next year involving a centralised computer to hold the details of all panel firms.

Lender Exchange, due to go live in February 2014, will be a one-stop shop for participating lenders with information on all signatory solicitors. At present, we all register separately with the lenders we work with, providing our own individual credentials. From next year, if you want to continue to work with Lender Exchange lenders, registration via the new centralised panel will be compulsory. If you don’t subscribe, you will be considered to be off all lenders’ lists. For the average high ?street firm with two to four partners, the cost is just under £500 per annum.

Does anyone out there understand that fees in the conveyancing world ...

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