Residential solicitors have been warned by the competition watchdog that they risk compromising their professional duty when acting for leasehold buyers.
The warning is buried in a report just published by the Competition and Market Authority (CMA) following a two-year investigation into the leasehold housing sector.
The CMA identified significant evidence of potential mis-selling and unfair contract terms and found that buyers were “being taken advantage of”.
The regulator said that housing developers “often recommend their panel solicitors to purchasers on the basis of the panellist’s familiarity with the developer’s sales processes and the legal aspects of the development in question&rdq...
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