Nationwide reduces conveyancing panel by 200
10th April 2012
The Law Society of Scotland has reacted with anger after building society Nationwide announced that it will be slashing its conveyancing panel by 200 solicitors. The organisation said that a reduction from roughly 700 to 500 was to take place, with suspension for any firm who has been involved in less than four transactions in twelve months also planned.
Convener of the body’s property law committee, Ross MacKay, said that the decision would affect both those in lawyer jobs and consumers, with some customers in isolated locations such as the Highlands potentially finding it difficult to obtain the services of a professional.
In defence of the move, spokesperson for the building society Jackie Lawrence explained how the firms and individuals affected only provided around 0.3 per cent of its conveyancing business last month, meaning that it was not viable for them to be kept on.
This announcement comes on top of a wide-ranging ‘dormancy exercise’ review which aims to cut out any parties which have not undertaken any new work for Nationwide within the last year.