At the end of October, we are experiencing changed times in the legal business.
The system of the purchaser solicitor giving undertakings is under review. The banks were quite happy to eliminate their own solicitor who protected their interest and put the responsibility on the buyers solicitor. This was done to save cost to the bank. The result was when the banks could not push the money are quick enough they have taken security, which can now discover is really worthless. They are trying to blame the indemnity insurers for lawyers and this leads on to skyhigh premiums between now and Christmas.
Now the giving of any undertaking is a major event.
Commercial undertakings are simply prohibited under new law society guidelines.
The Criminal lawyers are doing the same work but with the cuts in the legal aid scheme payments mean fees are reduced
Changes in legal practice will happen over the next 6 to 12 months that will change the way things are done