Eddie Goldsmith, senior partner at Goldsmith Williams, said: “There is a flight for quality currently taking place in the mortgage industry, which not only affects lenders and brokers but also conveyancing firms.
"Brokers need to choose their conveyancing partners carefully, because law firms are no different to other types of service provider and are vulnerable to being closed down or going out of business for a variety of reasons.
“Mortgage brokers should check any firm they recommend to clients because if that firm subsequently goes out of business, it may have a negative impact on the broker’s own reputation.
"If a broker has no experience of using a specific law firm or conveyancing specialist they should take some obvious precautions, such as checking the firm’s reputation with other brokers or estate agents and also establishing its credentials including any recent awards it may have won. A quick internet search will often reveal any significant dissatisfaction with a firm.”
Norman Saville & Co had offices in London and Birmingham and was ‘intervened into’ by the Solicitors Regulation Authority on 5th July 2010.
The principals of the firm have issued proceedings to challenge the intervention and the proceedings are ongoing.
The intervention by the SRA protects clients’ money and documents and the SRA has appointed Russell-Cooke Solicitors to look after all client files.
