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Do you expect to see less or more second charge mortgage lenders in 2018?

Trending in Lending: Unto the Breach (of Trust)

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Trending in Lending: Unto the Breach (of Trust)

Solicitors’ professional indemnity insurance provides mortgagees with recourse should conveyancing negligence occur. Such a claim should be straightforward; however, in recent times, the Courts have sought to import new legal principles into the law of equity.

Recent cases Darby and Darby v Joyce [2014] EWCA Civ 677 and AIB Group UK plc v Mark Redler & Co Solicitors [2014] UKSC 58 have been warmly received by the conveyancing profession, as they not only clarify the law of equity, but also infer less onerous consequences for solicitors facing such claims. However, as insurers will look to these cases to drive down settlement figures, it will be lenders who pay the price in a negative equity context. Lenders should therefore consider other means, such as title insurance, to effectively manage their downside risk exposure.

By Remma Mannah, Solicitor and Senior Underwriter, Titlesolv

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