Most conveyancers will be aware of Fridays Property Lawyers. You can hardly do an internet search for "conveyancing" without finding them quickly. Their rapid growth and success led them to make over 150 applications to the Land Registry in August. They appeared to be doing very well. However rumours have been circulating for some time that they were struggling to get enough work for their licensed conveyancing business.
Today’s Conveyancer has been speaking to the administrators and the successor to Fridays Property Lawyers since Wednesday last week.
Julian N. R. Pitts and David F. Wilson of Begbies Traynor, were appointed as Joint Administrators to Fridays Property Lawyers Ltd on 30th December 2010 and they have released the following statement:
“The Company have closed down their operation following a period of rapid contraction resulting from the abolition of Home Information Packs ("HIPs"). The company initially grew rapidly as a result of its HIP offering and became reliant on HIPs as a primary generator of new business. Attempts to replace new business volumes proved unsuccessful in the current economic climate.
We are working with the Regulator (CLC) to ensure that all live cases have been transferred and will be completed with no delay or disruption to clients. Clients have been contacted and notified of the situation.
Regrettably, the closure of the operation has resulted in staff redundancies.
The website and trading style have been purchased by a new company. The site is in the process of being reconfigured to provide new services tailored around the currently troubled property market and the company will be circulating a press release in due course.”
David Wilson has previously been involved in the administration of Fox Hayes back in 2009 when the large Leeds firm was closed.
The Fridays Property Lawyers websites now appear to be run by Fridays Legal Services ltd which appears to have acquired the valuable websites previously run by Fridays Property Lawyers. It is understood they intend to panel manage cases to other conveyancers.
The CLC seem to have removed Fridays Property Laywers and individuals working for the licensed conveyancer from their directory.
Fridays Property Lawyers will not be the only conveyancing providers who have struggled since the abolition of HIPS, anyone else thinking TGI Fridays?
Today’s Conveyancer, bringing you the latest conveyancing news and updates.