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The company states that lenders have been raising last minute questions and objections in an attempt to stop transactions from completing, this could be directly attributed to ensuing panic caused by the credit crunch.

Research by Convex shows 10% of property deals last month experienced problems with the lender between exchange and completion. Convex says it has never experienced this problem in the past.

Convex now estimates that more than 6,500 people across the UK could face the disappointment and financial costs associated with a transaction failing after exchange. The conveyancing firm is currently advising clients using certain lenders not to exchange prior to completion.

Duncan Samuel, managing director of Convex, explains:

"Once the parties have exchanged the buyer is legally obliged to buy the property or they will lose their deposit, which even on a modest property at current prices is likely to be more than £20,000, and may also face being sued for breach of contract."

Samuel says lenders have been raising last minute issues to avoid making a loan, such as not having all the necessary paperwork or saying they have not had confirmation that the title is a good security. He advises clients to ensure they send all correspondence by fax and recorded delivery to protect themselves.

Samuel also claims lenders have not behaved like this before:

"Some of the questions that they are asking we have not seen raised by lenders before.

"The profile of lender raising last minute problems and the number of problems is not a coincidence.

"It is clearly linked to the credit crunch and is a particular issue in the sub-prime market."

Convex is the trading name of Arquebus Limited which complies with the Solicitor's introduction and Referal code published by the Law Society | © 2009 Arquebus Limited: Telephone 0870 99 11 030. Registered in England with Company Registration number 6772691. We may record and/or monitor telephone calls or intercept other telecommunications between us. This is to protect both of us and for training purposes.

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