Professional Negligence Claims Arising Out of the Demise of Sub-Prime Lending

Paul Chaisty QC and Mark Harper have just completed a 2 week trial in Manchester Chancery Division before the Vice-Chancellor of the County Palatine of Lancaster (Norris J) in which they acted for Redstone Mortgages Limited (instructed by James Chadwick of TLT Solicitors) on 4 "test" professional negligence claims against a firm of solicitors who acted in relation to the completion of sub-prime mortgages which were then transferred from the lender to Redstone. The claim(s) involve a consideration of the duties which were owed by the firm of solicitors acting for a sub-prime lender where the lender had a need for fast-turnaround and was protected by Title Insurance and the extent to which the duties owed to Redstone could be circumscribed by any agreements/course of dealing between the firm of solicitors and the lender. Judgment has been reserved

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