The National Association of Specialist Dental Accountants and Lawyers (NASDAL) has taken the unprecedented step of recently writing to the major banks providing healthcare loans over concerns that banks’ lawyers are adding another unnecessary level of bureaucracy to the buying/selling of a dental practice and costing dentists money.
Chairman of the NASDAL Lawyers’ Group, Andrew Lockhart-Mirams explained, “Over recent months we have seen many solicitors acting for banks asking a host of irrelevant questions and making life more complicated for dentists and their solicitors who have already agreed the sale. These questions are often related to peripheral matters and are certainly not relevant to the safety of the bank’s loan which is what they should be interested in.
“Whilst we welcome the fact that lending criteria is prudent, the present level of scrutiny appears excessive and is certainly time-consuming. This adds delay and cost to the job and dissatisfaction to our clients – dentists.” Andrew concluded, “We will be doing our best to work with the banks to end these issues.”