The impact the "crunch" has had on mortgage lending has affected one local law firm which has been forced to make up to a quarter of its workforce redundant.

Blackadders Solicitors, which has an office in Forfar's Castle Street, has 240 partners and staff and anticipates between 40 to 60 job losses across the firm.

At the time of going to press on Tuesday (yesterday), it was unclear if the local workforce would be affected.

A spokesperson for Blackadders Solicitors said: "The current credit crunch and its impact on mortgage lending has had a significant effect on our conveyancing practice.

"As a result of this we are in the process of undertaking a strategic review of our entire organisation.

"We have a very strong business, offering a broad range of services to both individuals and clients, and we believe the review will allow us to identify the best ways to successfully take our business forward.

"In order to achieve this we have taken the difficult decision of announcing a redundancy programme, which will affect around a quarter of our 240 partners and staff in Tayside and Angus.

"Announcing a redundancy programme is not an easy option but we have reluctantly concluded that market conditions will not recover to previous levels within the foreseeable future.

"We are currently in a consultation period therefore it would be inappropriate to make any further comment at this time."

Not immune

The Forfar and Kirriemuir area has not been immune to the slow down in property sales, however the message from Thorntons in Forfar is that whilst sales are "down", they are certainly not "out."

Nadine Robertson, Property Manager at Thorntons Forfar, said: "Like other areas across the country there is a slow down in property sales in Forfar in terms of the number of properties selling.

"However, properties are still selling and it's a great time to buy for those in a position to do so.

"People with concerns about securing a mortgage should seek advice from an independent mortgage adviser rather than presume that they will be unable to obtain finance.

"Similarly, those considering selling property should take advice on what might be a realistic view of what their house might achieve in the current market conditions.

"Whilst the property market is 'down' it is certainly not 'out' and there are still opportunities out there.

"There is a certain fear factor exacerbated by the media at the moment, but we would urge people to seek advice with regard to their own personal circumstances as there are great opportunities for investment in Forfar properties for those taking a long-term view."

Whilst the property sales are slowing down, the silver lining for the dark cloud hanging over the property market has come with an increase in demand for housing to rent.

Forfar surveyor and letting agent Mr Robin Wardhaugh confirmed that, because of the slow down in sales, a number of people who can't sell their property are now seeking to rent them out.

Income

He estimated there had been an increase of up to 20% in the number of properties being rented out over the last three to four months, with those unable to sell their property looking for some income.

Those who have moved out of the area are also renting out their property if they have been unable to sell.

Anyone affected by the credit crunch and who has worries about meeting payments is urged to seek advice.

Janice Fullerton, manager of the Forfar Branch of the Citizens Advice Bureau, stressed fully trained advisers are on hand via the Angus Money Advice Partnership which consists of money advisors from the Bureau and Angus Council's Welfare Rights money advice team.

Mrs Fullerton said: "Lenders are using enforcement measures available to them earlier than they have previously done.

"We have seen a number of clients recently who have had their homes repossessed.

"The key message we have to get across to those in difficulty is to seek help at the earliest possible stage before the finances become unmanageable.

"As soon as you realise you may not be able to meet your commitments you should seek help to look at the options available to resolve matters.

"A money advisor will assess your individual circumstances and outline all of the options available. The Bureau also has a Financial Education Officer who can assist with budgeting."

Money advisors can be contacted at Forfar Citizens Advice Bureau on 01307 467096 and Angus Council's Access line on 08452 777778.