Consumer Protection in Conveyancing

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The Consumer Protection from Unfair Trading Regulations (as amended) (CPR) prohibit businesses from engaging in unfair commercial practices with consumers. The amended regulations came into force on 1 October 2014. Since then, they apply to ‘immoveable property’. As a result, they have a most important impact on the duties of solicitors in conveyancing transactions.

How this applies to conveyancing is the subject of a new Practice Note from The Law Society Law Society Practice note for CPR

In September 2015 the National Trading Standards Estate Agency Team (NTSEAT) produced revised guidance to estate agents – in connection with their obligations under the CPRs. That guidance replaces the Office of Fair Trading 2012 guidance. Even though the revised guidance has been prepared for estate agents and specifically states that it is not aimed at conveyancers or surveyors, it is suggested that parts of the guidance ‘may be relevant and helpful’ to surveyors and conveyancers. You may find it useful to read its guidance.

Over 500 less Conveyancing Firms in 2015

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According to the researchers, there are 30 per cent fewer law firms offering residential conveyancing services compared with 2005.

The number of firms in England and Wales in the field dropped by nearly 10 per cent last year alone – falling from 5,871 in 2014 to 5,357 in 2015.

In 2015 law firms completed 1.03 million transactions, an increase of only 4,389 on the previous year.

Nonetheless, the figures show that the size of the residential conveyancing market is nearly a quarter smaller than it was before the global financial crisis of 2008. 

Mark Riddick, the chairman of Search Acumen, described 2015 as “the year when the property market was still coming out of the post-recession doldrums”.

Jonathan Smithers, president of the Law Society of England and Wales, who is also a conveyancing specialist lawyer, reacted to the research, telling The Brief: “The market is dynamic and has had consolidation amongst some firms. It would be wrong to conflate the total number of firms, in the thousands, with the number of clients who are buying and selling or with the size of the market

Amendment to Clause 10 in CML handbook

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Clause 10 change to allow a 7 day period following offer of mortgage for cooling off effective from 1st February 2016.

“The amendment is designed to reflect the introduction of a requirement, as the result of the Mortgage Credit Directive, for mortgage customers to have a ‘reflection period’, of at least seven days before accepting a mortgage offer. Recital 23 and Article 14(6) of the Directive set this out. The customer can bring that reflection period to an end earlier, by accepting the mortgage offer.”

Law Society “must be held to account” over collapse of Veyo

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Legal Futures article Law Society and Veyo sets out a list of 15 questions that Rob Hailstone of the Bold Legal Group wishes to be answered.

In fairness to Rob, he has been asking some of these questions from the very beginning of the Veyo project.

A sad end to a sorry tale.

 

 

Amended Certificate of Title from 30 November 2015

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Law Society Approved Certificate

The amended certificate of title from The Law Society is the approved certificate of title agreed between the Law Society and the Council of Mortgage Lenders.

From the 30 November 2015, the short-form certificate of title incorporates reference to the revised approved certificate of title.

Changes to CQS accreditation

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Changes to CQS accreditation
The Law Society are introducing some changes to CQS.

The re-accreditation  process will change, as will elements of the mandatory training as well as how the CQS team monitor and assess firms within the scheme.

There will be no change to the length of your accreditation and CQS will continue to be awarded for a period of 12 months.

CQS Changes

CQS 3000 firms and Small Business Division

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Jonathan Smithers, president of the Law Society, delivered a speech at the International Bar Association (IBA) conference in Vienna.

“We have also introduced various accreditation schemes relating to specific practice areas to enable our members to differentiate themselves in the market.

Our Wills and Inheritance Quality Scheme, for example, aims to boost the competitiveness of qualified lawyers in the will writing market by assuring consumers of highest standards of delivery and client centred services.

Our Conveyancing Quality Scheme, which has some 3000 member firms, has captured the market’s imagination and helped to satisfy the concerns of major lenders in the residential property arena, leading to their decision to keep firms of all sizes on their panels.

This was a crucial exercise for the Law Society as it enabled us to support, promote and represent small firms to mighty commercial lenders, whereas previously the inequality of bargaining position made their position untenable.

We have also established a Small Firms Division so that we can bring together solicitors to share best practice and address current issues and challenges in a supportive environment.”

Changes to the Law Society’s Conveyancing Quality Scheme (CQS) accreditation process

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President of the Law Society Jonathan Smithers said:

‘We are pleased to announce these improvements. CQS is a valuable quality mark for firms which helps them to stand out from the competition, gain access to several lender panels, and demonstrate to clients that they follow best practice, and meet the highest standards of technical expertise and client service.

‘The revisions will streamline the administration of the scheme, saving time and resources for our members. Just as importantly they will ensure that the rigour of the application process remains, and ensure that there is robust monitoring of firms within the scheme.’

Speeding up CQS Applications

Veyo departures and appointments

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Changes at Veyo

Now all change at Legal Practice Technologies [LPT] with new challenges from Free2Convey, Free2Convey portal the Free to Use Conveyancing Portal backed by the Legal Software Suppliers Association [LSSA]

New LPT chief executive Simon Drane said “The first job for any new CEO is to review and evaluate the product.

“This will identify what needs to be done to make Veyo available to conveyancers as soon as we are satisfied that it has the functions and usability to be a market leader.”

The Law Society has invested over £5m in Legal Practice Technologies, the joint venture set up to deliver Veyo.

Metro Bank and Newcastle Building Society panel restrictions

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Metro Bank and Newcastle Building Society are among the institutions that have introduced new restrictions. They now require firms to have at least 120 purchase completions registered with Land Registry over the past 12 months.

Law Gazette article

Jonathan Smithers, president of the Law Society, said: ‘The number of transactions a firm has completed, particularly for smaller firms, does not necessarily indicate the quality of that firm’s work. We would urge lenders to look at qualitative indicators such as membership of the Conveyancing Quality Scheme when selecting firms.’