Home buying process: Solicitors keen for improvements
Date Published: 22-10-2009
22 October 2009
Home buying process: Solicitors keen for improvements
Solicitors have made it clear that they are keen to see improvements to the conveyancing system.
A Law Society consultation on ways to improve the home buying process has revealed widespread support for revision of the existing TransAction conveyancing protocol and the introduction of a new protocol. These reforms would be likely to provide significant improvements and changes to the conveyancing process.
The Society conducted the consultation to kick start the debate on the future of residential conveyancing and is using its unique experience and expertise to develop formal proposals for consideration later this year. The aim is to establish ways to improve the process to benefit buyers and sellers. The Society believes that few radical changes are needed to the process as a whole, but asked whether there were significant changes needed to the role of solicitors or to the duties of buyers and sellers. It also asked whether there was support for a scheme to assist solicitors achieve higher standards of service.
More than fifty five well-considered responses from individuals, firms and organisations involved in conveyancing were received. The overall view was that there was scope to improve the process and a number of respondents were very interested in the proposed new accreditation schemes.
However, the bulk of respondents were less enthusiastic about proposals to change the "caveat emptor" rule or require sellers to provide more information. A substantial number also felt that suggestions that solicitors should also become estate agents would significantly change the role of a solicitor and might well affect the level of independence of advice available to consumers in what was the most important transaction in their lives.
The move comes at a time of unprecedented challenges in the housing market as a result of the economic downturn. These challenges combined with changing client expectations, new technology, the creation of alternative business structures, increasing anti-money laundering requirements and increasing security issues from the Land Registry, are changing the environment within which solicitors practice.
Solicitors have a unique position in residential conveyancing, with their professional duties at the very core of a process that demands professional advice in the best interests of sellers, buyers and lenders and which retains the confidence of all parties. Solicitors are the only parties in the process to bring the necessary legal expertise to this complex process.
Paul Marsh, lead Law Society spokesperson on property issues, said: "The professional integrity and legal skills which solicitors traditionally bring to the housing market are just as key now as they have always been and probably more important than ever. Also the profession’s unique ability to embrace change means that our traditional values can be used to bring improvements to the process."
The Society is suggesting that refreshing its highly regarded and well established protocol and forms into a bespoke membership scheme would meet the modern requirements of consumers. The scheme, supported by an electronic conveyancing portal, would maintain and enhance quality for the longer-term.
Ends
Notes to Editors:
The summary of responses is available at:
http://www.lawsociety.org.uk/new/documents/2009/irc-consultation-summary-responses.pdf
The Law Society's ‘Improving Residential Conveyancing’ consultation ran from 29 June to 18 September 2009. Respondents were invited to consider a number of options for the future of residential conveyancing and to answer a series of questions.
The consultation exercise was only the first stage in the Law Society debating how the conveyancing process may need to change. The response from the consultation will now influence internal debates as the Law Society begins to refine its ideas.
The Law Society is looking to develop further new proposals or products and will continue to engage with key stakeholders to try and ensure that any changes improve the conveyancing process for all concerned.
