Conveyancing complaints and fraud

The Legal Ombudsman has highlighted the benefits of good practice in handling conveyancing complaints; and the National Fraud Authority outlined a new approach to mortgage fraud
Conveyancing is the second most common type of legal service complained about to the Legal Ombudsman, members of the Conveyancing Association (CA) heard at their meeting last week.

Fifteen percent of the complaints received by the Legal Ombudsman concerned residential property transactions, lower only than family law.

Katie Leslie, senior projects manager for the Legal Ombudsman, was speaking at an All-Members Meeting of the CA in central London last Thursday.

She said: “Were the housing market in better shape we would expect to see conveyancing topping the list. Hidden costs and unclear rights and responsibilities relating to properties – such as the maintenance of footpaths or hedges – have the potential to alienate customers and lead them to seek the help of the Legal Ombudsman.

 

Read More - http://www.mortgagefinancegazette.com/legal/conveyancing-complaints-and-fraud/

CML issues new instructions for conveyancers

CML’s new conveyancing rules will take effect in England and Wales from 2 July.

The Council of Mortgage Lenders has today (12 June) issued a new set of instructions for conveyancers acting for lenders under separate representation conveyancing transactions in England and Wales.
Following extensive consultation and development, the new instructions are designed to apply when a solicitor or licensed conveyancer is acting only for a lender, rather than for both lender and borrower, in house purchase transactions.
The new instructions will form a new part of the CML lenders’ handbook for conveyancers, and will take effect in England and Wales from 2 July.

Read More - http://www.ftadviser.com/2012/06/12/mortgages/mortgage-data/cml-issues-new-instructions-for-conveyancers-AGdZaS5aUJv1WJrzCBFfFM/article.html

Pity the poor conveyancer

Dwindling fees, higher insurance premiums, a flat property market - but at least the public like their high street conveyancer.

The legal element of buying a house is regarded as a necessary evil, the part that always slows the transaction down. This isn't necessarily true, of course. But conveyancing is proving to be just as much of a pain to the legal profession as it can be to the public.

Back in the 1960s conveyancing accounted for around half of the profession's income; now it is probably less than 10%, even though most legal practices in England and Wales register at least one dealing at the Land Registry each year. The recession is not the only thing to blame. Lawyers have not been slow to undercut each other and drive down fees, especially with a growing number of volume conveyancing operations that are able to process straightforward transactions in a systemised, low-cost manner.

Article source - http://www.guardian.co.uk/law/2012/jan/19/conveyancers-struggle-to-survive?newsfeed=true

Licensed conveyancers to launch lender’s panel solution

The Society of Licensed Conveyancers (SLC), the trade body representing the conveyancing profession, has unveiled its lender’s panel proposition.

SLC Quality Assured aims to reduce the risk of mortgage fraud for lenders who opt to use SLC's panel members, while allowing SLC member firms access to all lenders’ panels.

With mortgage fraud high on the agenda for lenders due to unprecedented losses, many are undertaking new measures to restrict those conveyancers accepted onto their panels. SLC Quality Assured is designed to help the licensed conveyancing community by ensuring they are part of any restricted panels.

As part of this new solution, the Council for Licensed Conveyancers (CLC) - the statutory regulator - will take on the role of gatekeeper, controlling panel qualification and providing lenders with the added assurance that all SLC panel firms are fully regulated and bound by a rigorous set of criteria.

Licensed conveyancers, licensed by the CLC, will be automatically ‘passported’ onto SLC Quality Assured and can apply to become panel members, which will activate the certification process.

Once activated, panel firms must register every new transaction with the SLC system, and information on the transaction’s progress will be made available to the lender at critical points throughout the process. This information will also be made available to the regulator.

Read more - http://www.mortgagefinancegazette.com/legal/new-lender%E2%80%99s-panel-solution-for-licensed-conveyancers/