Lender panel restrictions strengthen the case for instructing conveyancing specialists
New conveyancing panel restrictions adopted by mortgage lenders are moving the market a significant step closer towards specialist conveyancing legal services. Metro Bank and the Newcastle Building Society are amongst those who have introduced a new requirement for panel membership, that the conveyancing firm has at least 120 purchase completions registered with Land Registry over the last 12 months.
‘This latest move by the lenders strengthens the case for brokers to recommend conveyancing specialists to their clients’, remarked Eddie Goldsmith, Senior Partner of Goldsmith Williams. ‘A conveyancing specialist firm will not only have dealt with the volume of cases this new restriction requires, but also have the operational processing capability and business standards to offer a fast, efficient and compliant service. Conveyancing dabblers often do not have the depth of experience in conveyancing to offer to clients. However, brokers should also apply other criteria to select conveyancers to recommend to clients alongside a specialism in conveyancing. I’d recommend they look for forward thinking firms that embrace change and offer the latest methods of service provision. Brokers should also take account of the quality accreditations that the firm has earned – look for the prestigious Law Society Conveyancing Quality Scheme mark and also the ISO 9001 accreditation.
The conveyancing transaction holds a particular importance for most clients as it relates to what is often their most significant asset. Therefore brokers should ensure that their recommended conveyancing solicitor is well equipped in terms of the extent and depth of their experience and the rigour of their processes to deliver a quality, reliable, compliant legal service.’