MMR – does it affect conveyancing?
The Mortgage Market Review (MMR) dominates the mortgage press at the moment – and no wonder as the implementation date (26th April 2014) looms large. Whilst its impact on the lending process is fundamental and wide reaching is conveyancing also impacted or, will the conveyancing process remain untouched?
‘On the face of it the conveyancing process is hardly affected by the MMR’ commented Eddie Goldsmith, Senior Partner at property solicitors Goldsmith Williams. ‘There could be situations during the transitional period where offers made before the MMR came into effect expire or need to be withdrawn and fresh offers are made following MMR. In these circumstances the conveyancing process may be delayed due to these transitional requirements.
There’s also the likelihood that there may be a flood of new business in the next few weeks as offers are made and accepted ahead of the deadline – if that does happen there’ll be a knock on effect with a corresponding increase in conveyancing instructions. Firms who have slick processes harnessing digital technology and experienced well qualified staff will be best placed to support brokers in managing these high volumes of cases in a timely manner whilst continuing to deliver exacting levels of client service.
So, whilst in many respects conveyancing will be “business as usual” as the full impact of the MMR is felt across the mortgage industry the ripples from MMR could extend to conveyancing too. Brokers should be discriminating about who they choose to instruct, ensuring the firms selected have the right technology and capability coupled with resourcing flexibility to partner effectively with Brokers during this demanding time. Indeed this is exactly the time when a strong relationship with a trusted conveyancer comes into its own!'
Content correct at time of publication