Conveyancing industry has a fight on its hands

If you are in the conveyancing industry then you need no reminders that we are in very challenging times but when the Chief Executive of the Law Society, Des Hudson, speaking at the Moving With the Times conference, says that there are too many conveyancers, you know that those still practising will be in for a fight.
One thing that all of the speakers had in common, from Harry Hill of In-Deed through to Steve Ray of Windsor Partners, a respected commentator within the Professional Indemnity Insurance sector, Victor Olowe of the Council for Licensed Conveyancers, Brian Rogers, consultant with Riliance, and Eddie Goldsmith of the Conveyancing Association was that they were focusing on the fraud and negligence threat that is prevalent within the industry and looking at ways that the interests of all involved in the conveyancing process are protected.
Every which way that conveyancers turn currently has change and regulation but if the impact of ABS, the power of the SRA and the efforts of more and more lenders to “tighten the screws” is to be addressed then many firms will need to review their current systems if they are not to become one of a “shrinking breed”.  In order to survive conveyancers will need to do better when it comes to retention of lender panel status and they will also need to think of innovative ways to increase margins.
New ways need to be found to protect the interests of all involved in conveyancing and, to this end, JET, the new conveyancing tool recently launched and supported by the Council of Mortgage Lenders, has been welcomed as an innovative solution.
All who have an interest in conveyancing are waiting to see what will happen but the survivors will be those who do something to protect themselves from these risks and those that prove to lenders that central to their processes is both the lenders’ and the client’s interests.
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