CQS was launched back in January with the aim of dealing with the concerns of lenders, insurers and promoting quality conveyancing to the public. Last month we wrote that The Law Society had received their 1000th Conveyancing Quality Scheme (CQS) Application, you can view the original article here
. Just one month on and the new application numbers seem to have slowed down somewhat.
The latest figures released by The Law Society show that 1154 firms have applied for CQS accreditation but only 430 of those that have applied have received their accreditation.
With lenders like Santander starting their own checks Today’s Conveyancer would like to hear from you if you are you one of the 700 or so firms still awaiting accreditation, why not tell us about your CQS journey?
CQS is being marketed on the basis that accreditation will rebuild the trust between lenders and conveyancing solicitors but the recent Santander announcement regarding panel membership fees could impact even further on the already low application levels. The cost of an application and the first year’s membership for CQS could run to almost £1,000.00 for a 7 partner firm and, if more lender panels go the same route as Santander, annual membership fees could become “the straw that broke the camel’s back” for some firms dealing with conveyancing.
With significant pressure on conveyancers it is a shame that more do not want to hold themselves out as quality leaders in the sector.
What effect do you think the lender panel membership fees will have on firms who are thinking of applying for CQS accreditation — is the Santander announcement just the first of many?
Today’s Conveyancer, bringing you the latest conveyancing news and updates.