Last week at the Conveyancing Association Summer Reception Eddie Goldsmith introduced the Conveyancing Association as a collection of the “serious” conveyancers in the country that wanted to differentiate themselves from the rest by their quality of work.
With a membership of 45 firms which has grown from 19 members last September Eddie Goldsmith described the Association as the “Who’s Who” of conveyancers. He went on to claim that the members conduct 10% of all sales and purchases and 67% of remortgage work.
Clearly with sensitivity to other members of the profession Eddie Goldsmith went on to say he didn’t want to “do down” other parts of the profession, but that the members of the CA were well resourced modern conveyancing practices that wanted to partner with lenders to rebuild trust and confidence.
The Conveyancing Association called on lenders to start to talk with the conveyancers that were doing the work and to enter into partnerships to avoid the unacceptable levels of fraud in the profession.
Michael Coogan the outgoing Director General of the Council of Mortgage Lenders announced that the breakdown of trust and confidence between lenders and conveyancers had resulted in the end of open conveyancing panels. With reports indicating over a £1Bn of fraud where conveyancers have had some involvement either innocently or criminally it seems easy to understand why lenders are making changes.
He predicted that the FSA report due next month into financial crime could potentially accelerate this process as lenders may be held accountable for reasons why they work with certain conveyancers.
He went on to say that lenders “want more direct control”.
Speaking about the CQS Michael Coogan noted the small number of firms yet accredited and stated that the “CQS is the last chance saloon for the profession”.
He also advocated that lenders and conveyancers try to change their relationship from a client transactional type of relationship to a partnership to avoid future fraud.
Today’s Conveyancer bringing you all the latest conveyancing news.