Practice note: Consumer Protection Regulations for Conveyancing.
The Law Society have released a new practice note covering Consumer Protection Regulations (CPRs). It covers new guidance in relation to the CPRs and its implications for practice and puts forward recommendations on a cautious basis to avoid the present uncertainties in the application of the CPRs.
Recent regulatory changes have potentially made property sales subject to the CPRs, which came into force in 2008. The CPRs protect consumers by requiring traders, which may include solicitors, to disclose everything that could materially affect a buyer’s decision to proceed with the transaction.
According to the Law Society, Many of the obligations placed on solicitors under the CPRs are already covered by the obligations contained in the SRA Code and, provided that consumers are treated fairly, solicitors are unlikely to be in breach.