One of the UK’s largest conveyancing firms, Goldsmith Williams, is warning the sector that a “perfect storm” is brewing which could lead to a mass exodus of conveyancers from the industry. They also say that the Land Registry’s list of top 25 firms making applications, together with moves by the Law Society and Solicitors Regulation Authority indicate that many smaller firms who simply “dabble” in conveyancing could be facing tougher times ahead.
Almost one third of firms dealing with the Land Registry, according to their report, have made less than ten applications throughout 2010 whilst many of their larger competitors were dealing with thousands of applications over the same period. With the pressures of PII and ASBs could this be the straw that broke the camel’s back?
Eddie Goldsmith, Partner at Goldsmith Williams, has said:
“There is now a clear and significant disparity between the specialised players and the occasional dabblers in the conveyancing sector.
A variety of pressures are conspiring to create a perfect storm and we are likely to see a major reduction in the number of legal services providers as many begin to see conveyancing as an unviable business option, leaving only specialist providers in the market.
The Land Registry estimates there are currently around 6,000 firms performing volume work but we might see this figure fall by as much as half as the dabblers up sticks and leave.”
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