Yesterday (30/01/17), HSBC announced that sole practitioners accredited under the Law Society’s Conveyancing Quality Scheme (CQS) will be able to act on a wider range of properties. The Society have since described this change as recognition for CQS solicitors, in regards to the level of skill which they contribute to the home buying process.
The change will mean that the value of properties which CQS accredited sole practitioners are able to act on, for both the bank and the customer, will rise from £150,000 to £350,000. This is with an aim to extend consumer choice and reduce costs, as fewer transactions will need separate representation.
Commenting on the real value of the CQS accreditation was Law Society President Robert Bourns who highlighted the decision’s underlying significance.
“The CQS accreditation marks a solicitor’s commitment to maintaining the highest standards of skill and service, and the value solicitors bring to an often complex deal,” said Law Society president Robert Bourns.
“HSBC’s decision shows that those dealing with conveyancers know that when a solicitor is CQS accredited they can be relied upon to be at the top of their game.
“It is a welcome change that will benefit both solicitors and their clients.”
Tracie Pearce, HSBC’s head of secured lending, also commented on the benefits of the change.
“As well as being a positive move for the conveyancing community, increasing the threshold will also provide greater choice and flexibility for our customers, as well as cutting the cost of buying their new home.”
