The Society of Licensed Conveyancers (SLC) has announced that it will be recognising the Search Code and will be urging its members to only accept and commission searches from Code compliant subscribers, with immediate effect.
Over recent weeks, the SLC has met with the Council of Property Search Organisations (CoPSO), owner of the Code, where they have been presented with a detailed analysis of the Code and evidence of how it has helped to reduce fraud and improve standards across the searches market. The SLC Management Board has now voted to officially recognise the Code and to actively encourage its members to make this a mandatory requirement for all future private search reports they commission.
The Search Code is an industry wide standard, providing protection for homebuyers, sellers, estate agents, conveyancers and mortgage lenders, who rely on the information included in property search reports undertaken by subscribers.
John Clay, Chairman of the SLC said: “A key element of our role is to ensure that our members are kept well informed of the latest industry advancements and are always striving for best practice. The Search Code acts as an important mark of quality, offering reassurance to our members, to lenders and to the consumer that the information they are relying on is from a trusted and reliable source. We are strongly urging all of our members to recognise the Search Code and to only commission and accept future personal searches from Code compliant subscribers. That way, they can be confident that the information and the level of service they will receive are of the highest quality.”
James Sherwood-Rogers, CoPSO Chairman, adds: “The SLC’s decision to officially recognise the Search Code demonstrates its commitment to excellence and high standards. We have been working with lenders, as well as the conveyancing profession, to highlight the important role that the Search Code can play in ensuring the delivery of a reliable and trusted product. The Code is highly regarded across the industry and is now widely recognised. As lenders increasingly make it a mandatory requirement that the conveyancers they work with only accept reports from Code subscribers, those conveyancers that can demonstrate they are actively supporting this, have to be at an advantage. By pursuing a similar policy, conveyancers can demonstrate that they are taking a responsible approach and are sensitive to the challenges facing today’s lenders.”
The Search Code acts as a mark of assurance and quality for all those who rely on the information provided in property searches. The Code ensures that all private sector searches are carried out in a consistent and professional manner and are delivered on time and only by fully regulated providers. The Code offers protection by helping to reduce the circulation of fraudulent search reports and by ensuring that the necessary insurances are in place, should an issue arise at a later date.
