The 2019 edition of the Law Society Conveyancing Protocol has been released and took effect on 19th August, replacing the 2011 edition. The Protocol has been designed as the framework for the sale and purchase of a home for an owner occupier. The updated conveyancing protocols highlight best practice in residential conveyancing detailing how solicitors acting on behalf of buyers and sellers of leasehold and freehold properties can best advise their clients. A link to the updated conveyancing protocols can be found here.
The Conveyancing Protocol is another piece of legislation which will go towards standardising the residential conveyancing process. The aim of the Conveyancing protocol is to make conveyancing more transparent and efficient and improve the experience for solicitors, lenders and consumers. The updates have also been produced as a way of reminding law firms of their obligations to reduce the risk of fraud and increase the efficiency of the home buying and selling process.
Simon Davis, President of the Law Society, commented that “The protocol is a tool which helps conveyancing solicitors to achieve most effectively the transfer of residential property. It aims to provide consistency across transactions and improve efficiency. “It has been adapted to ensure continued relevance for practitioners. This includes the new Law Society Code for Completion prepared following the Court of Appeal decision in Dreamvar. “The Law Society is committed to providing support, advice and guidance to solicitors in all areas of relevant practice, in the best interests of clients and the public.”
The new protocol focuses on the changes to stamp duty land tax and how to ensure that any request made to HM Land Registry avoids preventable requisitions and returns for further information. As the conveyancing process becomes increasingly digital, a section of the protocol highlights the importance of using technology appropriately. Redbrick Conveyancing Case Management assists users in ensuring they meet these requirements and are effectively managing risk. The increased risk of transaction fraud is also discussed in the updated protocols with clear steps detailing how to protect law firms and consumers. Following recent criticism concerning advising the consumer on types of ownership, the protocols now clearly highlight the importance of ensuring the consumer understands the key differences between leasehold and freehold property ownership before proceeding with the transaction.
The new protocol must be adhered to by CQS accredited firms. Redbrick Solutions have been accredited The Legal Eye Quality Standard which is unique in that it goes above and beyond all of the traditional quality standards. The assessment for the Legal Eye Quality Standard required Redbrick Solutions to undergo an extensive review of all of their policies, systems, practices and procedures so you can be assured that Redbrick Solutions are fully compliant to all legal regulations and established best practice.