Conveyancers must enact ‘radical’ change to survive, says Chancery Lane

The Law Society has warned conveyancing solicitors that they will need to consider ‘radical’ change – such as increasing their liability – to ensure they retain a ‘sustainable commercial role’ in the property market.

Pledging Chancery Lane’s support for conveyancing solicitors, chief executive Des Hudson questioned whether the market would continue to pay lawyers’ rates for work related to the transfer of title.

Hudson told delegates at the Society’s property section conference: ‘We’re looking at what [we] can do to create a sustainable commercial role for conveyancing solicitors in the rapidly changing climate of the 21st century property market.’

One option, he suggested, might be for solicitors to take on more liability by increasing the role they played in certain due diligence aspects of the conveyancing process, which he said would make them pivotal to the Land Registry and to lenders.

‘There is a lack of clarity regarding a solicitor’s duties to the Land Registry and others in respect of identification and other conveyancing issues. It seems to me that this a need the market wants to see addressed.
‘Rather than simply assume we do not want to increase our liability, one option would be for solicitors to take on a greater role in these aspects of the process,’ he said.

Hudson said it was a difficult area that would require detailed consideration: ‘It is clear however that taking on additional risk cannot be considered without appropriate compensation.’

He said the Society, which has just published the findings of its consultation on improving the homebuying process, is also looking into whether there should be separate representation for buyers and lenders.