The aim is to establish ways to improve the process to benefit the public.
The move comes at a time of unprecedented challenges in the housing market as a result of the economic downturn. These challenges combined with the creation of alternative business structures, increasing anti-money laundering requirements and separate security demands from the Land Registry, changing client expectations and new technology, are changing the environment within which solicitors practice.
The consultation seeks the views of solicitors on how the conveyancing process can be improved. Solicitors have a pivotal position in residential conveyancing, with their professional duties at the core of a process that demands action in the best interests of sellers, buyers and lenders and which retains the confidence of all parties. Solicitors are in the best position to bring the necessary legal expertise to this complex process according to the Law Society.
Paul Marsh, Law Society President, said: "It is essential to the security and smooth operational working of the home buying and selling process that solicitors remain at the heart of residential conveyancing. Building on the high standards of solicitors, embracing technology and moving ahead of the times will help to achieve that aim. The Law Society is considering some radical ideas which need to be faced head-on. Solicitors have demonstrated their versatility and commitment to change. It is important that we build upon the services provided by the profession in residential conveyancing, and challenge some basic assumptions, whilst continuing to ensure that consumers have access to the integrity and expertise that underpin the whole process."
