"A detailed review which includes consideration of the lack of transparency around the role, responsibilities and payment of estate agents is desperately needed. There is a clear distinction between advertising properties for sale and the much more complex handling of detailed negotiations between a buyer and a seller. An independent review of HIPs has been needed since it was first introduced we are extremely pleased that at last it is going ahead.
"We are committed to an open, transparent and efficient conveyancing market in which all sides work constructively and on a level playing field. A holistic approach between all stakeholders in the home buying process has been needed for a long time. The Law Society has been asking for a review of this kind for over five years and it is clear that the lack of clarity regarding the legal obligations of estate agents in the market to be a problem for all involved - we are developing our own thoughts to achieve this."
The review sits well with the work that the Law Society is leading relating to e-conveyancing and simplifying the home buying process. Solicitors are highly regulated and the system has been reformed recently by the Legal Services Act. It is about time that everyone involved in the property market stepped up to an appropriate level of regulation for the benefit of the consumers and for fair competition."
