Law firms in new alliance as lenders chop conveyancing panels

Angry law firms have formed a new trade association in protest against lenders who have been axing conveyancing firms from their panels without consultation.

It warns that this move poses the greatest single threat to the future of the conveyancing industry in the UK.

The Conveyancing Association, launching today, brings together leading conveyancing companies to shape the debate on major issues facing the industry.

Edward Goldsmith, chairman of the Conveyancing Association, said: “Restricted lender panels are a huge threat for the industry, putting all conveyancing businesses at risk. We want to facilitate conversations with lenders and third parties on behalf of experienced and reputable firms that put conveyancing at the heart of their business.”

Goldsmith said the so-called Tesco Law, the Legal Services Act, was also a central reason for establishing the new association.

He said: “In 2011, the Legal Services Act will change the rules, enabling additional businesses to enter into the market, affecting firms of all sizes in different ways. The possible creation of multi-disciplinary practices and the flooding of new entrants into the marketplace could significantly change the future conveyancing landscape.”

The Conveyancing Association has been established to provide conveyancers with a voice to ensure they remain at the centre of the home-buying process, while at the same time giving the consumer an improved experience when they buy or sell a property. It is the only trade body that specifically represents the interests of conveyancing firms in the UK.

Fourteen of the largest conveyancing operations are already members, including Countrywide Property Lawyers, Taylor Walton, Optima Legal, My Home Move, Goldsmith Williams, Shoosmiths and Eversheds LLP.