Conveyancing Quality Scheme
HSBC anticipates that this should help to reduce legal costs of home moving, as it will reduce the need for separate representation. It should also increase flexibility by widening the choice of legal advisers for buyers of properties up to £350,000, who were previously prevented from instructing sole practitioners.
HSBC is ranked in the top 10 of UK lenders by gross mortgage lending*, so the Law Society has welcomed HSBC’s actions as recognition of the higher standards demonstrated by practices which have achieved its CQS accreditation.
The Law Society’s accreditation scheme was introduced in 2011 and only SRA regulated practices offering residential conveyancing services. Practices must demonstrate compliance with the CQS Protocol, as well as introducing new or amended policies to meet CQS requirements.
If you would like to discuss how LBS can help your practice to obtain CQS accreditation, contact Ian Braithwaite Client Relationship Manager on 07432 695 289 or email ian.braithwaite@lbslegal.co.uk.
* based on figures produced by the Council of Mortgage Lenders in July 2016 for lending by CML members during 2015