The Council of Mortgage Lenders is urging conveyancing firms to join the Law Society’s new conveyancing quality scheme.
Firms wishing to apply for CQS accreditation are required to meet the Law Society’s competency standards, prove the financial position of the firm is sound and show it has a good supervision system in place.
The Law Society will also monitor accredited firms to ensure standards are maintained and will carry out random checks.
The CML says it expects the quality mark to become a standard requirement in the market.
Director general Michael Coogan says: “ We are encouraged by the initial interest from solicitor firms who have already applied to the scheme. We urge conveyancing firms to join the scheme, and to do so quickly so that their business is not adversely affected.
“Any conveyancing firm which wants to continue to act on behalf of lenders should expect the CQS to become an important new criterion for panel management, and expect to be asked by their clients whether their firm has been accredited.”