Today’s big conveyancing news is both the onset of the long-awaited introduction of MMR and a decision by Yorkshire Building Society to restrict its conveyancing panel to only firms with PII coverage via A-Rated insurers.
The increased lender scrutiny of solicitors firms which represent them in mortgage activities, as YBS has done, is indicative of a housing market still scarred by the 2008 global financial crisis.
Financial transactions across all sectors are more tightly monitored — hence the introduction of MMR — and the risks more acutely managed. It’s no surprise that the UK housing sector and conveyancing solicitors who service it should feel the impact.
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