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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