Category: CQS Policy Templates
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CQS Dealing with Lenders Policy – What’s the Point?
The primary objective of a Dealing with Lenders Policy is to make it clear that when acting on a purchase or remortgage, the lender is just as much your client as the borrower. Therefore, one has a professional duty to follow their instructions. This is reinforced in the 2022 CQS Core Pratice Managment Standards. When…
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Indicators of Sanctions Evasion Risk for Solicitors
Red Flags (excuse the pun) are as follows: Requests to transfer assets between Russian national/dual-national family members Russian clients communicating changes to the beneficial ownership of their private investment companies (PICs) to non-Russian or dual national family members Use of trust arrangements, with circumstances of transfers calling into question whether the original owner retains indirect…
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UKF Mortgage Lenders Handbook Glitch – HSBC UK Bank plc
Queries on HSBC UK’s Part 2 UK Finance Lenders’ Handbook instructions are not returning the correct responses when the “Part 2 only” option is selected. This is owing to a technical issue which the UK Finance Lenders’ Handbook platform provider is working to fix. UK Finance apologises for any inconvenience this might cause. To see…
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Building Safety Guidance – Update for Conveyancing Lawyers
The Conveyancing Association has updated its building safety guidance document for conveyancing firms. This new version of the guidance, published today, includes updates to the frequently asked questions and answers section, as well as a list of questions all conveyancing firms (regardless of CQS accreditation) should consider when working on cases with relevant buildings. The…
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CQS Policy Templates Now Available Via Lexsure
CQS firms are now obliged to make all necessary changes to their policies, controls and procedures (PCPs) and ensure additional training is provided to staff on the changes. The changes to the CQS Core Practice Management Standard (CPMS) were published in February 2022 and took effect from 1 May 2022. Conveyancing firms must carefully read…
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Clydesdale Bank – COT Submissions Dec 2023
Clydesdale Bank have advised that COT’s need to be submitted by 10:30am on the 22nd December and anything submitted after that time will be processed on the 27th December. Clydesdale will be open normal hours on 27th, 28th and 29th December and will be closed on 2nd January due to the Scottish Bank Holiday. Clydesdale…
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Ipswich Building Society Conveyancing Panel News
Ipswich Building Society are to launch Secure Link FAQs and Redemption Statements. Secure Link is an LMS product that allows for a more streamlined conveyancing process whilst improving case query turnaround times, allowing FAQs to be answered almost immediately. Not only does this prevent hold ups in the process as the conveyancing panel law firm…
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Law Society’s Conveyancing Quality Scheme Numbers Decline
The number of law firms registered on the Law Society’s Conveyancing Quality (CQS) Scheme in 2023 was down 166 to 2,723. According to the various UK law societies, there were 11,226 solicitors working in residential conveyancing in October 2023, a fall of 13%, or over 1,600 solicitors, from September 2021. Over two years, there were…
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Cyber Crime Special Update to Conveyancing Ts and Cs
Following the recent cyber incident, the Law Society has issued guidance for conveyancing firms highlighting the need to prepare for such an attack before their next professional indemnity insurance (PII) renewal. One question they urge firms to consider is “do your terms of business make clear your liabilities to clients if the firm is subject…
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CQS Mortgage And Property Fraud Prevention Policy November ' 2023 Update
Lexsure’s November CQS Core Practice Management monthly update included suggested changes to a firm’s Mortgage And Property Fraud Prevention Policy One of the drafted paragraphs relates to Unencumbered Property. This imported addition or new section emphasises the need to pay careful attention to transactions where the property is unencumbered. Firms may wish to adapt their onboarding or…