Category: CQS Conveyancing
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Will Latest HMLR Initiative Hurt Firms?
At first instance, the latest HMLR dealing with lender policy seems like a helpful initiative. Don’t be fooled though: there is a sting in the tail. HM Land Registry has recently initiated the provision of direct access to application data for lenders. This access allows them to view the status of all mortgage security registration…
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Exploring Outcomes: The CQS Assessment
In the event of your firm undergoes a CQS audit, it may result in three potential outcomes in accordance with the updated Core Practice Management framework: (1) Manifestation of complete adherence to CQS standards.(2) Identification of minor non-compliance issues, with a stipulated 21-day period provided for rectification.(3) Discovery of major non-compliance issues, accompanied by a…
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Drafting A CQS Dealing with Lender Policy Template
Section 6.4 of the 2022 Conveyancing Quality Scheme (CQS) Core Practice Management Standards (CPMS) requires CQS-accredited law firms to have a Dealing with Lenders Policy in place. However, it has been brought to my attention that SROs face challenges in formulating this particular CQS policy. A meticulously formulated CQS Dealing with Lenders Policy, should accurately…
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Lenders Continue to Hit Tech Glitches
Hot on the heels of HSBC’s technical issue with the UK Finance Lenders’ Handbook platform, Bank of Ireland have hit a problem with their facility ‘Rightfax’. BOI is currently experiencing technical and connection issues that are impacting their ability to send and receive panel firm requests/information through RightFax. The fault started intermittently from 11am on…
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How will you know when you have been selected for a CQS audit?
The Law Society CQS Team holds the responsibility of making decisions regarding practice assessments, actively and reactively selecting which practices will undergo an audit. The selection process may involve random choices or be based on data indicating a need for engagement. During the annual reaccreditation application process, practices submit extensive information to the Law Society.…
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CQS Purchase of a Leasehold Policy Template
Back in 2019, the Solicitor’s Regulation Authority (SRA) undertook a Residential Conveyancing Thematic Review. This review emphasised that conveyancing firms were falling short in providing sufficient information to their clients regarding the various types of property ownership and potential buyer implications. Alarmingly, the report uncovered that 23% of observed firms failed to clarify the distinction…
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How To Create A CQS Conflict Handling Policy Template
Section 5.7 of the 2022 Conveyancing Quality Scheme (CQS) Core Practice Management Standards (CPMS) mandates that CQS accredited law firms must possess a Conflict Handling Policy. Nonetheless, numerous SROs may lack the proficiency to craft these specific policies and procedures. This can present a significant challenge within the accredited firms’ operations. For further details, refer…
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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…