Tag: CQS
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When AML Failures Are Just the Tip of the Iceberg
The SRA has moved to intervene in yet another multi-office firm, marking a total shutdown that serves as a sobering wake-up call for the legal sector. Operating across four counties with ten offices and 42 staff, the CQS accredited firm has been shuttered, and three solicitors have been suspended. While the solicitors themselves aren’t facing…
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CQS Business Continuity Policy/Plan
Accredited firms must develop bespoke CQS business continuity plans, tailored to operational dynamics, risks, and resources, considering COVID-19 challenges and cyber threats. Regular annual reviews are vital.
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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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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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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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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…
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CQS Purchase of a Leasehold Policy
I have been asked on a few occasions recently ‘What should be included in a CQS Purchase of a Leasehold Policy‘. The leasehold landscape is rapidly changing, so your firm’s policy should be frequently under review. During a recent CQS mock audit I noted a particularity thorough policy where the table of content included: Financial implications…
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The Pandemic Induced Panel Cull
Research by a peer to peer lending platform Sourced Capital has found that the UK property market could see a double-digit rate of property value decline, with the market taking over five years to recover, while the number of property repossessions could also soar as a result of a COVID-19 induced recession. It is too…
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CLC Firms Achieve Parity When it Comes to First Direct Panel
The Council for Licensed Conveyancers (CLC) has confirmed that the First Direct conveyancing panel is now open to Licensed Conveyancers on the same basis as solicitor firms that are members of CQS. Transaction value limits are as follows: Sole practitioners: up to £350,000 Two-partner firms: up to £2m Four-partner firms: up to £3m Separate legal…