The Conveyancing Quality Scheme has been a huge step forward in ensuring that residential transactions are regulated, so as to protect the interest of all parties concerned.
The Law Society in 1990 issued the first edition of a National Protocol to facilitate residential conveyancing. This Protocol was documented under the brand name ‘TransAction’ and it aimed to standardise the conveyancing process. In 2011, a newer version of this Protocol was formed under the title, The Law Society Conveyancing Protocol’.
The procedures laid down in this Protocol are intended to regularise relationships between the buyer and seller’s conveyancing lawyers and do not affect dealing with third parties such as lenders or real estate agents. These procedures in fact reflect what is already accepted as standard operating procedures in the profession and there are no special procedures involved.
It is an industry accepted standard to expect firms engaged in residential conveyancing transactions to become members of The Law Society TransAction- Conveyancing Quality Scheme or CQS. Members of this scheme should comply with the new Protocol, a Client Service Charter, and complete mandatory training and enforcement procedures. Firms wanting to be in the panel list of solicitors approved by residential mortgage lenders (to act for lenders in instances where the buyer takes a mortgage loan) should be members of the CQS.
