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Conveyancing Quality Scheme
In 2011, the Law Society launched the Conveyancing Quality Scheme (CQS), a scheme designed to streamline the conveyancing process by ensuring its members adhere to a strict code of conduct under the Law Society’s Protocol. Franklins became one of the first law firms to acquire membership to the scheme.
All members are required to go through rigorous examination and testing to demonstrate that they have reached the high levels of knowledge, skill and experience required by the scheme. The firm is also required to reapply annually for its reaccreditation to the scheme and as a result, all members are constantly reviewed by the Law Society to ensure that standards are maintained.
Membership of CQS establishes a level of credibility for law firms and has become a requirement of many mortgage lenders who will not allow a firm onto their panel unless they can demonstrate that they are an accredited member.
The Conveyancing Association was established to ensure that the top 100 specialist UK Conveyancers had an effective voice in the conveyancing industry. The Members are made up of a mixture of Solicitors and Licensed Conveyancers, who collectively undertake approximately 20% of all residential property transactions in England and Wales. The Association works proactively to improve the conveyancing process and to formulate and implement best practice throughout the industry. Franklins have been a member of the Association for over four years.
Lender Exchange is a secure portal that provides law firms with a mechanism for exchanging information with mortgage lenders in a quicker and more cost effective way. One of the aims of Lender Exchange was to reduce the risk of fraudulent transactions taking place. Lender Exchange is only available to CQS accredited firms and a number of lenders will only allow Lender Exchange members to work on their behalf. The number of lenders utilising Lender Exchange is increasing and by maintaining our membership, Franklins will be able to continue to act for the majority of mortgage lenders in the market place.
Under the new Help to Buy: ISA Scheme, the Government will add an additional 25% to deposit savings up to a maximum of £3,000. This money has to be claimed by the solicitor acting in the purchase and although non–member solicitors can claim these additional monies from the Government, by using a member of Lender Exchange, the claim process would be reduced by some 15 working days.