The Legal Services Act, the so-called 'Tesco Law', which comes into force on October 6, will allow Estate and Letting Agents offer a full range of Conveyancing Services to its clients. The Law which is designed to deregulate the legal profession has been heralded as the “Big bang” for lawyers in England and Wales, but also dismissed as something of a non event.
Built to benefit the consumer the law could see the end of small solicitors firms and a movement towards in house,issue specific legal experts.
In the case of conveyancing, most departments on local solicitors offices will already be run by a licensed conveyancer who has completed a 2 year course culminating in professional legal exams with a license awarded by the Council of Mortgage Lenders after a further 2 years in house work.
The Tesco law is intended to open up the market and introduce greater competition, but the question is whether the consumer will trust an unregulated legal market with the biggest purchase of its life? With well known brands such as Tesco, Barclays and the AA already taking advantage of the deregulation though trust may no longer be an issue.
It could all depend on the local estate agent themselves and who they would want to work with. Many home buyers will engage their conveyancer on the basis of a recommendation form the Sellers Estate Agent.
Many legal blogs are encouraging Solicitors to look at their fee structure, cut out overpriced stamps and letters and chaps money transfers,provide regular updates and utilise the same methods of communication (Emails and Texts!) as the new competitors on the net or in the high street estate agents.
But it has already come under fire from lawyers,warning that it could lead to ‘wild west’ will writing, with unqualified and unregulated people doing complex legal work.
Estate Agents News
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