Unfair practices in the leasehold market have resulted in significant problems for those affected, with many of the repercussions still being felt.
Whilst we recognise that prospective changes have been made, it is vital that those currently facing problems receive appropriate assistance.
Supporting proposals for reform of the leasehold system, we were very much in favour of the consultation released by the Government on seeking to tackle unfair practices in the current market. We look forward to viewing the outcome.
Whilst a large portion of complaints have been attributed to the developers, one particular issue which has been brought to our attention relates to the responsibility of the conveyancers involved. It was questioned whether consumers had been provided with the necessary information and had the potential repercussions to this explained.
As the specialist property law regulator, we have always stressed the equally important part that each player in the housing market has to play. Rather than being left to the final stage of the transaction, each party involved in the purchasing process should provide full disclosure as to consumer in order to avoid problems arising later down the line. Starting with the housebuilder or estate agents before moving on to the surveyor, it’s essential that full details of the property and its purchase are passed on to client every step of the way.
Where conveyancers are concerned, we require them to always act in the best interests of clients by providing good quality, independent information as well as professional representation and advice. Rather than simply providing clients with the minimum amount of information required, it is essential that the nature of what they’re buying is explained along with full contract details and what this could mean for them. This means that even if they had not received full disclosure up until this point, the chance of issues emerging later own the line is minimised.
The standards we expect of the firms we regulate are detailed within our Code of Conduct. This can be accessed here.
This article was submitted to be published by The Council for Licensed Conveyancer as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.
