The top five conveyancing firms handled 36% fewer transactions in the first quarter of this year, a report has found, and their market share dropped from 8% to 6%. On average, firms handled 14% fewer transactions and the number of firms also fell.
The chief executive of Britain’s biggest conveyancing firm, myhomemove, has predicted that Veyo, the online portal launched yesterday by the Law Society and Mastek, “will fail”. Doug Crawford was unveiling a new version of myhomemove’s eWay.
Veyo, the online conveyancing portal developed by the Law Society and IT giant Mastek, went live today with around 80 law firms taking part in the first phase. A much larger group of 1,800 firms which expressed an interest in the system will be able to join shortly.
A member of the Chartered Institute of Legal Executives who specialises in conveyancing has become the first to receive independent practice rights. A probate specialist and a legal executive who runs his own immigration firm were also granted independent rights.
The biggest conveyancing firms have benefited the most from the recession, while the number of practices involved in conveyancing has continued to fall, a survey has revealed.
Over 5,600 law firms have signed up to Lender Exchange, a website which stores information on conveyancing panel firms for mortgage lenders.
The Council for Licensed Conveyancers (CLC) has criticised “quasi-regulatory” conveyancing schemes launched by the Law Society which could be seen as “duplicating” the CLC’s work.
National Accident Helpline has today unveiled its move into the conveyancing market by spending £4.3m to buy a lead generation business specialising in the sector that owns the website of failed alternative business structure In-Deed.
A major survey of 4,500 home movers has found that only 13% chose the conveyancer offering the cheapest fee. The survey also found that people were more likely to recommend their estate agent to friends than their conveyancer.
A third law firm has been fined by the Solicitors Regulation Authority for its involvement in a stamp duty avoidance scheme operated by Inventive Tax Strategies.