A 10-minute rule motion on Conveyancing Standards was read in the House of Commons yesterday by Tory MP Marco Longhi, in which a proposal for a Conveyancing Standards Bill was formally discussed and passed at first reading without opposition.
The proposed Bill would establish minimum standards regarding search and assessment of risks for solicitors and licensed conveyancers acting on behalf of property buyers.
Reflecting on the existing system, Longhi said: “[It] has not kept pace with an industry that has become increasingly cut-throat. The system does not offer enough consumer protections for people who are about to make possibly the single most important investment of their lives.”
The idea behind the Bill would be to protect people who wish to purchase property from being exposed to risks which are currently not sufficiently visible or understood when at the point of purchase, according to Longhi.
The MP pointed out that the existing system places no requirement on planning authorities to pursue developers to evidence compliance with planning conditions, while a lack of clarity and understanding placed a greater emphasis on solicitors and licensed conveyancers to make the information clearer to home purchasers.
The second reading is scheduled for the 27 November 2020.