The Law Society says it is consulting with conveyancers and key industry stakeholders on a new draft code for signing and exchanging property contracts.

The trade body says the draft code “aims to remove the uncertainty” around exchanging contracts for commercial and residential property.

The society states: “We know that the law isn’t entirely clear around certain aspects of using electronic documents in the conveyancing process.

“We’re consulting on our proposed changes with conveyancers and key industry stakeholders to make sure it is useful, actionable and improves your day-to-day work-life.

This feedback will be vital in shaping the code and making sure it works for solicitors, firms and clients.”

It adds: “The code will modernise the way you do business, save you time and provide much-needed clarity to help you move towards exchanging digitally in a way that’s fit for the 21st century.”

The Law Society says it is consulting with Conveyancing Quality Scheme (CQS) firms, local law societies and conveyancing stakeholder organisations to seek their views.