The recent attempt at a vote of no confidence in the Law Society by activist conveyancers has brought to light several issues that could affect residential property buyers. Whilst the vote of no condifence over material information rules failed, concerns remain and the arguments for the motion are explained below.

The issues arose from changes to the Property Information Form (TA6) and the broader concerns of conveyancers regarding the direction of their profession.

Issues Raised

1. TA6 Form Controversy: The TA6 form was updated to comply with guidance from National Trading Standards. Conveyancers, represented by the Property Lawyers Action Group (PLAG), argue that these changes were made without adequate consultation, potentially increasing solicitors' criminal liability. It is feared this may complicate the conveyancing process and deter solicitors from engaging in property transactions.

2. Lack of Consultation: PLAG contends that the Law Society failed to properly consult members before implementing these changes. This lack of consultation has led to mistrust and dissatisfaction among conveyancers, who feel their professional concerns are not being addressed adequately.

3. Digital and Data Security Concerns: The integration of lawtech and the push for open data in property transactions raise significant issues about client confidentiality and data security.

Potential Impact on Property Buyers

1. Increased Costs and Delays: Buyers could face higher legal fees and longer transaction times. The uncertainty around the TA6 form could lead to delays as solicitors navigate the new requirements.

2. Reduced Access to Legal Services: A potential decline in the number of conveyancers willing to handle property transactions could limit buyers' options for legal representation and could disproportionately affect first-time buyers and those with less financial flexibility.

3. Data Security Risks: The push towards digitalization and open data, while intended to streamline processes, brings risks of data breaches. Buyers need to be aware of how their personal and financial information is handled and the potential vulnerabilities in the system.

4. Market Instability: Ongoing disputes and uncertainty within the legal profession could create instability in the housing market. Buyers may find the process more stressful and unpredictable, affecting their decision-making and confidence in property investments.

Moving Forward

As mentioned earlier whilst the vote of no confidence failed, the Law Society's decision to postpone the compulsory implementation of the updated TA6 form and launch a six-month consultation is a step towards addressing the concerns raised. It remains crucial for the Society to engage with conveyancers to restore trust and ensure that future changes are beneficial for all stakeholders.

Property buyers should stay informed about these developments, consult with their solicitors regarding any potential impacts on their transactions, and be vigilant about data security in the increasingly digital landscape of property conveyancing.

For more detailed information on the issues discussed, you can read the full article here. 

If you are looking to buy or sell property, please contact a member of our proeprty team on 01494 521301.