UK Finance has dropped plans to charge conveyancers an annual fee to access lender instructions after the banking trade association’s decision sparked widespread outrage.
Conveyancers currently access - for free and without registering - the UK Finance Mortgage Lenders’ Handbook on the trade body's website. The handbook provides standard instructions that conveyancers acting on behalf of lenders in residential property transactions must follow.
UK Finance told conveyancers earlier this week that a new Mortgage Lenders’ Handbook IT platform will be launched in March and, following a three-month free period, they will have to pay £50 plus VAT per year for access.
Conveyancers fumed at the news. The Society of Licensed Conveyancers lambasted the situation as 'absurd' while the Law Society voiced disappointment after raising objections on behalf of members.
In news that will be widely welcomed, UK Finance has decided to drop the fee. In a statement today, a spokesperson said: 'Following further engagement with our members and users of the Mortgage Lenders’ Handbook, we have decided to retain the current approach of providing free access for conveyancers for the foreseeable future. We are continuing the work to launch the new and improved handbook in early March as planned.'
Law Society president Mark Evans said: ‘We are delighted that UK Finance has listened to the concerns of the Law Society and other UK law societies and decided to drop their proposal to charge conveyancers a fee to use the Mortgage Lenders’ Handbook for the foreseeable future.
‘We commend UK Finance for reacting swiftly to the strength of opposition against the proposal to introduce a charge, including from the Law Society on behalf of our members. We will now work with UK Finance to support conveyancers as the new system is implemented on 2 March.’
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