At the Law Society SGM on 23rd September 2013, the majority vote rejected a detailed rule change proposed by the Law Society. That rule change would have required mortgage lenders and borrowers to have separate legal representation. The previous Law Society AGM and the SLAS membership had both previously voted in favour of this in principle. Now that a specific rule change has been turned down, we are informed that a new proposal has been made This is to the effect that CML should set up a separate register of solicitors authorised to act in mortgage business. Each firm would require to pay a fee, possibly from £500-£900, in order to get onto this panel. We understand that full disclosure of solicitors’ private files at the Law Society would also be required, as well as latest accounts submissions, credit references, and so on. SLAS Council would appreciate views from members as to whether we should:-
a) Take this proposal forward.
b) Proceed with separate representation as a better option.
I remind you that SLAS is a purely representative body and has no views or policies other than those imposed by the membership. If members chose not to put forward their views, then there is no SLAS.