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The OPDM are now indicating that HIPs will be introduced in early 2007 and are in the process of finalising the secondary legislation to implement HIPs and confirming the mandatory components of HIPs. The Land Registry has also published it’s vision to bring in full E-Conveyancing within the next couple of years so that conveyancers will eventually be dealing with a large part of the conveyancing process and almost all Land Registry business electronically. HM Revenue & Customs have already introduced the option of online submission of SDLT returns this summer and it will only be a matter of time before online submissions will be the norm.
Following the Clementi Review at the end of last year, the government has this week published it’s White Paper “The Future of Legal Services: Putting Consumers First” outlining its plans for the implementation of the Clementi reforms to enable new forms of legal practice and external investment in law firms.
Consumers are increasingly used to dealing with any other service industry electronically and there is no denying that e-commerce or e-business is firmly here and is here to stay. The legal profession faces the threat of increased competition and changing market expectations and needs; and will have to start delivering many of its services to meet consumer demands and expectations and in line with the service delivery levels of other service and information industries. You can either hide your head in the sand and receive the news of these impending changes to the landscape with gloom and doom or embrace the situation and start making plans to keep and grow your market share of the business.
HIPs is aimed at enabling potential buyers to make a more informed decision at an early stage as to whether or not they are going to make an offer for the property. It is also an opportunity for you to increase your business and become market leaders in this area if you are prepared to step up to the competition. It is clear that many estate agents and commercial entities are already clamouring for a share of the HIP provision business. Legal marketing companies propose offering consumers a complete “solution” from the provision of HIPs to the provision of a conveyancing package. Such legal market companies will arrange for the conveyancing to be undertaken by one of their select panel solicitors. If the Clementi reforms are implemented there will be increased competition in relation to the provision of conveyancing services and legal services generally. If you are not in a position to compete with these proposed new HIP providers and providers of conveyancing services, keep as well as grow your share of the market, meet the requirements of estate agents and consumers for HIPs and provide your services expediently in line with market expectations, will you lose out?
To help you obtain an overview of the latest position regarding the implementation of E-conveyancing and HIPs; and the way the impending changes will impact on the way in which you supply your services to both estate agents and clients we are running a series of seminars around the country focusing on these key areas. We will also help you understand the potential requirements of E-conveyancing and the IT tools you will need to enable you to compete within the world of E-conveyancing and to meet the market’s increasing service expectations.
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