CML slams Scottish move on separate representation

Published on

Council of Mortgage Lenders

The Council of Mortgage Lenders (CML) has criticised the announcement by the Law Society of Scotland to move to compulsory separate representation for lenders and buyers in all transactions.

At the Law Society of Scotland’s annual general meeting today, 58 solicitors voted to remove the current exception to Law Society conflict of interest rules, which permits a single solicitor to carry out work for a client wishing to buy a property and their mortgage lender. There were 27 against and three abstentions. Proxy votes were not cast.

The Law Society will now bring forward new practice rules for its members to vote on at a special general meeting (SGM) in September. If voted through at the SGM and subject to approval by the Lord President, solicitors will no longer be able to act for both buyer and lender.

CML director general Paul Smee said: “It is disappointing that a measure which is so blatantly against consumer interests and will impose added costs and added scope for confusion and delay has been voted through, with not even the pretence of wider consultation.

“At a time when housing and mortgage markets are still recovering, this is a protectionist measure with little regard for the interests of consumers.”

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

1 COMMENT

  1. “……. this is a protectionist measure with little regard for the interests of consumers.”

    What else would anybody ever expect from lawyers?

Comments are closed.

Latest articles

SDLT shake-up set to push conveyancing fees higher

Conveyancing fees are set to rise from May 2026 as solicitors and licensed conveyancers...

HLP upgrades CRM for limited company buy-to-let surge

HLPartnership has upgraded its CRM system to better support advisers handling limited company buy-to-let...

UTB passes 50% mark for automated bridging valuations

United Trust Bank has announced that more than half of its bridging loan valuations...

Digital reform set to accelerate across conveyancing sector, annual conference hears

Momentum behind digital change in conveyancing will build throughout 2026, delegates at the Conveyancing...

Atom cuts 90% LTV near prime mortgage rates again

Atom bank has reduced rates across its 90% loan-to-value near prime mortgage range, marking...

Latest publication

Other news

SDLT shake-up set to push conveyancing fees higher

Conveyancing fees are set to rise from May 2026 as solicitors and licensed conveyancers...

Conveyancing fees will rise and you can blame the Government

Tax is complicated and making sure you pay the right amount can be challenging...

HLP upgrades CRM for limited company buy-to-let surge

HLPartnership has upgraded its CRM system to better support advisers handling limited company buy-to-let...