UK Finance was proposing to charge conveyancers a £50 annual fee per user to access the Handbook platform when it launches next month, adding extra cost onto each transaction. Following complaints from CILEX, the Law Society and others this week, however, it reversed course on Friday afternoon—dropping the Handbook fee for conveyancers.
CILEX CEO Jennifer Coupland said: ‘Our members will be relieved at the swift decision by UK Finance and we’re grateful to them for listening.
‘We now look forward to working with them as the new handbook is implemented.’
As Coupland explained earlier this week, using the Handbook is mandatory when acting for lenders therefore conveyancers would have faced ‘a stark choice’ of absorbing the cost or passing it on to clients. Coupland said passing the fee onto the client would not have been ‘without risk. If handled incorrectly, it could raise regulatory questions around how client money is held and accounted for, including anti-money laundering considerations’.
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.
‘We commend UK Finance for reacting swiftly to the strength of opposition against
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