The Council for Licensed Conveyancers has become the first licencing authority for ABS, which allows businesses to offer legal services under their own brands for the first time as part of the Legal Services Act.
Those firms that become licenced by the CLC will be able to offer conveyancing and probate services.
The Solicitors’ Regulation Authority is due to become an ABS licensee in the coming months, and member ABS companies can provide wider legal services, such as personal injury and road traffic accident claims, alongside property services.
Eddie Goldsmith, senior partner at Goldsmith Williams, said:
“The introduction of ABS will provide forward-thinking brokers with a real opportunity to diversify their businesses and increase revenue streams.
“It’s a big market out there and the opportunities for mortgage intermediaries are plentiful. Networks and larger brokers with loyal customer bases should seriously consider becoming a one-stop-shop for legal services under their own brands and own control.
“Firms should carefully consider where they want their businesses to be before deciding which licencing body they choose to apply to – for example, property services may suit some firms and so the CLC would be a natural fit.
"Other companies may want to maximise opportunities and will want to wait for the SRA to begin licencing.
“At Goldsmith Williams we are receiving strong numbers of enquiries into ABS and we’re offering a free consultation to any brokers that want to explore the potential benefits that this legislation has for their business."
David Whittaker, managing director of Mortgages For Business, said:
“The Bank of England is supposed to be independent and committed to controlling inflation. So it’s fascinating to see the MPC has bowed to pressure from the financial markets and politicians to boost QE and commit the UK to above target inflation for some time to come.
"The prospect of the cost of living becoming ever more expensive will be little comfort for those trying to put money aside and save for the weighty deposits needed to secure their first mortgage.
"The number of people reliant on the private rental sector will spiral as a result and professional landlords and property investors will continue to benefit from the ongoing economic environment.
"Rates remain low and property prices are stagnating at best and this has given landlords the perfect opportunity to capitalise on high rental demand.”
