An LSRA report proposes reforms to enhance competition and increase efficiencies and transparency in conveyancing services.
The Legal Services Regulatory Authority (LSRA) published this independent expert report earlier this month and made recommendations for reforms to enhance competition and increase efficiencies and transparency in the delivery of conveyancing services for the benefit of consumers. It identifies three priority areas of reform of how Ireland’s complex conveyancing system operates and how conveyancing services are provided by solicitors to consumers.
Its recommendations aim to:
- Digitalise the conveyancing system and ensure greater use of technology.
- Introduce enhanced transparency requirements for solicitors on the costs of conveyancing services.
- Increase awareness among consumers to enable them to make informed decisions when seeking conveyancing services from solicitors.
The Legal Services Regulatory Authority is an independent statutory body set up under the Legal Services Regulation Act 2015 with a range of functions. It is responsible for regulating the provision of legal services by legal practitioners (barristers and solicitors) and ensuring the maintenance and improvement of standards in the provision of legal services.
It is estimated that in Ireland the average period is up to seven months from the decision to sell until the sale is completed. For unregistered land, it can take several years before land ownership becomes registered in the Land Registry.
The Law Society has welcomed a report on conveyancing reform published by the Legal Services Regulatory Authority (LSRA). The organisation said that the LSRA report had reiterated its own call for “long overdue” reform of the current system for the benefit of consumers. The President of the Law Society Barry MacCarthy said, “Delays in buying and selling property were not only costly and frustrating to consumers but were also making the housing crisis worse.
“The Law Society has long advocated the need for reform of Ireland’s overly complex conveyancing system to bring about a more efficient and transparent process for consumers.”
Eleanor McKiernan (Chair of the Law Society’s Conveyancing Committee) said, “Changes to legislation are needed to facilitate new approaches like e-signatures and e-conveyancing, but this will take time, which is why we are also looking at other areas, such as planning law, the use of statements of truth, the removal of any barriers to the speedy release of title deeds and redemption figures, and a more uniform method of requesting letters regarding roads from local authorities.”
The Competition and Consumer Protection Commission (CCPC) wants more competition within the space and potentially make services cheaper for customers.
The LSRA report states, “The barriers, risks and regulatory costs associated with the establishment of a new profession of conveyancer in Ireland are too significant to justify its creation in the absence of these wider reforms.”
It adds, however, that such a move could be considered in the future, if the measures it is proposing were implemented.
To view the report in full please see the link below; LSRA-PressRelease-ConveyancerReportApril2024.pdf
NB – This is a guide for information purposes only and does not constitute legal advice. If you have an issue requiring legal advice, please contact any of the team at Nolan Farrell & Goff LLP, whose numbers can be found on our website www.nfg.ie, or email info@nfg.ie.
