The Law Society's Conveyancing Quality Scheme (CQS) is expected to become a 'pre-requisite' for membership of lenders' panels once it becomes established, the Council of Mortgage Lenders (CML) said today.

More than 700 firms have applied to join the quality assurance scheme since it launched in January.

It is intended to create a trusted conveyancing community that will deter fraud, recognise high-quality services for home-buyers and lenders, and deliver a robust assessment and monitoring procedure.

The CML said it supports a CQS that represents a credible means of driving up standards among conveyancers, and improving lender and consumer confidence.

Once the scheme achieves the Law Society's goal of providing a ‘confidence boost’ for the lender market, CML said it expects the CQS to become a ‘prerequisite’ for membership of lenders' conveyancing panels.

CML director general Michael Coogan said the lenders’ body had worked closely with the Law Society as it developed the scheme, to ensure conveyancing standards are improved for consumers and lenders alike.

He said: ‘We are encouraged by the initial interest from solicitor firms that have already applied to the scheme. We urge conveyancing firms to join the scheme, and to do so quickly so that their business is not adversely affected.’

Coogan said: ‘Any conveyancing firm that wants to continue to act on behalf of lenders should expect the CQS to become an important new criterion for panel management, and expect to be asked by their clients whether their firm has been accredited.’

Law Society president Linda Lee said: ‘In our ongoing talks on the wider issue of membership of mortgage lender panels with the CML and major lenders, it is clear that there is support for the CQS. The scheme provides a beacon of quality for home buyers.’

The Society is to start a consumer advertising and PR campaign to promote CQS at the end of April, to inform home-buyers about the scheme and how it benefits them.

Firms looking to achieve CQS accreditation are required to comply with a number of enhanced standards covering the competence and probity of staff, the financial standing of the firm and supervision, safeguards and processes.

As a key part of the scheme, the Law Society undertakes extensive identity and other checks on all relevant members of staff employed by member firms.

As well as the self-monitoring and quality assurance required of member firms, the Law Society monitors accredited firms to ensure standards are maintained, carrying out random monitoring and assessment visits.