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I tend to agree with Peter Ryder. Initially it is an horrendous thought from a practical tpoint of view, but let those firms who want to act for lenders (only) do so. The market place will develop systems of working that restore efficient conveyancing processes - as it has done many times in the past.
(Oh, and as the SRA are so keen on protecting the consumer, let them bring back statutory scale fees to ensure professionals can afford to do a professional job.)