UK Finance has confirmed it will not introduce a £50 annual charge for conveyancers to access the Mortgage Lenders’ Handbook, following strong opposition from across the legal and conveyancing sector.
The Mortgage Lenders’ Handbook sets out the standard instructions conveyancers must follow when acting for lenders in residential property transactions. Until now, it has been available free of charge and without registration via UK Finance’s website.
Earlier this week, UK Finance announced plans to launch a new digital platform for the handbook in March. Under the proposal, users would have been required to pay £50 plus VAT per year after an initial three-month free access period.
The announcement prompted widespread criticism from conveyancers and professional bodies. The Society of Licensed Conveyancers described the proposal as unreasonable, while the Law Society expressed disappointment and raised formal objections on behalf of its members.
Following further discussions with stakeholders, UK Finance has now reversed its position. In a statement, the organisation confirmed that access to the Mortgage Lenders’ Handbook will remain free for conveyancers for the foreseeable future. Work on the updated handbook platform will continue, with launch still expected in early March.
Reacting to the decision, Law Society president Mark Evans welcomed the outcome, stating that UK Finance had listened to industry concerns and acted quickly in response to the strength of opposition. He added that the Law Society will continue to work with UK Finance to support conveyancers as the new system is introduced in March.
The decision has been broadly welcomed across the sector, easing concerns about additional costs and administrative burdens for conveyancers involved in residential property transactions.
