Estate agents are not ready to take advantage of the forthcoming Legal Services Act – the so-called Tesco Law – as they are unaware of the opportunities it presents.
The Tesco Law, which comes into force on October 6, will allow businesses such as Homebase, the AA and Saga to offer a full range of legal services, including conveyancing, under their own brand for the first time.
But other businesses, including estate agents, could also take advantage of the change in the law, according to Eddie Goldsmith, partner at solicitors Goldsmith Williams.
He said: “This legislation will herald the biggest change in legal services delivery in a generation, and though the legal industry is getting to grips with it, we believe that businesses outside the sector could miss out on the opportunities it presents.
“Alternative Business Structures will allow forward-thinking businesses to diversify their offerings, providing the launch-pad for financial growth and safeguarding futures.”
The law firm is holding a conference, ‘The Legal Services Act – Taking the law into your own hands’, in London on June 27 at Holiday Inn in Regents Park. Tickets are £159, which includes lunch and refreshments.
www.goldsmithwilliams.co.uk
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Comments
Young Estate Agent - You have got a lot more of this to come I am afraid.
P Spencer has encountered a few young agents who he wasn't keen on - as per his own personal preference.
Now, he has taken this opinion and used it to summarise young agents.
He's a bit of a plonker really. Unless he has specifically dealt with a few hundred young agents and has a fair average and experience of this, then I am the plonker.
Never assume P, never ASS-UME! You know why, right?
@Young Estate Agent
You might want to take your nose out of the MNAEA literature for a minute and reach for a dictionary. I'm talking about my experience not preconceptions or misconceptions or whatever other words you'd like to put in my mouth.
Don't take it personally, you may well be a good one and good luck in your career but many, many, many are not. This is a problem for the industry. Don't shoot the messenger.
@P Spencer
As a young estate agent, I find your preconceptions insulting and unfair. I'm a driven and ambitious person who puts everything into my work.
I've worked hard to ensure I'm up to date on all current legislation, even studying in my spare time to earn my MNAEA qualification. I often receive praise from clients for my customer service and attention to detail. I think you need to have a long hard think why you have these misconceptions and give young hard working people a chance.
In the mean time, I won't let sneering, fusty old men like you put me off a career I wholeheartedly enjoy.
@Ray Evans
Believe me, I wish I had less.
I guess it's to do with cost cutting but EA's in my area are employing more dopey youngsters than ever. Probably roped in on a fantasy OTE claim and will stick it out doing the donkey work for 3 months before chucking in the towel.
It's quite funny actually because they are almost caricatures of an EA, spouting all the tired old cliches etc. Experienced ones are far more relaxed and pleasant to deal with.
Anyway, it comes as no surprise that they don't understand the intricacies of the legal services act.
@P Spencer
Don't have much experience do you?
(Except possibly how to be insulting and rude)
In my experience EA's barely understand what time of day it is let alone the forthcoming Legal Services Act.
HighStreetLawyer.com is a new legal brand already set up in advance of the Legal Services Act. We already carry out fixed price conveyancing through our member firms across the country. We deal with estate agents and refer their work to our panel. We can provide advice on the Act, alternative business structures and multi disciplinary practices. Send an email to Gary@highstreetlawyer.com for more information.
Alternative Business Structures have been with us for some time in all but name. As a firm of Solicitors we set up an in-house Estate Agency a few years back as a defensive move as we prefer to generate our own conveyancing referrals rather than pay others a fee for them.
Those agents who generate referral fees from Conveyancers will doubtless have been alarmed by a webinar given by conveyancing giant Optima Legal yesterday at which it was claimed that Lenders will replace Estate Agents as the "gatekeepers" for conveyancing. If correct this would see referral income transfer from agents to mortgage providers.
“Alternative Business Structures will allow forward-thinking businesses to diversify their offerings, providing the launch-pad for financial growth and safeguarding futures.”
Does Goldsmith plan to expand on this or does he want my £150 first?
The headline is correct. I do not understand it.....yet.
I am sure the conference will be very informative and will book my place. In the meantime feel free to email any questions about how "Tesco Law" or the reduction in conveyancing firms on lender panels could benefit or adversely affect estate agents, rh@boldlegal.co.uk.