The Independent Qualified Conveyancers (Scotland) Regulations 1997

s.003

General Principles

• Provide professional conveyancing services with independence and client care

s.004

Confidentiality

• Keep client communications confidential like a solicitor would

s.005

Fees

• Charge fair and reasonable fees for conveyancing services

s.006

Tying-in

• Do not tie conveyancing services to other services and disclose service independence

s.007

Independent financial advice

• Advise clients of right to independent financial advice

s.008

Duty to colleagues

• Do not mislead or break undertakings with colleagues; act with mutual trust

s.009

Actual and potential conflicts between client and independent qualified conveyancer

• Cease acting for client if real or potential conflict of interest arises

s.010

Actual conflicts between clients

• Cease to act if actual conflict arises between clients

s.011

Potential conflicts between clients

• Do not act for clients if there is a potential conflict of interest unless exceptions apply

s.012

Terms of engagement letter,

• Provide terms of engagement letter before conveyancing work

s.013

Qualified person

• Ensure conveyancing services are supervised and client knows who to contact

s.014

Acting for selling client

• Advise selling client about negotiation restrictions after closing date

s.015

When acting for prospective purchasers

• Advise purchasers and decline unauthorised revised offers after closing date

s.016

Information to clients

• Keep clients informed of conveyancing progress

s.018

Records

• Keep proper records of all client exchanges

s.019

Avoidance of delay

• Provide conveyancing services without unreasonable delay

s.020

Undertakings

• Honour all undertakings you give during conveyancing services

s.021

Limitation of liability

• Do not limit or exclude liability for conveyancing services

s.023

Clients' papers

• Hold client's papers after conveyancing service ends

s.024

Client accounts

• Keep client money separate and in designated interest-bearing accounts

s.025

Operating client accounts

• Operate client accounts correctly – only hold client money, handle mixed payments, withdraw only with proper authority, avoid overdrafts, and rectify wrongful …

s.026

Keeping records

• Keep detailed client money records for 10 years

s.027

Bridging loans

• Notify your lender about each client before drawing down a bridging loan

s.028

Money laundering

• Comply with money laundering rules for all your business

s.029

Borrowing from clients

• Do not borrow money from your client except in limited circumstances

s.030

Audit requirement

• Arrange an audit of client money accounts and send report to the Board

s.031

Further Training and Study

• Undertake annual further training and study to maintain professional standards

s.032

Amount of further training and study

• Undertake further training and study based on hours worked

s.033

Nature of further training and study

• Complete required professional development with group and management skills training

s.034

Monitoring of further training and study

• Keep training records and send them to the Board each year

s.035

Complaints

• Handle client complaints about conveyancing services

s.036

Satisfaction of claims

• Maintain insurance or Board compensation to cover client claims