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Development of the Search Code
Over the past 12 months, CoPSO has been developing the Search Code in consultation with the search industry and the major stakeholders. There is strong support for standard setting across the private search industry, in recognition of the fact that the introduction of HIPs will bring a renewed focus on the need for robust consumer redress measures across the home buying and selling process.
The drafting of the Search Code has been overseen by CoPSO’s Membership and Standards Sub-Committee and meetings have been held with search organisations which are not CoPSO members and the major stakeholders including the Council of Mortgage Lenders (CML), the Council of Licensed Conveyancers, the Law Society, Which? and the Association of Home Information Pack Providers (AHIPP).
The stakeholders have been very supportive of the work being undertaken:
“The CML supports the concept of a code setting out minimum standards for the search industry. Provided the code contains adequate protection for lenders, lenders are likely to accept searches from all firms that subscribe to the code” “The Council of Licensed Conveyancers supports the creation of a regulatory environment within which consumers, lenders and conveyancers can have confidence in the reports provided by private search companies”
“The Association of Home Information Pack Providers is very supportive of the work that CoPSO is undertaking in the development of a Search Code for the private sector. As part of the work AHIPP is undertaking on developing its own code, it is considering how it may embrace the Search Code as a constituent element. AHIPP and its members view the development of meaningful standards as a cornerstone to the future operation of a successful residential property market.”
A united approach >
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