Conveyancers Face Risks with Post-Completion Work
- Sarah Ruivivar
- Aug 20
- 2 min read
In the bustling world of property transactions, conveyancers are being cautioned about the potential pitfalls of overlooking post-completion work once fees are collected.
The Council of Licensed Conveyancers (CLC) has raised the alarm in its latest Risk Agenda, highlighting the tendency to treat Land Registry applications as mere afterthoughts.
The CLC emphasises that pocketing the fee without completing the necessary work is a breach of its Accounts Code and reflects poorly on a firm's integrity. Clients have paid for these services, and there's a duty to execute them promptly and diligently. Ignoring Land Registry requisitions can lead to cancelled registrations, a headache that might only surface years later when the owner decides to sell. One firm learned this the hard way, getting booted off a major lender's panel for failing to address requisition issues despite multiple chances.
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The report points to a common issue in firms with dedicated post-completion teams, where tasks can slip through the cracks during hand-offs. Without proper processes, these gaps can lead to significant problems.
Adding to the mix, the Risk Agenda flags the growing trend of conveyancers dealing with transactions involving cryptocurrencies, which poses serious anti-money laundering (AML) challenges. Additionally, transactions with funding from China are under scrutiny due to strict government controls on fund transfers.
The CLC also notes the rise in properties sold at auction, which can expose practices to money laundering risks, especially if due diligence is lacking. In such cases, proceeding with a transaction could be unethical, the CLC warns.
In this ever-evolving landscape, conveyancers must stay vigilant, ensuring integrity and thoroughness in all aspects of their work.
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