Monday, 17 September 2018

Proving Conveyancing Quality to PI Insurers

In the lead-up to PI insurance renewals, Lexsure are offering firms the ability to commission a lender compliance audit which can be used to evidence to professional indemnity insurers the quality of their conveyancing. The independent assessment reviews files based on the UKF Handbook Requirements as of the date of the mortgage offer on file.

Until now, Lexsure restricted the availability of their audit facility to lenders and insurers but are now making the facility available directly to firms.

Everyone knows that conveyancing is the highest-risk area of legal practice with lenders dominating the instigation of claims. Firms that are confident of their quality and compliance with lender requirements should be able to evidence to their PI insurers that they are managing risk properly.

In carrying out an audit, the assessor (non-practicing solicitors with over 20 years conveyancing experience) utilise Lexsure’s proprietary technologies which incorporate the relevant UKF Part 2 requirements based on the date of the COT.  

With PII renewal season in full swing SRO’s, COLPs and Heads of Department would be well advised to take advantage of an external audit so that they can prove the quality of their lender compliance to assist in obtaining insurance. Firms should not shy away from ‘lifting up the carpet’. If there are areas for improvement then it is well worth finding out and dealing with it sooner rather than later.

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