About CQS Conveyancing

The recent review of the conveyancing sector by the Solicitors Regulation Authority found that 23 percent of conveyancing firms are inadequately advising leasehold homebuyers. In what the SRA describes as a 'dangerous assumption', several firms said that they saw no reason to explain the difference between freehold and leasehold, assuming the client would already know or the estate agent would have already explained it. Ultimately this leads to the question as to whether the solicitors have breached their duty of care. As a result of the SRA's review, six law firms have been referred to the regulator's internal disciplinary processes. No doubt these firms will have their Reports on Title scrutinised. Regarding leasehold advice, the SRA report found: Nearly a quarter of firms did not explain the difference between freehold and leasehold properties, with some relying on the client’s knowledge or information provided by an estate agent. One out of five people who...

The SRA have recently warned that it will be writing to a “large number” (400) of firms in the coming weeks requiring evidence of compliance with the 2017 Money Laundering Regulations. The likelihood is that firms with a focus on conveyancing will be targeted. The regulator confirmed that in the last five years, sixty cases linked to potential improper money movements have been referred to the Solicitors Disciplinary Tribunal. The stark warning is “Those who do not treat the Regulations seriously should expect similar treatment.” Law firms making proper and full use of COMPLETIONmonitor’s AML Search and associated bespoke risk alerts have little to fear from an audit. Delivering comprehensive reporting and dashboard functionality, COMPLETIONmonitor enables MLROs and authorised officers to quickly assess the overall effectiveness of the AML policies . The filtering functionality provides a firm with tools to identify, red-flag or block suspicious fraudulent and money laundering ac...