About Conveyancing

Author: Simon Seaton

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Simon Seaton is a former UK solicitor and a director of Lexsure. He has assisted hundreds of law firms, from small practices to firms ranked in the top 500, with compliance needs spanning SRA requirements, mortgage lender instructions, CQS and anti-money laundering. His AML experience includes developing policies, procedures and systems, and conducting independent audits of firms’ policies, controls and procedures. He has also delivered hundreds of webinars and seminars for lawyers and mortgage lenders on compliance, conveyancing risk and AML. Over the years, Simon has liaised on AML and risk management matters with organisations including UK Finance, the Bank of England, the Metropolitan Police, the National Crime Agency and the Financial Conduct Authority, as well as major mortgage lenders and professional indemnity insurers.

  • Council of Mortgage Lenders calls for abolition of Stamp Duty

    The CML in recent report expressed it’s belief that fundamental reform of stamp duty is necessary. It states that it regards Stamp Duty as a tax that discourages labour mobility, and with it’s “ tier ” structure has the effect of causing transactions to “bunch” just under each of the tax thresholds.

    The CML state “ While abolition would be the best option, a move to a graduated structure would be an improvement on the current system, even if done on a cost-neutral basis. While the temporary concession was welcome as far as it went, it is disappointing that the government has not sought to implement this desirable reform of an anachronistic tax”.

  • Mortgage Fraud Booming Like Never Before

    BDO, has come up with some frightening figures on mortgage fraud, against a backdrop of soaring UK losses to fraud in 2009 (over £2 billion) across all sectors. It predicts worse to come.

    In 2009, mortgage fraud accounted for 18% of all reported fraud and 27% of fraud in the UK finance and insurance sector.

    Simon Bevan of BDO commented rather frankly: “It may have become more difficult for the person on the street to secure a mortgage in the UK, but the mortgage fraud industry is booming!”

    Mortgage fraud often works through a large loan being taken out on an overvalued property with a corrupt buyer, valuer and/or conveyancing lawyer working in collusion.

    The same group will then apply the scam to a portfolio of properties, meaning that the fraud can escalate to large amount.

    BDO warns of “a tidal wave” of fraudulent borrowing that has only just beginning to appear, particularly through the use of over-valued properties as security for mortgages .

    Worryingly, he suggests many of these frauds are yet to be recognised by the banks, which still have them classified as non-performing loans.