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.

  • Jack Straw agrees meeting to discuss justice for Wolstenholmes victims

    In the House of Commons today Cheadle MP Mark Hunter challenged the Secretary of State Jack Straw to reassure all those affected by the abrupt closure of Manchester Conveyancing Solicitors Wolstenholmes that their money and documents were safe.

    Jack Straw shared the concerns and agreed to meet Mark to discuss the issue.

    Mr Hunter told the House that he had been contacted by a number of distressed local residents and people from all over the country that currently have documents or money held by the firm.

    In Justice Questions in the House of Commons, Mark asked Jack Straw to ensure that the concerned residents were fully compensated where appropriate. Jack Straw replied and agreed to meet with Mark to discuss the issue further.

    Commenting, Mark Hunter MP said: “I’m very concerned about the sudden closure of such a long-established business. I’ve already heard from a number of constituents who have money and/or documents lodged with Wolstenholmes and who are worried about the consequences.”

    “I’m advised by the SRA that for those who fear they have lost money, it will be dealt with by the solicitors indemnity insurance or the SRA Compensation Fund. People affected should contact DWF on 0161 603 5044.”

    “My message is clear: I am determined to help solve this problem. I will be meeting with Jack Straw as soon as possible, I have already been in touch with the regulatory authority, and I will fight to ensure justice for all those affected by this unexpected closure.”

    On 30th December the news broke that Wolstenholmes, established in 1818, had been closed down by the Solicitors Regulation Authority (SRA) and that five solicitors had their licences suspended amid claims of dishonesty and account irregularities.

  • BSA releases their conveyancing requirements

    The BSA’s Mortgage Instructions launched today provide a full set of conveyancing instructions for conveyancers acting on behalf of BSA Members and their subsidiaries in residential conveyancing transactions. The Instructions come into full effect from 1 January 2010. The conveyancing Instructions are being used by 31 lenders including 27 building societies.

    The BSA Mortgage Instructions comprise of two parts (as is the case with the CML): a core set of mortgage instructions; and specific requirements setting out individual lenders’ policies.

    The FAQ’s on the BSA site include the following question and answer:

    How does the introduction of early completion by the Land Registry affect the use of the instructions in England and Wales?

    We have considered the impact of the Land Registry bringing in early completion and do not feel that the change requires any significant amendment to the instructions. This is because early completion does not affect the overall process for buying and selling a home – though it may impact the sequence in which some events happen.

    The changes will not alter the requirements set out in paragraph E.27 of the instructions which require the conveyancer to register the mortgage as a first legal charge at the Land Registry.

    The Land Registry has confirmed that “completing the applications to register the transfer and new charge subject to the existing charge would not appear to affect the obligations of any party in relation to that existing charge.

    Early completion will not prevent the new charge taking effect as a first legal charge; it can never become a first charge until the existing charge is discharged. This is so whether or not the new charge is entered in the register. The entry of the new charge under early completion simply protects the priority of that new charge as against any other interest whose priority is not protected at the time of registration.”

    Firms can subscribe to updates concerning BSA Mortgage Instructions via the lendermonitor lender handbook notification service.