Tag: COMPLETIONmonitor
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Post Completion Risks in Conveyancing
The post completion stage of conveyancing is facing unprecedented scrutiny as HM Land Registry continues it’s transition from private feedback to public transparency. New data from HMLR highlights a significant divide in application quality across the legal sector. While the proportion of firms with an avoidable requisition rate under 1 percent has risen to 20…
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Why ‘Small’ Conveyancing Errors are Costing Firms Thousands
The Legal Ombudsman (LeO) recently released its latest Public Interest Decisions, and for conveyancers, the message is clear: the Ombudsman is not just looking for “adequate” service, they are penalising systemic failures in conveyancing risk management. Two specific cases, involving KMC (Liverpool) and Stocker & Co, highlight how a lack of robust procedures during the…
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CQS Mortgage And Property Fraud Prevention Policy November ' 2023 Update
Lexsure’s November CQS Core Practice Management monthly update included suggested changes to a firm’s Mortgage And Property Fraud Prevention Policy One of the drafted paragraphs relates to Unencumbered Property. This imported addition or new section emphasises the need to pay careful attention to transactions where the property is unencumbered. Firms may wish to adapt their onboarding or…
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Is Your Firm Ready for a SRA AML Audit?
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 for an AML Audit. The regulator confirmed that in the last…
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Is Your Firm Updating Their Pre-Completion Checklist ?
Technology, lender compliance and fraud prevention within the context of a pre-competition checklist are some of the main focus points at the next Webinar by Lexsure on 24th and 25th July. Almost all firms have a pre-completion checklist that they use, either on the side of the file or a paper checklist. But how…
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The Conveyancing Checklist – The Sharpest Tool in the Box
One reason not to use the latest legal technologies reducing conveyancing risk is that it potentially lulls the lawyer into a false sense of security. Lexsure’s intelligent checklist system COMPLETIONmonitor is sometimes met by such an objection. The phenomenon known as ‘inattentional blindness’ is real. This is when you ask people to look for something…
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AmTrust Extends Rewards for Risk Management to Licenced Conveyancers
‘A’ rated insurance company AmTrust Europe Limited have extended their ground breaking agreement with legal software house Lexsure that links the use of risk mitigation software with lower expenditure on professional indemnity (PI) premiums for licensed conveyancers, a move that could be worth thousands of pounds for some conveyancing practices on the JLT/CLC Scheme. Professional…
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Does a Friday Fraud start with a Spoof Sale Memorandum ?
Conveyancing fraud is on the rise and the consequences for victims are devastating and often life-changing. It is a major concern for law firms and PI Insurers alike. New figures show that the rewards for the gangs are potentially huge, with each successful scam worth on average more than £112,000. It is believed that…
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Should Insurers and Lenders be Demanding guardrails?
Left to our own devices, most of us get attracted to things that are bad for us. I am in my mid-40s and trying to improve my general health and fitness, yet I often find myself making short-term decisions such as eating a bar of chocolate or having an extra beer. ‘The diet and fitness…
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Why even a prophet of doom can be comforting
I’m a specialist in risk, so I can sometimes be accused of being a little conservative in outlook, even for a lawyer. But I suspect that this article will have people reaching for their thesaurus to find stronger words, like “worrier”, “pessimist” or even “doom-monger”. I’m sticking my neck out today to predict that 2015…