The Conveyancing Association (CA) - the leading representative body for the conveyancing industry – has…
tmgroup, a leading technology services and property search provider to the conveyancing sector, is marking National Conveyancing Week 2024 with a focus on managing risk within the residential conveyancing process.
The property transaction is subject to many potential risks and legal firms are coming under increasing pressure in their obligations to prevent and identify financial crimes, and protect their clients’ interests during the conveyancing process.
How to prevent falling foul of fraud
The property market is a prime target for financial fraud and money laundering, with a staggering £6.7 billion of suspicious funds funnelled into UK property since 2016. Some types of owners are at higher risk of being targeted by fraudsters. These include sole, long-established, deceased owners, absent landlords and mortgage free, rented or unregistered properties.
Spotting fraudulent activity can be difficult. That’s why it pays to use the latest technology tools to conduct ID verification and HM Land Registry’s Safe Harbour standard anti-money laundering checks, while still remaining extra vigilant to potential red flags during the transaction process.
Managing title associated risks
Risks can also be associated with property defects. How you manage that needs careful assessment and management.
Title issues are typically seen in about 15% of transactions. These can also pose a risk to the speed and success of a property transaction. From planning and building regulations problems, to insolvency and restrictive covenants, title issues can cause delay, disruption and even collapse of the property transaction.
One solution can be an indemnity insurance policy to cover a legal defect with the property that either can’t be resolved or would be very costly and/or time consuming to do so. It also covers legal costs and potential damages in litigations and protects legal professionals from financial loss due to negligence, errors, or omissions in their work.
Most common problems affecting title include restrictive covenants, lack of easement access, interference with third-party rights, planning permission or building regulations, and ownership issues.
tmgroup’s mission is to make the transaction process as seamless as possible, removing potential obstacles and minimising risks to our clients and their customers.
Risk management education webinars
Legal professionals are invited to join tmgroup for a special series of educational webinars focusing on how to manage risk within the residential transaction process.
The webinars are free to join and topics cover anti-money laundering, cyber security essentials, indemnity insurance and insurance distribution directive guidance, as well as expert tips on how to manage mining risks, claims and AML.
Sign up free now to any risk management webinar of your choice:
Wednesday 13th March, 11.00 – 11.30am
Anti-money laundering: Getting it right and making a difference
Click here for details and to sign up
Thursday 14th March, 2.00 – 3.00pm
Navigating a high-risk environment – cyber security essentials
Click here for details and to sign up
Wednesday 20th March, 11.15am – 12.15pm
10 good habits for conveyancers dealing with risk – Claims
Click here for details and to sign up
Monday 25th March, 11.00am – 12.00pm
Insurance Distribution Directive – Guidance for Law Firms
Click here for details and to sign up
Thursday 28th March, 11.00am – 12.00pm
How to manage your mining risk
Click here for details and to sign up
Wednesday 17th April, 12.00 – 1.00pm
An outline of Legal Indemnity Insurance
Click here for details and to sign up
Tuesday 23rd April, 3.30 – 4.30pm
10 good habits for conveyancers dealing with risk – AML
Click here for details and to sign up
Watch on demand
10 good habits for conveyancers dealing with risk – Fraud
Collaboration Coffee Morning
As part of National Conveyancing Week events, tmgroup will be holding an internal Collaboration Coffee Morning on Wednesday 13th March. tmgroup also encourages legal firms to grab a virtual coffee and have a friendly chat with its Account Management team to discuss how its integrated risk management tools can help safeguard your clients’ interests. Contact tmgroup online or get in touch on 0800 840 5571.
Jon Horton, Product Director at tmgroup concludes, “I would urge conveyancers to get involved in our informative risk management webinars. Increasing sanctions for AML non-compliance, transaction delays and tighter lender demands are adding pressure to the transaction. These webinars will provide valuable expert insights and takeaways to help them navigate areas of risk in their firms through our range of risk management solutions.”
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