In the Council for Licensed Conveyancers (CLC)’s 2024 Risk Agenda a significant issue was highlighted: the failure of some conveyancers to diligently complete transactions after taking their fees.
If you didn’t read the 27-page Risk Agenda in full, here’s what the CLC has to say about post completion work:
“The CLC has noted an increase in post completion work not being done properly (or at all) and promptly. This is becoming a growing concern for the CLC as these failures or sometimes only identified years later, causing significant risk, stress and delays to consumers and other interested parties.
While there may be delays at HM Land Registry, these are made worse by slow or sloppy title change applications from conveyancers. The data that the CLC receives from HM Land Registry on requisition rates gives cause for concern that some practices are not taking their responsibility seriously or are using HM Land Registry to check their work rather than making an effort to ensure that it is accurate to begin with.
Some seem to treat post-completion matters as an afterthought as it is undertaken after they collect their fee. The reality is that clients have been charged for this work and there is an obligation to perform it promptly and with diligence. Taking the fee and not completing the work is a breach of the Accounts Code and demonstrates a lack of integrity. We have seen failures to respond properly to HM Land Registry requisitions lead to registrations being cancelled, a problem that may only manifest itself many years later when the owner looks to sell.
Ensuring registration of a transaction remains your responsibility even in the event of closing your practice. Professional indemnity insurers will give permission to do post-completion work following a closure, and the practice must do it.”
CLC, July 2024
It wasn’t just conveyancers who took note of this warning. At X-Press we also took the time to step back and consider why this area of conveyancing is falling short and what we could do to help.
Top of our list was raising awareness of ICOS our Intelligent Conveyancing Online System which has been designed to ensure every transaction is completed in a compliant and efficient manner.
ICOS was meticulously designed inhouse to support legal professionals throughout the property transaction process. It ensures that all post-completion documents are completed accurately and on time, thereby helping conveyancers meet their obligations and providing the necessary evidence to demonstrate compliance under CLC scrutiny.
This system streamlines post-completion processes, reduces errors, and ensures timely submissions to HM Land Registry. It enables conveyancers to track and manage all elements of post-completion work from a single, user-friendly platform. Integrated products, such as SDLT and eAP1 forms, ensure timely reminders for all post-completion documents.
Beyond post-completion solutions, the ICOS system offers a fully automated online platform for lawyers and conveyancing professionals. This includes residential and commercial searches, pre- and post-completion services, and due diligence and compliance products. The residential and commercial searches available through ICOS encompass local authority, environmental, mining, energy and infrastructure, utilities, water and drainage, planning, flood, compliance, land registry, and transport.
Our due diligence and compliance products include ID checks (UK and international), proof and source of funds checks, anti-money laundering checks, PEPs and sanctions checks, and customer bank account checker. These features are fast, convenient, and fully compliant, ensuring that professional standards are met at every step of the conveyancing process. This guarantees that clients meet the expected SRA and CLC standards.
We are committed to supporting conveyancers in maintaining the highest standards of integrity and diligence in their practice. By using ICOS we believe all conveyancers can address the critical issues identified by the CLC, ultimately benefiting both professionals and their clients.
To find out more, watch our brand-new webinar in which I take you through all the key features of ICOS and how it can support your post completion work.