Conveyancers urged to do more to educate clients about fraud risks

Conveyancers have cited a lack of awareness about fraud and more clarity on timeframes as the biggest issue clients need informing about.

A poll by the Council for Licensed Conveyancers (CLC) asked members what they wished home buyers knew about the process.

The trade body suggested consumers should be asking how long the conveyancing process will take and should be informed of ways to avoid becoming a victim of fraud.

Almost half (42%) said customers need to be more aware of fraud.

The CLC said: “According to Land Registry figures, £25m was lost through the transaction being intercepted by fraudsters in the year to April 2017.

“The conveyancer handling a transaction should outline the fraud prevention actions they take to protect monies and guide clients how to protect themselves.”

Another 38% wished that consumers were more aware of how long the conveyancing process would take, with the average conveyancing period now at 11 weeks, while a fifth wanted clients to release the importance of having funds lined up and available.

The CLC said transactions would be speeded up if clients had a named point of contact and provided the same information to their conveyancer that they give to their mortgage lender.

x

Email the story to a friend

Leave a Reply