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Buyers and sellers need to be more fraud aware, warn conveyancers

  • 23/05/2018
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Buyers and sellers need to be more fraud aware, warn conveyancers
Conveyancers have cited a lack of awareness around the potential fraud as their biggest concern when it comes to consumer understanding of the property buying process.

The Council for Licensed Conveyancers asked conveyancers across the country what they wished home buyers and sellers better understood about the process of buying a home.

The issue of fraud came out on top, with 42% of respondents arguing consumers need to be more fraud aware. According to figures from the Land Registry, in the year to April 2017 around £25m was lost due to a property transaction being intercepted by fraudsters.

Just last week conveyancers were warned that they will pay the price for property fraud, even when they have not been negligent, following a ruling by the Court of Appeal.

Other areas where conveyancers bemoaned a lack of understanding by property buyers included how long the transaction would take, what proof of funds would be required and what information the mortgage lender would need.

Finally, the CLC argued that it was important that buyers established from the outset whether they would be dealing with a single named conveyancer or if the purchase would be handled by a team, noting that a single point of contact would make communication easier and smoother.

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