By not undertaking thorough checks to confirm that a Vendor Conveyancer is legitimate, firms are leaving themselves open to the risk of negligence claims, increased PI insurance premiums as well as reputation damage.
Due diligence requires conveyancers to check the firm name you are sending monies to; checking the roll of solicitors is no longer enough.
If the firm is a solicitors firm, their code of conduct requires them to consider Principle 10 – “protect client money and assets”.
Lawyer Checker has been designed to protect clients’ money, regardless of whether they are the borrower or the lender to reduce uncertainty in identifying the legitimacy of the Vendor Conveyancer.
In order to protect both you and your lender, our policy is to check the identity of your seller’s conveyancer using Lawyer Checker, which allows us to check the account details of the sellers conveyancer’s firm against a database of previous conveyancing transactions. The results provided by the service will help to better assess the risk associated with sending your money.
What is Lawyer Checker?
At Lawyer Checker we have identified that looking at account details is incredibly important before sending funds and can in some cases be the only distinguishing point between a bona fide client account and an unauthorised or unknown bogus account.
Criminals are increasingly sophisticated in this area. The high return for scamming just one conveyancing transaction justifies spending time and money to scam a real firm.
The LC Database
Over the past few years Lawyer Checker have built a database of historical conveyancing transactions and the accounts where funds have been sent in those transactions. From this they are able to give an indication of whether there is a track record of funds being sent to that account in conveyancing transactions. Where there is not a ‘good’ track record of use, they will conduct further research on the firm that is associated with the account. This provides the solicitor/conveyancer sending funds with another element of due diligence and risk management.