Tm Group is marking National Conveyancing Week 2024, which takes place between the 11 and 15 March, 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.
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. But Tm Group says technology tools can help 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.
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.
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.
Tm Group will host 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.
Jon Horton, product director at Tm Group, said: “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.”
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
10 good habits for conveyancers dealing with risk – Fraud
