The Society of Licensed Conveyancers (SLC) has called for all conveyancers to have all monies, including mortgage funds, in place the day before completion. Whilst it is usual practice for many conveyancers, there are still too many law firms that are waiting until the day of completion to obtain funds from mortgage lenders and/or clients, slowing down completion times and adding further stress to the home moving process.
Simon Law, Chairman of the SLC, said ‘it has long been recognised as best practice for conveyancers to make sure that they are in funds from mortgage lenders, clients and other external sources the day before completion. This is particularly important in respect of properties where a chain is involved, as any delay in transmission of funds can have a severe impact on the whole chain.’
The issue of delayed completions has been compounded in recent times by lenders undertaking antimoney laundering processes that can hold up funds transmission. It is therefore more important than ever that conveyancers do all in their power to reduce potential delays.
Simon Law added ‘As specialist property lawyers, members of the SLC and their clients are often frustrated to hear the lawyer on the other side saying they are awaiting mortgage funds on completion day. There is simply no need for this and those lawyers are doing a disservice to their customers and the profession.’