Editor's note: This brief was summarised by The Property AI Newsroom from a report by PropertyWire. Read the original article for full details.
Land Registry Warns Conveyancers Over Deed Handling Failures
Land Registry has issued a warning to conveyancers that repeated failures to properly check or retain property deeds could result in disciplinary referrals. The warning comes amid increased regulatory scrutiny and new requirements for conveyancers in the UK property sector.
Serene Rollins, Assistant Registrar at Land Registry, confirmed that conveyancers who do not maintain required standards may be referred to the Solicitors Regulation Authority (SRA) or the Council for Licensed Conveyancers. According to the Law Society Gazette, Land Registry has had to examine certain cases more closely due to suspicions of fraud or dishonesty. Rollins clarified that referrals are intended to address concerns that could compromise data integrity or public confidence, rather than penalise honest mistakes.
The warning coincides with a new HMRC requirement introduced this month, which mandates that conveyancers register as tax advisers if they complete Stamp Duty tax returns for clients. Failure to comply with this registration could result in fines of up to £10,000. This measure follows ongoing concerns about property tax compliance in the sector.
Earlier this year, The Conveyancing Association indicated that its members may need to charge higher fees if required to take on additional responsibilities. The Association responded to Government consultations by supporting clearer and earlier provision of property information, but noted that this would require additional compensation.
These developments highlight the increasing regulatory challenges facing conveyancers, as the sector adapts to stricter oversight and expanded responsibilities in property transactions.
Source: PropertyWire