Phillip Oldcorn explains how innovation can help reduce risk
Here’s a suggestion for an interesting game for the conveyancer’s office. Ask your next few clients how they think risk is managed in their conveyancing transaction.
Agree among the staff a selection of possible answers; the Land Registry, the conveyancer is responsible for all conveyancing risk, the Law Society will protect me etc. Do a sweepstake for the answers among the staff. Sit back and enjoy the game!
The correct answer is that there are several factors which mitigate most but not all conveyancing risks. Think of the following: good quality conveyancing practice, a (limited) Land Registry guarantee, PI insurance. But how often do we stop and consider the uninsured risks that the best conveyance cannot prevent? How can we cater for a dishonest seller? Why doesn’t anyone measure and/or GPS the boundaries of a property? How can we protect those most vulnerable to mortgage or identity fraud?
Blind spots
There is a real consumer blind spot and lack of curiosity about the subject. This
