tm blog

In a recent poll conducted by leading property data and service provider TM Group, it was revealed that almost half of the conveyancers polled did not realise how serious a client’s flood risk could be.

Flooding is the biggest natural threat that the UK faces and, in England alone, more than 5 million properties are at risk, equivalent to nearly 1 in 6.

However, despite most environmental property searches containing an indication of a property’s likely risk of flooding, many conveyancers are still unaware of the likelihood of their client’s property flooding.

Property remains by far and away the work type that attracts the most claims against solicitors. Over the last few years, property claims represent around 40% of all claims, although this peaked at 60% in 2010.

Due to the high level of claims, it is no surprise then that underwriters rate both residential and commercial conveyancing as the highest-rated work that a law firm undertakes.

Accreditation such Lexcel and CQS will be viewed positively, but the single biggest factor is that risk management cannot just a tick-box exercise; it has to be engrained within the culture of the firm.

Strong case management processes and procedures, case supervision and checklists are all important and, with PII renewal on the horizon, it may be timely to let underwriters know how you manage various risks in the conveyancing process.

There are many ways to help reduce the level of risk associated with conveyancing transactions, here's five of them:

Since the turn of the year crown and sinkholes have plagued the country, causing significant damage to property as well as inflicting substantial costs and inconvenience upon property owners.

The UK's foremost authority on the subject, Dr Clive Edmonds from Peter Brett Associates, spoke to Begonia Filgueira on the threat that these natural phenomena pose.