The Law Society has reported that both conveyancers acting on a single transaction are liable for the actions of a rogue seller who commits £470,000.00 of property fraud.
This follows a ruling in the High Court.
The extent of the ruling appears to suggest that solicitors are responsible to protect the purchasers money no matter who their client is. The case emphasises the importance of undertaking due diligence with regard to the source of a client’s funds and indeed being careful to becoming involved in the dishonest activities when acting on a purchase.
Matthew Winder is the head of the firm’s property and conveyancing department based at our Lancaster, Kendal and Barrow offices