LMS to assist lawyers with new conveyancing fraud tool

LMS to assist lawyers with new conveyancing fraud tool

LMS has announced today that it has launched a new service called AccountChecker which aims to combat conveyancing fraud by assisting lawyers to check bank account details of other firms that are part of a property transaction.

The new service will be available at no additional cost to law firms who are acting on cases for any of LMS’s lender clients under the LMS PanelLink solution. Solicitors will be able to match the client account details they hold for another law firm with the details that are currently held by LMS. The service will assist the detection of fraudulent activity and help prevent the misdirection of funds to bogus law firms. It will also provide conveyancers an added layer of due diligence in the property transaction.

One of the main features that helps to differentiate this new lawyer checking facility is that it relies directly on more than 5,000 bank account records that LMS has collated in developing PanelLink. In addition it forms part of the overall package LMS provides to its panel members, with other services including easy access to searches, indemnity insurance and customer identification packages.


Ian Robinson, Supplier Management Director at LMS, said: “This is one of a number of exciting enhancements from LMS due over the next 12 months.  This is a service that law firms have been asking us to provide for a long time and our expertise added to our enhanced checking processes ensures this is a market-leading service now available to over 5,000 law firms.”

Andy Knee, Chief Executive of LMS, said: “Homeowners have been losing millions to fraud, and the Solicitors Regulation Authority has reported a rise in criminals looking to defraud the solicitor as well as the homebuyer. The conveyancing market landscape is dotted with thousands of firms, big and small, so it becomes quite a challenge to verify bank details of unknown lawyers. As tackling fraud becomes a top item on the industry’s agenda, we’re hoping more and more lawyers will benefit from the value of our free tool over the next few months.”

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AbbieP.
AbbieP. 22 Jul 2016

"While house prices in the most expensive eleven boroughs have declined values in the cheapest eleven boroughs continue to rise" - not a nice way to even out the price range. London is overrated as it

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AbbieP.
AbbieP. 21 Jul 2016

And try to profit from your decisions, I may add

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CommercialTrust
CommercialTrust 19 Jul 2016

Retirement investment has always been one of the biggest draws of buy to let. And the buy-to-let demographic is, on balance, older. (Over a third of our applicants are over 50 at the time of application.) It...

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Forrest Wheatey
Forrest Wheatey 11 Jul 2016

I find the time perfect for ever home-owner wannabe. Prices should slowly, but steadily drop, at least for the inner buyer. Making it harder for outsiders to buy properties (the whole Brexit thing means...

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property guru
property guru 11 Jul 2016

Why should Ajay even have to be looking for it. It should be public knowledge. Why is not just publish each years and to were it is and be AUDITED. Accountability.

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property guru
property guru 11 Jul 2016

Surprise suprise

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CommercialTrust
CommercialTrust 30 Jun 2016

This is great news for buyers and investors in a period of significant uncertainty. The 10-year buy-to-let fix at 3.99% in particular is excellent, a clear 100 bps ahead of the nearest competition. Though...

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Lee
Lee 30 Jun 2016

Let's see what happens to north-east property prices when Nissan announce they're leaving.

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DmitriKara
DmitriKara 29 Jun 2016

I just read another article about eviction rising and this was exactly what was on my mind, Housing has become "cat and mouse"...

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DmitriKara
DmitriKara 29 Jun 2016

I am really not surprised. I've seen one too many impudent tenants and in my humble opinion renters have one too many privileges and options to abuse heir landlord in so many ways...

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DmitriKara
DmitriKara 29 Jun 2016

There is still so much uncertainty and I will surely step back and see what's happening before I could make any decisions on my end.

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ChristinaReedUK
ChristinaReedUK 20 Jun 2016

I don't understand why it's always a war between the two sides. Either, way the landlord is probably keeping a detailed inventory and will see the changes you've made. I just don't understand why there...

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