The Conveyancing Association (CA) has today announced the first house purchase/sale completion has taken place under the terms outlined in its own ‘Conveyancer’s Code for Completion’.
The Conveyancer’s Code for Completion was formulated as part of the CA’s Strategic Plan to provide greater certainty to those taking part in the home buying/selling process and is an agreement between both conveyancers and clients to meet a series of undertakings to protect them and client assets, in order to provide a better completion day for all.
The CA set and established the voluntary Code and it outlines the principles and contractual obligations of both parties.
As part of the Code, the buyer’s conveyancer commits to transmitting completion funds to the seller’s conveyancer the working day before the completion date. This means there will be no delays caused by funds being transferred on the day of completion and provides client(s) with certainty on completion day that they’ll be legally entitled to the keys to the property on, or before, 2pm.
The first Completion of a property transaction has now taken place under the Code for Completion and was facilitated by two CA member firms, Convey Law and Attwells Solicitors LLP, on the 3rd November. The client was Miss Juliet Orr.
The CA says the success of the Code for Completion, and the increase in take-up by CA member firms, will form part of the CA’s evidence to DCLG’s Call for Evidence on improving the home-buying and selling process. It will show how, via use of the Code and the undertakings therein, conveyancers can provide far greater certainty to their clients on completion.
Lloyd Davies, operations director of the Conveyancing Association and managing director of Convey Law, said: “We are delighted to have been involved with the first completion under the Code with fellow CA members, Attwells. The vast majority of delays which cause home movers huge stress on the day of completion are in relation to funds being received late by conveyancers and being passed on late in the day on related transactions.
“This new procedure ensures that all funds are in place the day before completion and are held to order pending completion actually taking place. The home movers then get to move on the contractual time for completion between 12 and 2pm depending on the time specified in the contract. We are confident this form of practice will become commonplace and the norm within the conveyancing industry, and we are urging all enlightened conveyancers who care about client service, to adopt the Code for Completion.”
Juliet Orr said: “The use of the Code provided me with assurance and peace of mind that all financial and legal elements would be concluded the day before moving to pave the way for a smooth and stress-free completion day and I congratulate Convey Law and Attwells Solicitors for their commitment and desire to improve the completion day experience for their clients.”
Lisa Nyland, partner at Attwells Solicitors, added: “One of the major causes of client consternation is around the delivery of funds to conveyancers and therefore we’ve been fully supportive of the CA’s work to deliver certainty in this area with, amongst other measures, the use of the Code for Completion. Working with another CA member, Convey Law, has shown the real benefits available to all parties in adopting such a Code and we feel certain that as more firms use it, we should find that completion day is far less stressful for all concerned.”
