Post-completion has been highlighted recently following the publishing of the CLC’s 2024 Risk Agenda. The agenda stated:

‘The CLC has noted an increase in post-completion work not being done properly (or at all) and promptly. This is becoming a growing concern for the CLC as these failures are sometimes only identified years later, causing significant risk, stress and delays to consumers and other interested parties.’

In addition to the CLC’s concerns, HM Land Registry (HMLR) have produced data to show that last year approximately 947,000 applications were requisitioned, with on average each requisition containing two points, but some with many more. The data also shows rectifying these requisitions costs the profession millions of pounds each year.

The implications of not completing post-completion work adequately, effectively or at all are vast. Claims for compensation could be made by consumers, repeat business lost, removal from lender panels, complaints and reputational damage to name a few.

There are obvious ways to try and combat this risk more diligently; checking applications for errors or omissions before submission or ensuring your post-completion process is streamlined allowing for applications to be submitted prior to official search expiry dates.

However is it more a question of mindset? Post-completion is the final part of the conveyancing process. By the time a file has reached post-completion, conveyancers fees have usually been paid and although the transaction cannot be forgotten about due to post-completion duties, does one’s intensity over the file lessen? Is post-completion seen as simply an afterthought, is it over-looked?

Regardless of the reasoning, post-completion deserves attention by firms. It is clear that breaches in post-completion requirements will have serious implications for firms going forward and could be the difference between receiving an instruction, retaining a lender panel membership or being sanctioned by a regulatory body.

So how should the future of post-completion look?

1. Well firstly this part of the conveyancing process needs to be given the significance it requires; it is equally as important as pre-completion work and needs to be seen as such.
2. A gap analysis can be used to review current post-completion practices and identify areas for improvement and potential risks.
3. Compliance policies specifically tailored to this part of the conveyancing process can be used to ensure regulatory breaches do not occur.
4. And finally training, ensuring that all staff working within the post-completion environment have access to sufficient training to allow them to identify errors before registration takes place, or during the registration process.

In summary post-completion work needs to be taken seriously or a firm is likely to suffer consequences. The CLC have placed specific focus on this area of the conveyancing process in their current Risk Agenda and as a result other regulatory bodies may follow suit. It needs to be remembered that post-completion work is legal work, and therefore needs to be carried out diligently and in line with current regulations.

Content provided by Property Conveyancing Consultancy Ltd

Written by Maria Hardy, PCC Education Hub Company Trainer