Ensuring accuracy and security in fast-paced conveyancing

In today’s fast-paced world of conveyancing, professionals face numerous challenges due to the speed and volume at which transactions are processed. Often, the behind-the-scenes work goes unnoticed, and the pressure to move quickly can lead to a temptation to cut corners. However, the importance of accuracy and thoroughness cannot be overstated, as even the smallest oversight can have significant consequences.

Managing the financial aspects of transactions

As a conveyancing assistant, one of my primary responsibilities is managing a file from exchange to completion. A key aspect of this process involves handling the financial side of the transaction - drafting and calculating completion statements and informing clients of the final amount they’ll receive after all fees are paid. This money is frequently used towards the purchase of another property, making it crucial that these figures are as accurate as possible to ensure clients understand the costs they will face moving forward. Clear communication is vital here, as clients rely on us to guide them through complex financial matters.

At any given time, we may be managing substantial sums of money, ranging from £100,000 to £1 million or more, moving in and out of client accounts. In addition to this, we are responsible for distributing large sums to lenders for mortgage redemptions and paying fees to estate agents. Accuracy in these transactions is critical to avoid delays and ensure that all parties are paid appropriately.

Managing high-pressure situations

During busy times, such as the one we are currently experiencing with the 31 March 2025 stamp duty deadline approaching, the pressure to move quickly is intense. However, by staying vigilant and focused, we can ensure that no steps are missed. This careful attention to detail helps us avoid any potential issues, ensuring positive financial and legal outcomes.

Safeguarding financial security in conveyancing

Conveyancing today is primarily conducted via email, and with this comes the responsibility to safeguard both our clients’ and our firm’s finances. By staying vigilant and proactive, we can effectively manage potential threats. A recent example highlights this approach: we received a phishing email from someone impersonating a client, attempting to change the bank details for sending sale proceeds. While email communication with clients is standard, we take the extra step of verifying the authenticity of these messages. This added layer of responsibility ensures the security of financial transactions and reinforces our commitment to protecting our clients.

Cybersecurity awareness and best practices

At Birkett Long, we conduct monthly cybersecurity awareness courses, which include online videos to reinforce our understanding of potential red flags. One essential practice is verifying all bank details before making any payments. In this instance, the email raised a red flag as it arrived after I had already confirmed the bank details with the client. This enabled us to prevent any movement of funds and take additional precautions, safeguarding both the client and us from any potential issues.

The importance of diligence in conveyancing

While these checks may require additional time from both us and the recipient, they are vital to ensuring security. Taking time to verify the email’s legitimacy made all the difference. We recognise the importance of these precautions, even when working with regular clients and business partners, as cyber threats can emerge unexpectedly. As conveyancing professionals, we are dedicated to staying one step ahead and safeguarding our clients’ financial security at all times.