We have published the latest version of the Code for Completion. It has been amended to clarify the position following the Court of Appeal ruling in Dreamvar last year.
The Court of Appeal held that the fraudster seller's solicitor was in breach of the undertaking to the buyer's solicitor implied by the Code (for Completion by Post), which as properly interpreted required the seller's solicitor to use the completion money for a genuine completion.
The new Code
The new Code for Completion will become effective on 1 May 2019.
The purpose of publishing the Code now is to allow firms time to consider the content and implement any changes that may be required.
If you have any queries or comments about the Code, please send these to email@example.com.
> Code for Completion by post (PDF 196kb)
> Marked-up version of the Code for Completion by post (Word 163kb)
Changes to the Code
The changes to the Code make it even clearer that the seller’s solicitor is acting in a genuine sale.
This should provide innocent purchasers with greater protection from fraudsters - which is not only right but should help boost consumer confidence in the conveyancing process.
What is its purpose?
The Code for Completion focuses on completion of a property transfer. It was developed to simplify the completion process where personal completion does not take place.
Read more about its purpose
Using the Code
The Code avoids the need to negotiate new arrangements for each transaction. The Code may be varied by agreement of both parties.
Using the Code is voluntary for non-CQS solicitors. If the Code is to be used, both buyer and seller’s solicitors must agree to use it.
If they have agreed to use the Law Society Conveyancing Protocol, adoption of the Code is automatically implied.
Conveyancing Quality Scheme solicitors must use the Code.