The Law Society has published the latest version of the Code for Completion by Post. It will take effect from 1 May 2019
The code has been amended to clarify the position following the Court of Appeal ruling in the Dreamvar case last year.
In Dreamvar, 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, which required the seller’s solicitor to use the completion money for a genuine completion.
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.