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Call Us : + 44 (0) 8456586618
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A unique platform providing Legal Indemnities & Title Insurance, Surety Bonds & Guarantees, Searches, Abortive Insurance & Compliance
Verifying the identity of your clients is vital for protecting your business from financial costs and reputational damage, as well as complying with business due diligence and anti-money laundering regulation. With our embedded AML compliance solutions, the following checks can be completed to ensure your clients are who they say they are:
Many commentators have warned that the restrictions on face-to-face meetings and inspections caused by COVID-19, and the pressure to complete quickly to benefit from advantageous market conditions and reductions in SDLT, can create a “perfect storm” for criminals seeking to fraudulently sell property.
Many of these cases relate to transactions where a criminal purports to sell a property without the knowledge or consent of the proper legal owner. Where they are successful, a legitimate buyer and their lender can face enormous losses.
Protection against this type of loss is provided by LEXAW’s Fraud Solution Policy. This policy offers safeguards against losses arising from fraud for buyers and their lenders where a criminal successfully impersonates the owner of a property. Cover of up to £1,000,000 is available for residential properties in England, Wales and Scotland with premiums starting at £28 (inclusive of IPT).
Solicitors acting for buyers are also protected as all rights of subrogation are expressly waived so their Professional Indemnity Insurance is protected.
Policies can be ordered online. Where cover is required for all of a firm’s buyer and lender clients, it is also available as a Block Policy.
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