Conveyancers have been warned not to cut corners in the rush to complete deals before this month’s Stamp Duty deadline.

Leading compliance consultant Amy Bell (pictured) of Teal Compliance tells solicitors handling property deals it is vital they stick to the rules or risk being caught out.

“The upcoming decrease in Stamp Duty thresholds is of course going to impact buyers to get their purchase completed by the beginning of April.

Cut corners

“However, the urgency then falls to the law firms to decide if they cut corners or not. Not is the obvious answer, however much you are being pushed by the sellers’ agents or other side,” she tells Today’s Conveyancer.

The ‘nil rate’ Stamp Duty band for home movers will drop from £250,000 back to £125,000 from 1 April, and for first-time buyers, the threshold will go down from £425,000 to £300,000.

Bell, who is CEO at Teal, says: “Your firm’s compliance should be your priority and all your powers surrounding money laundering activity and ongoing monitoring must be on point.

“Also, the increased market activity will no doubt and unfortunately lead to a rise in property transaction failures, placing pressure on law firms and estate agents.”

Financial criminals tend to exploit us when we are overstretched in this current property market.”

She warns that a “cavalier attitude” and taking shortcuts can lead to “a whole heap of trouble”.

“Financial criminals tend to exploit us when we are overstretched in this current property market.

It’s critical that your law firm not only performs its duties with efficiency, but also adheres strictly to all relevant legal standards and regulatory mandates,” she adds.

Property fall-throughs ‘likely’ as thousands miss Stamp Duty deadline