Michael Dean, Principal of Avamore said:Fraud is a massive concern for us. When we are lending our family’s or another family’s money, no matter how good our underwriting is on the property, that becomes irrelevant when it comes to a fraudulent deal. We know business partners who have been defrauded recently and that could have been avoided if they had used LMS’ Account Checker service. Frankly anything that helps to reduce fraud in the lending industry is a good thing. We are going to insist that all our solicitors use this service.
LMS has launched a new service to help lawyers guard against conveyancing fraud, it was announced today.
Fraud is a huge concern for lenders and their solicitors.
The provider of conveyancing panels to lenders said ‘AccountChecker’ will help lawyers to check bank account details of other firms involved in a property transaction.
Solicitors can match the client account details they hold for another law firm with the details held by LMS. LMS has already collected more than 5,000 bank account records.
Andy Knee, Chief Executive of LMS, said: “Homeowners have been losing millions to fraud, and the Solicitors Regulation Authority has reported a rise in criminals looking to defraud the solicitor as well as the homebuyer.
“The conveyancing market landscape is dotted with thousands of firms, big and small, so it becomes quite a challenge to verify bank details of unknown lawyers.
“As tackling fraud becomes a top item on the industry’s agenda, we’re hoping more and more lawyers will benefit from the value of our free tool over the next few months.”
AccountChecker is available at no additional cost to law firms who are acting on cases for any of LMS’ lender clients under the LMS PanelLink solution.
Notes to Editors: Avamore Capital Ltd is a family office backed Principal Lender, lending (first and second charge) to property entrepreneurs from £300,000 and above (with no upper limit), with all loans underwritten by Avamore’s Principal’s families up to £5m. Specialising in loans up to 18 months in duration, Avamore’s unique selling points are its flexibility, competitive pricing and direct access to the individuals writing the loans. Avamore has no formal credit committee and funds can be drawn in as little as 48 hours of agreeing terms. For further information on Avamore, please visit www.avamorecapital.com or email email@example.com