SRA sanctions firm for conveyancing delay
Summary
The Solicitors Regulation Authority has rebuked Preston-based Gowlings Solicitors Limited after it failed to comply with an undertaking in a conveyancing transaction within the agreed timescale. The firm had promised to redeem a mortgage on completion without first verifying the redemption figure, leaving a shortfall that had to be covered from its own office account before the matter was resolved.
Why it matters
Conveyancers and surveyors involved in residential transactions rely on undertakings being accurate and met on time to keep completions on track. This case highlights the operational and compliance risk where redemption figures are not checked before commitments are given, potentially delaying completion and affecting transaction certainty.
Key points
- SRA issued a written rebuke and ordered costs of £600
- Firm undertook to redeem a mortgage without verifying the redemption statement
- Sale proceeds were insufficient, requiring the firm to cover the shortfall from office funds
- The SRA cited breach of paragraph 1.3 of the SRA Code of Conduct for Firms 2019
- No evidence of dishonesty or lasting client harm was found
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