Professional Undertakings in Conveyancing - Law, Liability & Practical Risk Management

Introduction

Undertakings are the backbone of trust in conveyancing. Yet, they can also be a source of disciplinary action, personal liability and professional stress.

Misunderstandings or ambiguous wording can turn a simple promise into a regulatory or personal liability nightmare. This virtual classroom session brings clarity to what undertakings mean in practice and how to give them safely, comply with them effectively and avoid the traps that lead to breach, complaint or regulatory sanction.

What You Will Learn

This live and interactive course will cover the following:

• How an undertaking can be given without using the word ‘undertaking’
• Why ambiguity always hurts the giver
• The pitfalls of best or reasonable endeavours clauses
• Undertakings to pay from client funds - have appropriate conditions been added?
• What happens if client funds are not available on exchange or completion?
• Undertakings as to the client’s identity: good practice and traps to avoid
• The undertakings in the Formula B (including any replacement), the Completion Code and replies to requisitions
• Having a system for supervising, recording and monitoring compliance
• When a breach of undertaking becomes professional misconduct and attracts personal liability
• Notifying your indemnity insurers of any potential claim
• Lessons from case law and tribunal decisions

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.