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Be secure when advising lenders

Be secure when advising lenders

By Legal Practitioners’ Liability Committee

Practice & Procedure Real Property 

Making assumptions about your retainer with longstanding lender clients is risky. In 2017-18 mortgage matters accounted for 19 per cent of the Legal Practitioners’ Liability Committee’s (LPLC) total claims cost. Most of that cost was attributable to practitioners failing to ensure the lender client had adequate security. These mistakes are sometimes made by practitioners acting for private lenders who they know well. They take an informal approach, assume the lender knows and understands the risk they are taking, and fail to give clear, written advice.

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