** Important Notice – Closure of Compensation Fund Pool relating to ‘Investment Property Transactions’ **

If you were a client of a CLC regulated practice who acted for you in an investment property transaction such as the purchase of hotel rooms and student accommodation units in developments that did not complete (‘Investment Property Transactions’) and have incurred a direct loss as a result,

PLEASE NOTE THE FOLLOWING:

1) The Council for Licensed Conveyancers (the CLC) operates a discretionary fund which may alleviate direct losses in certain circumstances as set out above.

2) The CLC has created a ring fenced pool for in all claims received relating to Investment Property Transactions

3) Any applications to the compensation fund relating to this type of claim will be reviewed and determined, on their individual merits, but collectively as a distinct pool.

4) The pool closed for new applications on 31 December 2024 and it is now not possible for any new claim to be submitted.

5) The CLC has begun the process of review and assessment of claims it has received, and this will continue through 2025. The earliest determinations are not expected until Summer 2025.

6) The CLC is unable to respond to individual applicants during this time and will post generic updates when further information is available.

Update July 2025:

The CLC has conducted an initial review of all claims received. We have received claims from over 300 individuals relating to over 50 developments.

The CLC has requested the conveyancing files from the various CLC Practices involved in each claim and we are starting to receive these back, although this process is likely to take some time to complete. Analysis of our initial review identifies clear patterns and similarities in claims dependent upon which development was involved. Therefore, claims relating to developments are likely to be similar and we are focusing on providing determination by development, starting with the developments against which we have received the most claims.

While we cannot guarantee any timescale at this stage, we hope to be able to provide the first determinations late summer 2025.

We will provide further updates here when they are available.

Last updated 14 July 2025