SRA releases solicitor data
The SRA has released details that show 127,353 solicitors are currently practising (holding practising certificates) in England and Wales. This figure is up from 125,011 practising this time last year. They have recently carried out a practising certificate bulk termination exercise where solicitors who have not renewed their practicing certificates are removed. As well as […]
Fair Compensation: Financial misselling decision heard
The Administrative Court has recently made a decision in what is an important financial misselling case. The case of Charmaine Emptage v. Financial Services Compensation Scheme Ltd [2012] EWHC 2708 (Admin) relates to the remortgage of an English property so that the mortgagor could purchase an investment property in Spain. The English property was subject […]
Law Society warns on PI Insurance
The Law Society has warned that firms using unrated insurers are putting themselves at risk of regulatory sanctions if the insurer becomes insolvent. Unrated firms are those without a published credit and financial strength rating. They are increasingly being used by cash-strapped firms who are struggling to keep up with the steady cost of PII. […]
Lowest repossessions for five years
The Council of Mortgage Lenders has revealed 8,200 properties were taken into possession during the last quarter. This represents a fall from 8,500 in the previous quarter and 9,600 for the same period last year and the lowest figure for a single quarter since 2007. Commenting on the data, CML director general Paul Smee said: […]
Buy-to-let lending increases
The latest figures from the Council of Mortgage Lenders show that the value of buy-to-let mortgages in the last quarter totalled £4.2 billion. This is an increase of 8% from £3.9 billion in the previous quarter. The total number of loans advanced totalled 34,400, up from 33,600 in the previous quarter. Stuart Law, Chief Executive […]
Housing market picks up
The latest LSL index has shown the housing market returning to growth with transactions increasing by 24% and house prices rising by 0.1%. Richard Sexton, director of e.surv comments: “There were welcome signs of life in October’s housing market as house prices rose on a monthly basis for the first time since May and transactions […]