Lifetime licenses for sole practitioners’
The Solicitor’s Regulation Authority has announced it could allow sole practitioners to apply for lifetime licenses. Currently, solicitors who wish to operate as sole practitioners have to apply for their status to be recognised as part of the renewals process every year, whereas other firms only have to be authorised once – effectively receiving "lifetime […]
OFT slaps £246,655 fine on three estate agents
Three estate agents have been fined a total of £246,665 by the OFT for failure to comply with the Money Laundering Regulations 2007. Hastings International UK Limited (Hastings) is an estate agent with two premises in south London and was fined £47,966, they have until 24 April 2014 to appeal. Jackson Grundy Limited (Jackson Grundy) […]
Law Society condemns Land Registry reforms
The government’s proposed plan to privatise the Land Registry has received condemnation from the Law Society. They warned that the proposals could undermine the integrity of the register and said that: ‘granting and validating legal title must be carried out with impartiality.’ Jonathan Smithers, Law Society deputy vice-president and Conveyancing and Land Law Committee chair, […]
Remortgage lending soars by nearly half on last year
Remortgage lending went up by 48 per cent from last year, totalling £3.99bn, a recent report reveals. While the figures show a 5 per cent monthly drop in 2014’s monthly gross remortgage lending, down from January’s £4.2bn, this is an increase of £1.3billion from February last year. The LMS remortgage report showed that the average […]
Pensioners boost buy-to-let market
A property expert has predicted that the buy-to-let market will get a boost from pensioners looking for alternative investments. After the recent Budget announcement revealed plans that will allow pensioners to withdraw money directly rather than being forced to buy an annuity, Head of Residential Property at Napthens solicitors, Sarah Barnes, foresees the buy-to-let property […]
Surge in cash-buyers
Cash buyers are driving the housing recovery with levels at their highest since 2008. Hamptons International estimates up to 70 per cent of the 20,000 additional property sales recorded by HMRC in the first half of 2013 can be attributed to cash buyers. Research carried out by Hamptons International shows that cash buyers accounted for […]
MMR – Ready or not?
With only one month to go before the new mortgage rules come into force, the Council of Mortgage Lenders (CML) is preparing for the possibility of a rocky road ahead. The CML recently posted that ‘the sheer scale of the changes to firms’ systems and processes may affect transition to the new rules in the […]
42 per cent rise in first-time buyers
The number of first-time house buyers has risen by 42 per cent year-on-year, research has revealed. The latest First Time Buyer Opinion Barometer from LSL Property Services showed that there were 22,400 first-time buyer transactions in February 2014, compared to 15,800 in February 2013. Average first-time buyer deposits also fell by four per cent year-on-year, […]
RPSA annual conference 2014
The Residential Property Surveyors Association (RPSA), has today announced that there are only 2 weeks left to book to attend the RPSA annual conference. Held at the BRE in Watford on Tuesday 15th April, this conference marks the national launch of the most important development in residential surveying in years as the RPSA introduces the […]