Future Climate Info Launches New Planning Report With Intelligent Capture Technology
Innovative environmental data provider delivers essential new conveyancing planning search with unique wider investigation features. Future Climate Info (FCI) has today launched a range of planning search data products for residential conveyancing professionals and search resellers. Planning reports have been a feature of conveyancing searches for several years but have often been viewed with some […]
British Majority Favour New Build Construction In Local Communities
Levels of people in support of more homes being built in their local area has plateaued in 2018. 57% of the population are looking for more new homes being built in their local area, according to ‘Public attitudes to house building Findings from the 2018 British Social Attitudes Survey’ conducted by the Ministry of Housing, […]
Digital Mortgage Deeds Hit 1,000: Digital Future Or Harbinger Of Risk?
![At the start of October, the 1,000th digital mortgage deed was registered with HM Land Registry (HMLR) with many heralding the accolade as promoting the property sector’s digital future. HMLR claim that the digital process, which is currently restricted to remortgaging, is speeding up the process, making it a lot more convenient and efficient for consumers. Some customers have boasted 3-day turnaround times on their remortgaging completions, shattering the average 18 days it takes to finalize the paper process. In part, reduced delays are avoided because paperwork trails are minimized with the portal system able to track the journey, highlighting any outstanding work and reminding key stakeholders of their obligations in the process. Furthermore, the online process allows for work to be completed at any point in the day and is not slowed by the postal service; offering instantaneous communication for all stakeholders. However, some people view this service as dangerous and a potential harbinger of online threats and increased property fraud with some viewing the system as a ‘fraudsters charter,’ offering information to potential criminals. In fact, recent data suggests HMLR are becoming a lot more adept at preventing fraudulent applications before they are completing. During the financial year 2017/18, 25 fraudulent applications were stopped, protecting property worth £15,684,000. However, between 2018/19, 47 properties were saved from criminal clutches by HMLR, according to recent freedom of information data. The number of indemnity claims made for fraud and forgery have also declined from 26 in 2017/18 to 18 in 2018/19, with payments also declining from £2.6 million to £0.4 million. Others also suggest it could be used to the detriment of vulnerable homeowners or occupiers, citing the Royal Bank of Scotland PLC V Etridge (No. 2) [2002] UKHL 44 case which found eight cases of undue influence between married couples where homeowners mortgaged their properties to secure loans used by the husbands to help support their businesses. The court found that lenders are obliged to make sure all parties obtain independent legal advice if the remortgage or loan will only benefit one person and concerns the matrimonial home with some anxious that the digital system could be manipulated to circumvent past laws. As HMLR look to roll out the digital mortgage process to all areas of mortgaging in the near-future, insurances of a robust safeguarding protocol is vital to protect all stakeholders from property fraud. Peter Frost, Chief Operating Officer at Coventry Building Society, said: “We’re delighted that this industry leading initiative to speed up property transactions has reached such a fantastic milestone. “Feedback from remortgagors has been very positive, with customers finding the process simple, quick and secure. “We’re proud to have worked with HM Land Registry and Enact Conveyancing on this initiative and are excited about the potential for it to be extended to purchases in the future.” Is the digital process vital to ensuring a customer-centric, efficient and swift mortgage process? Or, does it present a heightened level of cyber risk?](https://todaysconveyancer.co.uk/wp-content/uploads/2019/10/Digitisation-Of-The-Mortgage-Process-Increasingly-Appealing-To-Consumer-2.jpg)
At the start of October, the 1,000th digital mortgage deed was registered with HM Land Registry (HMLR) with many heralding the accolade as promoting the property sector’s imminent digital future. HMLR claim that the digital process, which is currently restricted to remortgaging, is speeding up the process, making it a lot more convenient and efficient […]
Less Than 6 Months Until PPR And Lettings Relief Changes Take Effect
Just 6 months to go until another unpopular tax change, in this case concerning amendments to principal private residents (PPR) relief from capital gains tax (CGT), comes into force. Following the 2018 Autumn Budget, the Government looked to shake up the relief offered to private residents and landlords concerning final period exemptions and lettings relief. […]
Better Support Needed For Conveyancers Undergoing Fertility Treatment
In the wake of National Fertility Week, a recent survey revealed that just two in five UK employees said they felt supported by their managers when experiencing fertility problems or undergoing fertility treatment. In the poll of 4,000 UK employees, of approximately 1,000 staff who had endured fertility issues, 51% said they needed to take […]