Increase in mortgage debt ‘doesn’t indicate underlying demand’
Bank of England figures reveal net borrowing of mortgage debt by individuals increased to £7.7 billion in June, from £3.3 billion in May, above the previous six month average of £4.9 billion. Net mortgage approvals for house purchases increased to 58,200 in June, from 56,000 in May – below an average of around 61,400 over […]
CLC seeks views on proposals for 4% increase in practice fees
The Council for Licensed Conveyancers (CLC) is seeking views on its proposals for an annual fee increase. A 4% increase in practice fees is proposed for the forthcoming licensing year, which begins on 1 November, with a 4% increase in licensing administration fees and a 6% increase in contributions to the compensation fund. The increases […]
Sharp summer slowdown sees sales agreed drop by 9%
Elevated mortgage rates and political uncertainty have created a sharper than usual summer slowdown that has seen agreed sales drop by 9%, according to Zoopla’s July house price index. However, the property portal is confident of a seasonal surge, based on data from the past three autumns. “The share of homes cutting their asking price […]
LeO publishes complaints resolution procedure following successful pilot
The Legal Ombudsman (LeO) has published its final Model Complaints Resolution Procedure (MCRP), a new framework and supporting guidance designed to help legal service providers resolve complaints. The guidance aims to help firms deal with complaints quickly and with more consistency, while also giving consumers a clearer route to resolution. The MCRP is voluntary and is […]
‘Reform-ready’ sales pack for listings launched
A ‘reform-ready’ sales pack that “delivers on the proposals in the government’s response to the home buying and selling reform consultation” has been launched by Landmark Information Group. Available at the point of listing, the bundle includes a regulated local search, a drainage and water search, and Landmark’s Homecheck Residential environmental report. The pack aims […]
Firm news: announcements from conveyancing and property teams
Foot Anstey conveyancing services partner Yanthé Richardson, former president of CILEX, has been appointed as a trustee of Spark21, the charity behind the Next 100 Years – an initiative dedicated to achieving equality for women in law. At Foot Anstey, Richardson (pictured above) leads a team specialising in transactional new-build development conveyancing work. She is a member […]