Agents still failing to provide material and up front information
Recently conducted research has concluded estate agents continue to fail to provide material and up front information for would-be home buyers, falling foul of consumer protection regulations. The Consumer Protection from Unfair Trading Regulations 2008 superseded the Property Misdescriptions Act 1991 in 2013, effectively requiring estate agents to provide ‘material information’ for the benefit of […]
What is Horizontal Digital Integration: And why is it relevant to conveyancers?
In the complex world of home buying and selling, where multiple stakeholders work together—from lenders to conveyancers, surveyors, and estate agents—a new digital transformation approach is emerging: Horizontal Digital Integration (HDI). Developed as a strategic methodology, HDI isn’t a single technology or platform. Instead, it serves as a framework for building a connected ecosystem where […]
SRA sounds warning on client account interest income
The Solicitors Regulation Authority (SRA) has sounded a warning to firms reliant on client account interest income with a consultation to be launched next week which may result in reform of accounts rules and changes to the compensation fund. SRA Chair Anna Bradley has indicated reform to tighten the rules on client account interest and […]
“Invasive” bamboo warning as 1 in 4 homebuyers would walk away
Conveyancers and homebuyers are being warned of the potential impact of bamboo on properties as awareness grows of the damage it can cause, with a 50% annual increase in enquiries for bamboo removal relating to property transactions in the last six months compared to the same period last year. The research has been conducted by […]
“Contrived” MDR claim leaves £80,000 SDLT bill
A ‘contrived’ attempt to claim Multiple Dwellings Relief (MDR) on a property has left the owner’s with an £80,000 tax bill after a first tier tribunal (FTT) ruled MDR did not apply. The property in question, a six-bedroom home in Upper Basildon, Berkshire, was transacted in August 2020. The tribunal was told the solicitors for […]
New “Ethical Principles” part of updated CLC Code of Conduct
Proposed changes by the Council for Licensed Conveyancers (CLC) to its Code of Conduct have been approved by the Legal Services Board (LSB) and will take effect from January 1, 2025. A revised code of conduct was put to CLC in a consultation at the end of 2023, placing increased importance on knowing your client, […]
“Property lawyers are not environmental experts” – but we must explain potential liabilities
Solicitors and property practitioners are not expected to be experts in environmental law but they must advise clients on the potential impact of climate change on property transactions and signpost them to further resources should the issue arise. In a panel discussion at the Law Society’s Property Conference, the message was clear and practitioners are […]
Climate change guidance consultation launched
A consultation on updated guidance for conveyancers around what to advise clients on climate risk has been launched by the Law Society of England and Wales. In April 2023 conveyancers were told it was their duty to advise clients on climate legal risks when acting in transactions; although they “should not advise on climate change […]
TA6 Consultation: Law Soc launches expert webinars
The Law Society of England and Wales have launched two webinars as part of its consultation and engagement around the TA6 fifth edition updates. The webinars will be pre-recorded and will be published during Property Week (14 to 18 October) covering topic areas where members have asked questions or expressed concern. The Law Society are […]
Monthly forum to address the Building Safety Act launched
A monthly forum to address the challenges presented by the Building Safety Act has been launched to help conveyancers understand the implications of the legislation, and navigate their way around its intricacies. Conveyancing trainer and author Ian Quayle of IQ Legal Training will lead the interactive forum which encourages contributors to ask questions and seek […]
Navigating the SRA AML Questionnaire: Key Insights for Law Firms
The Solicitors Regulation Authority (SRA) has rolled out a new AML (Anti-Money Laundering) Questionnaire, and if you’re involved in managing compliance for a law firm, this is something you’ll want to pay close attention to. The questionnaire is designed to gather detailed information about your firm’s approach to AML, including your risk assessments, policies, and […]
Know your business checks for overseas entities launched
As part of the money laundering regulations firms are required to establish ultimate beneficial ownership (UBO) of companies and complete client due diligence. According to HM Land Registry figures, there are 280,021 homes registered to foreign homeowners; a combination of 2/3 owned by individuals, and 1/3 owned by overseas companies. In the last 12 months, […]
Anti-Money Laundering Supervision Arrangements: CLC policy update
In June 2017, The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations came into effect. The Council for Licensed Conveyancers (CLC) is one of the bodies appointed to supervise compliance with these anti-money laundering laws. A policy document outlines the CLC’s key governance arrangements, approach to supervision, and procedures for […]
Portals will not take action on Material Information failings
Property listings portals Rightmove, Zoopla and OnTheMarket have suggested they will not take disciplinary action again estate agents who fail to comply with the material information guidance published by National Trading Standards Estate and Letting Agency Team (NTSELAT). Estate agency publication The Negotiator has spoken to the portals who have said they will take a […]
Q&A reveals what is in, and out, of the Leasehold and Freehold Reform Act 2024
A question & answer document provided by the Association of Leasehold Enfranchisement Practitioners (ALEP) has revealed what is included, and more importantly what is not included, in the Leasehold and Freehold Reform Act 2024. The act scraped through Parliament on the final day of the Conservative government ahead of the General Election in July. Despite […]
AML and sanctions data collection – What you need to know
The Solicitors Regulation Authority (SRA) has recently requested law firms complete an anti-money laundering and sanctions data collection exercise. The SRA is required by Office for Professional Body Anti-Money Laundering Supervision (OPBAS) to take a risk-based approach to supervision and is requesting firms complete the requested information as full as possible. It will, they say […]
Over 1200 conveyancers sign up to TA6 consultation
The Law Society of England and Wales have confirmed over 1200 conveyancers have registered to take part in the upcoming Property Information Form TA6 consultation launched in response to the backlash from the profession following its introduction in March of this year. The deadline for registration passed on Friday 16th August. The conveyancing profession hit […]
Deadline to have your say on TA6 – Friday 16th August
The deadline for conveyancers to register to be involved in the TA6 consultation is on Friday 16th August. The Law Society of England and Wales says it has had over 1,000 conveyancing professionals register to take part. The consultation was launched on 10th July with solicitors, licensed conveyancers or other professionals working in conveyancing being encouraged […]
CPD Webinar: Completion Day Nightmares – What to do When Things go Wrong?
Completion failures can result in lost deposits, breach of contract and financial compensation claims. Even after exchange of contracts, a property transaction is still exposed to risk. Mortgage offer withdrawals, redundancy, bankruptcy, broken chains, or even removal issues can result in completion defaults. It’s crucial that solicitors know how they can successfully resolve any of […]
Reservation agreement tested in court as buyer told to pay £35,000
A buyer has been told to pay £35,000 in a case relating to the enforcement of a reservation agreement after a judgement found they were considered to have pulled out of the transaction unreasonably. The case was brought by reservation agreement guarantee service Gazeal, who secured the compensation laid out in their reservation agreement after […]