Active Buyers And Sellers Looking For Increased SDLT Relief
Over half of home buyers and sellers believe Boris Johnson does not consider the housing sector to be a Governmental priority as he heads out on his campaign to win the December 12th election. Overall 55% of active buyers and sellers believe improvements to the property market will be swept aside in favour of more politically palatable alternatives, […]
Government Announce Infrastructure Funding Increases
A £250 million investment into vital infrastructure has been announced. The investment, announced by the Chancellor, will attempt to unlock over 20,000 homes nationwide. The money will be used to pay for schools, roads and public transport in areas of the country where homes are needed and in places people want to live. The Government […]
Search Acumen Comments On HM Land Registry Complex Commercial Transactions And Infrastructure Development Launch
Caroline Robinson, Commercial Real Estate Business Development Manager at Search Acumen, comments: “Managing due diligence and planning around complex commercial real estate transactions can be fraught with risk. Relying on paper trails which take months to collate mean that problems can be overlooked, and issues not identified until a development is in process. This can […]
Legal Tech App Aims To Improve Conveyancing Efficiency
Legal technology specialists have created an app which accurately assesses the conveyancing readiness of a property. An app which Teal legal hope will create a smoother conveyancing process consumers will begin to enjoy. The product will improve their current offering, Home Owners Passport (HOP), by digitally transferring HM Land Registry data in addition to other […]
Pre Brexit Property Rush Causes 20% Stamp Duty Increase In Q3
Property transactions have increased by 14% between the second and third quarters of 2019. The 268,400 transactions in the second quarter of the year were dwarfed by the 305,100 transactions completed between June and September. This was obviously good news for Government coffers with Stamp Duty Land Tax contributions increasing by a fifth and surpassing […]
Labour Announce Radical Home Efficiency Policies
The Labour Party has announced radical plans to ensure all new build homes are ‘zero carbon’ and all existing homes are upgraded to become more energy efficient by 2022. This vision would come to fruition by implementing increased efficiency standards, use low carbon or renewable energy sources, triple-glaze windows, avoid fossil fuel heating systems as […]
SRA Order Cyber Crime Thematic Review And Increase AML Enforcement
Following the news that the average loss to a law firm suffering a fraudulent attack last year was over £173,000, the Solicitors Regulation Authority (SRA) is conducting a thematic review into the impact of cyber crime in the legal sector next year. According to data revealed at this year’s COLP/COFA Compliance Conference, 23 law firms […]
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. […]
OneSearch Direct Launches Industry-Wide Survey For Conveyancers
OneSearch Direct, the largest local search data company in the UK, has launched an industry-wide survey to seek clarification on what truly matters to today’s conveyancers in the UK. Open to everyone who works within the conveyancing industry, the survey will determine where priorities lie when it comes to search providers, value added services, and […]
Avoiding Disciplinary Processes For Inefficient AML Checks
Do you carry out ID and source of funds checks? Join Lawyer Checker and Thirdfort for a free webinar on how Thirdfort can reduce your law firm’s anti-money laundering (AML) administration. Thirdfort is the latest in Lawyer Checkers innovative suite of products helping to defend law firms against the persistent threats lurking in the legal […]
FCA Amend Rules To Help Free Mortgage Prisoners
Mortgage prisoners should be feeling more confident in finding a better deal after onerous and unfair barriers have now been removed. Earlier this week, the Financial Conduct Authority (FCA) announced that many mortgage customers trapped in their mortgage deals could now access better deals. The new rules encourage lenders to use a more proportionate affordability […]
Fifth Of SRA Regulated Firms Flounder In AML Regulation Quagmire
An SRA review has highlighted a deep issue of anti-money laundering non-compliance entrenched within the legal sector. Over a fifth of firms reviewed by the Solicitors Regulation Authority (SRA) have failed to create the required firm risk assessment protocols to adequately protect against the proliferation of illicit money. In the last year, a new annual […]
Mortgage Activity Resilient In September
Key mortgage market indicators suggest continued stability in the sector, at least in terms of committed buyers entering the market. Net mortgage borrowing remained consistent with previous months, falling slightly from £3.9 billion to £3.8 billion in September, according to Bank of England analysis. This figure means the annual growth rate falls in line with […]
The Difference Between Call Handling And Enquiry Handling
In our first blog, Sarah Brocklebank of The Move Exchange considered how the person who answers the phone in your business positively or negatively affects the caller, and how we might be able to influence and measure that. In our second blog Sarah considers the difference between call handling and enquiry handling and how we […]
Conveyancers Complicit In UK’s Money Laundering Woes
421 properties worth over £5 billion were bought in the UK using suspicious wealth. Stakeholders responsible for the prevention of money laundering through property transactions have been accused of struggling to stem the flow of illicit money, according to the recent report ‘At Your Service,’ compiled by Transparency International UK. Of the total number of […]
Don’t Let The Proverbial Hit The Non Compliant Septic Tank In 2020
Over a million UK homes will be affected by new Environment Agency regulations from 1st January 2020. From this date, all people residing, building, owning or buying a property which is not attached to the mains drainage network will need to adhere to updated General Binding Rules. Currently, around a million properties in the UK […]
Are You Ready For Pro Bono Week?
This year’s Pro Bono week is taking place on the 4th – 8th November 2019. This is the 18th year the week has been recognised. The week is designed to provide an opportunity to encourage and recognise the voluntary contribution of lawyers in giving free legal help to those in need. There are four key […]
Rentcharges On The Rise – What Conveyancing Firms Should Be Aware Of
You may not be a big movie fan, but I’m guessing you’ve probably seen Jurassic Park at some point – you know the one, scientist ‘resurrects’ dinosaurs, creates theme park, dinosaurs run amok, and repeat. In the first Steven Spielberg-directed film, Jeff Goldblum plays Dr. Ian Malcolm and on learning about the park, the dinosaurs […]