October Seller Activity Plunges To 10 Year Lowpoint
The number of sellers looking to enter the market have fallen considerably in October. Compared to the same time last year, seller activity has reduced by 13.5% with the 24,539 new listings per week representing the lowest total at this time since October 2009, according to Rightmove’s Housing Index for October. Unsurprisingly, given the short-term […]
Security Risks In The Conveyancing Sector – A Look At Anti-Money Laundering Regulations And The Impact On The Conveyancer
Today, protecting against risk has never been more critical for conveyancers. But, as criminals find newer and more effective ways to commit fraud, neither has it been more challenging. Of course, the conveyancing market is particularly attractive to lawbreakers, with solicitors and law firms regularly holding large sums of money on behalf of clients. And, one significant threat facing the sector is that […]
Estate Agents In The Fight Against Money Launderers
Estate agents may be forced to hand over private information (bank account details, company information, etc.) belonging to buyers of high-value properties in some parts of London; this is a proposal being forward by the Home Office and should come as no real surprise bearing in mind the amount of ‘dirty money’ that is allegedly […]
Property Sector Worst Hit Since Referendum Claims Economic Report
The number of UK businesses in significant financial distress has risen by 22,000 to 489,000 in the past year with businesses in the property sector and construction industry hit worst of all. According to the red flag research, conducted by Begbies Traynor, the real estate and property sector has faced the largest decline into financial […]
Right To Shared Ownership Shake Up Confirmed By MHCLG
Housing Secretary, Robert Jenrick, has confirmed the implementation of a number of measures designed to help lower income households gain a foothold onto the property ladder. The Government had pledged to reform the shared ownership model in August, allowing for buyers to step up in 1% increments as opposed to the current model which restricts […]
Guidance on VAT Disbursements
The Law Society has issued guidance around VAT treatment of disbursements and expenses following on from a decision made of the First-tier Tax Tribunal in Brabners LLP v The Commissioners for her Majesty’s Revenue and Customs (HMRC) (2017 UKFTT 0666) . Brabners LLP were treating the cost of property searches as disbursements and as a result were not […]
Over 50s Opt To Downsize Over Releasing Equity
Despite the rise of equity release as a viable option in becoming financially secure in older age, downsizing is still a lot more popular amongst people aged over 50. Over a third of over 50s are considering downsizing in the future according to a report by Equity Release Supermarket. This may be welcome news to […]
Dishonest Solicitor Struck Off For Condoning Property Overpayment
A solicitor guilty of ‘dishonest conduct’ has been struck off the roll by the Solicitors Disciplinary Tribunal (SDT) for failing to protect the best interests of his client after allowing a property to be purchased significantly over the asking price. A resident of Saudi Arabia instructed the conveyancing services of ALD Legal Solicitors to oversee […]
First Time Buyer Mortgage Completions Reach 12 Year High
First-time buyer levels have now reached their highest levels in over 12 years. According to UK Finance mortgage data figures, more first-time buyers are obtaining finance for a mortgage than before the financial crash. 35,010 first-time buyers were able to secure a mortgage last month; numbers which have not been seen since August 2007 when […]
How To Measure Your Call Handling
In the first of a two part blog, Sarah Brocklebank of The Move Exchange invites you to consider how effective your firm’s call handling is. Do you have different call routes for existing customers and new customers? How do you ensure your call handling is positively affecting your client’s and prospect’s behaviours? And do you […]
Embracing the Digital Revolution: Proptech Developments and the Impact on the Conveyancing Process
Developments in artificial intelligence, automation and machine learning are reshaping the world of business. And, the conveyancing sector is no different, with property professionals increasingly turning towards Proptech to help meet the needs of the market. Traditionally, the property industry has been very labour intensive. Searches, enquiries, and the time spent chasing answers can make […]
The Latest Advice On Avoiding Conflicts Of Interest In Conveyancing
Back in November 2018, we reported on a case whereby the SRA brought action against Manchester firm Sleigh Son & Booth for four separate offences of conveyancing conflict of interest. In doing so, they showed that the firm had acted on behalf of both vendor and purchaser in dozens of transactions, without informing the parties […]
HMLR Committed To Collaboration And Technology
The HM Land Registry Local Land Charges fifth annual conference took place in Birmingham recently, leaving delegates buoyed about the potential future direction of the sector. Overwhelmingly, delegates were impressed with HMLR’s drive towards a digital future and the inherent time benefits which will be a consequence to the home buying and selling process. Mike […]
SearchFlow Wins Silver At The Customer Experience Awards 2019
SearchFlow – the UK’s leading provider of conveyancing search solutions and legal reports – has won a Silver award at the prestigious UK Customer Experience (CXA) awards, for its work in implementing notable customer experience initiatives that have delivered significant advantages to its legal clients in the professional services industry. The Silver Professional Services award […]
Property Related Complaints And How You Can Avoid Them
We handle many complaints on behalf of property firms, so have a very good understanding of where things can go wrong when handling property transactions; we want to share some of these with you so you can try and avoid such complaints being made against you! One of the sources of complaints comes from a […]
Benefits Of Offering Clients The Property Alert Service
Fraudsters are becoming increasingly sophisticated with the systems they use to commit property fraud, using new technology and the ability to access personal data. The average cost to a victim of property fraud is over £100,000 and with fraud on the increase, alongside increasing their in house protection systems, should conveyancers also be looking at […]
Are Reservation Agreements Needed To Reduce Fall-Throughs
Back in the summer, the Government confirmed they would be completing a thorough 10-month research and trial into reservation agreements to see whether it would secure the home buying and selling process. Currently, an offer can be withdrawn until contracts are exchanged which puts a transaction at high risk of falling through. This issue is […]
Two Thirds Of Retirees Plan Not To Downsize
Estimates from research conducted by Canada Life have suggested that an increasing amount of people will look to raise income by releasing equity from their homes and nearly 14 million plan to keep their current property rather than downsize. With an increase of 5% since research conducted in 2016, over two thirds of adults say […]
Solicitors Urged To Submit Frozen Asset Report
Risk management and compliance consultancy service provider, Legal Eye has urged solicitors to act now if they are holding client money on account that is subject to financial sanctions. Legal professionals have until tomorrow (11th October) to check the latest HM Treasury consolidated list of asset freeze targets to make sure lawyers are not holding monies belonging to a client that is subject to financial sanctions. […]
New Looming Obligations On Conveyancers
You never go to a conveyancing conference expecting flowers, blue birds chirping and the sweet sense of relaxation and ease waiving over you. The Law Society Property Section Conference today has certainly played to form. About 200 conveyancers listened to this mornings session as reminders were given about all the new obligations that are coming, […]