Government Respond To Select Committee Leasehold Review
The Government has issued a clear warning shot to solicitors putting their own needs in front of their client’s best interests. In the Government’s response to the Housing, Communities and Local Government Select Committee Report on Leasehold Reform, an issue was lodged concerning the relationship between conveyancers and developers constituting a conflict of interest. The […]
How You Can Reassure Your Clients Regarding The Abolishment Of Section 21 Notices
The Roof’s Falling In: How you can reassure your clients regarding the abolition of Section 21 Notices Speak to any landlord and one concern will regularly pop up in conversation – the fear of the law swinging in favour of tenants, making it harder for landlords to regain possession of their property. It is little […]
Major Leasehold Changes Offer Hope To Homebuyers
When you’ve campaigned for something for over six years, there’s always going to be a huge sense of joy when your work, that of your colleagues, and indeed, the entire industry finally pays out. That feeling was certainly there on the 27th June when the news came through that James Brokenshire, Secretary of State for […]
Housing Transactions Valued Over £1 Million Plateau In 2018
The number of housing transactions taking place with properties priced over £1 million increased marginally to record high sales. By the end of 2018, property sales for the rich and affluent increased by 1% to 14,638 property transactions exceeding £1 million. This represents a significant deceleration from the 5% growth in 2017 and the overall […]
Inside The World Of Super-Prime Real Estate
London can proudly boast the most expensive house in the world. Valued at £1.2 billion, Buckingham Palace, which is technically Crown property, is not only the costliest home on the planet but, with 775 rooms, it is also one of the most spacious. India’s richest man, Mukesh Ambani, holds the title to the world’s second […]
Almost A Fifth Of Home Sales Exceed Marketed Asking Price
Analysis of over 1 million property transactions has found that 16% were impacted by potential gazumping. Phil Spencer’s Move iQ and proptech firm Gazeal analysed 1.08 million property sales data published by HM Land Registry and compared them with the price the houses were originally marketed in the year to January. The research found that […]
LFS Conveyancing Awards’ Shortlist For Small Conveyancing Firm of the Year Category
The Law Firm Services Conveyancing Conference and gala dinner with awards ceremony have become a leading conveyancing event in the UK, with its array of innovative ideas, exhibitors and speakers. The 2019 event, which is sponsored by Groundsure, brings together the conveyancing industry to celebrate its achievements in the last 12 months, will take place […]
Did The Transparency Guidelines Affect You?
Just before Christmas you may all remember the rush to update your website to ensure you were compliant with the new transparency guidelines. What did you undertake to ensure you were compliant? Some rushed to implement a quotation calculator, whilst others detailed their fees and services. Since making the changes, have you noticed a difference […]
Boris Johnson Plans To Stimulate Property Market By Cutting Stamp Duty
During a recent husting in Bournemouth on Thursday evening, the potential future PM, Boris Johnson, outlined his plans for an emergency budget which would significantly cut stamp duty and reignite a stumbling property market. Boris Johnson told the group of Tory voters that the budget would overhaul the current stamp duty land tax (SDLT) thresholds […]
How Live Chat Is Changing Lead Generation For Conveyancers And Helping To Capture And Nurture Leads In Real Time.
As technology reshapes the very essence of how legal practices operate, we are all very aware of the value of the customer experience, particularly in a digital, fast paced and highly competitive conveyancing market. Conveyancers need to offer a more digitally-savvy and 24/7 response to meeting the needs of clients and prospects and it’s where […]
Recent Court Ruling Stamps Out Stamp Duty Avoidance
A stamp duty expert has lost an appeal after HM Revenue and Customs (HMRC) accused the property buyer of tax avoidance. David Hannah, owner of Cornerstone tax and expert in Stamp Duty Land Tax (SDLT) issues since 2003, bought a property worth £765,000 in 2011. After paying an initial deposit of £38,250 to the vendor, […]
Proptech Expert Discusses Role Of Technology In Conveyancing Process
Legal technology is still in its infancy and law firms are only beginning to scratch the surface in their understanding of how innovative tech can help the conveyancing process. The Government has recently invested £2 million in legaltech innovators, recognising the importance of ensuring the legal sector, currently worth £35 billion a year to our […]
UK’s Top 50 Law Firms Vulnerable To Economic Incidents
The UK’s top 50 law firms do not hold enough cash to cover an entire month’s wages if the sector suffered an economic setback. According to accountancy firm Smith & Williamson and website Legal Week, on average, the top 5o law firms hold monthly cash of £410 million. However, the average monthly payroll figures exceed […]
FCA Fine Bank Of Scotland £45 Million For Fraud Non-Disclosure
The Financial Conduct Authority (FCA) has fined the Bank of Scotland (BOS) £45 million for failing to disclose information about suspicions it held regarding suspected fraudulent activity within the bank’s Impaired Assets (IAR) team at its branch in Reading. The FCA found a history of uncooperative activity after the bank became suspicious of the actions […]
HMRC Data Reveal Plummeting Property Transactions In May
Annual property transactions in the year to May have fallen by 11.3% as political uncertainty continues to manipulate the property market. 89,810 residential property transactions were completed in May. This also represents a fall of 6.4% when compared with April’s transactions. Similarly, non-residential property transactions have also struggled in May as the 10,090 transactions represent […]
The Thickening Cloud: Brexit’s Impact On The Property Market
Since the referendum of 2016, the property market has been concerned about the impact of Brexit. Whilst property prices have continued to grow in most areas of the UK, prices have been slowing, buyers and sellers are reluctant to make a move and a Brexit storm has cast a murky outlook on the UK property […]
10% Of British Adults Own Additional Property Whilst Millennials Struggle
More than one in ten adults across Britain own an additional home, but there is also a trend that property wealth is increasingly distributed extremely unequally. The Game of Homes Report, carried out by the Resolution Foundation, found that 5.5 million people reporting property wealth between 2014-16 represented a 53% increase since 2001. The report […]
Experts Feel Less Despondent About Flat Property Market
The property market remains stagnant as buyer enquiries remain poor and new instructions continue to decline. In March, enquiries for new buyers entering the property market yielded a respondent net balance of -27% which remained unchanged in April and May. Whilst the number of new buyers looking to purchase property is not reducing, the figures […]
Bank Of Mum And Dad Could Be Closed To Future Generations
The retirees of tomorrow are less likely to look upon their property as inheritance they will pass on after they die. According to the Equity Release Council report, ‘Beyond bricks and mortar: the changing role of property in later life financial plans’– supported by Key, the UK’s leading independent equity release adviser, new pressures created […]
Bank Of Mum And Dad Become 11th Largest Lender Despite Reducing Transactions
‘The Bank of Mum and Dad’ (BOMAD) is set to become the 11th largest financial lender in the UK as older relatives offer loans worth a collective £6.3 billion to the younger generation. Despite the increase in financial support from the BOMAD, the money is being used to fund around a fifth fewer housing purchases […]