A Review Of The Conveyancing Sector In 2018
It seems like only yesterday that we packed away the decorations and made the treacherous post-Christmas trip back into the attic to house our festive paraphernalia until next year. Within the blink of an eye we are here again; suffocated by additional lights, decorations and overly vibrant Christmas jumpers. Now that you have sent your […]
Legal Firms Vulnerable To Cyber Attacks When Working Remotely
According to a 2018 study, 70% of people globally work remotely at least once a week; these statistics have not gone unnoticed by the savvy cyber criminal. 80% of all businesses in the UK have seen an increase in staff working remotely over the past two years according to a recent report by CybSafe. However, […]
Millennials Place Importance On The Present Instead Of The Future
Despite the difficult market conditions and the feeling that saving for a home is a bit like climbing Everest in a pair of flip flops, millennials are still determined to make this feat their number one priority. A recent report by MoneySupermarket has found that the majority of millennials find saving for a house to […]
Act Now To Protect Your Conveyancing Firm From An Uncertain Future
The Royal Institution of Chartered Surveyors warned this week that the UK housing market has a tough year ahead of it. The organisation reported that the housing market has lacked impetus this year, due to Brexit uncertainty, lack of supply, affordability constraints and the possibility of interest rate increases. The most recent Market Tracker report […]
Special Offer For All Searches Clients From The ESTAS…
We are delighted to announce that our sister company Inside Conveyancing are continuing to sponsor The ESTAS Conveyancer Awards in 2019 and there is a direct benefit for you! Unlike other awards The ESTAS are unique as the only judges are your clients who complete an online customer service survey. This year nearly 8,000 clients […]
Only 2% Of Private Renters Understand Their Rights
Despite the fact that a fifth of the UK population, or over five million people, currently privately rent in the UK, the majority of tenants are oblivious of their rights. According to a recent report of over 1,000 people, carried out by Just Landlords, almost all tenants are dangerously uninformed over their rights when it […]
Letting Agents Convicted Of Defrauding Tenants and Landlords
Three unscrupulous letting agents have been convicted of fraud within the last week. Following a mammoth trial that lasted a total of five weeks, the three agents were found guilty of defrauding innocent tenants of their rental deposits as well stealing rental money from landlords. In total, the Blackfriars Crown Court heard from 30 witnesses. […]
Number Of House Hunters In November Hits Six Year Low
Within the property market, 2018 will be remembered for a time of uncertainty and the slow deterioration of property prices. The NAEA Propertymark housing report for November has corroborated other figures and statistics which suggest the market is struggling as December comes to an end. Although November and December are slow months as home buyers […]
ICO Given Increased Powers To Fine Directors For Spam Calls
The Information Commissioner’s Office (ICO) have been granted new powers which allow it to fine bosses for spam calls. As of this week, starting on the 17th December, company directors and senior officers could be held personally liable for nuisance calls, and be forced to pay up to £500,000 for any breaches. The ICO has […]
£10,000 Property Reduction Caused By Consecutive Monthly Price Falls
Rightmove’s December property index has found that two consecutive and significant property price drops has meant that properties are now £10,000 cheaper than they were three months ago. The price of property coming into the market at present is 1.5% cheaper than it was in November, this equates to a reduction of £4,496. Alongside November’s […]
Southern Buyers Prosper Most From Stamp Duty Exemption
Data released from HMRC has highlighted that Southern first-time buyers (FTBs) are more likely to benefit from Stamp Duty Land Tax exemptions because more northern properties fall below the £300,000 threshold set out in the November 2017 budget. HMRC had reported that 58,800 FTBs claimed first-time buyer relief (FTBR) in the third quarter of 2018. […]
Foreign Buy-To-Let Investor Market Shrinking
At the start of October, Theresa May used the Conservative Party Conference to announce plans to increase the Stamp Duty Land Tax on foreign buyers. The policy aims to increase the current additional tax from 1% to 3%. During the unveiling of the new tax, the Prime Minister claimed that 13% of London based homes […]
Home Ownership Aspirations Declining In Young Adults
In many ways advancements in technology has made the lives of young people a lot easier, better connected and well-informed. However, as house prices have escalated at a faster pace that wages have grown, acquiring a property has been a very difficult proposition. A recent study of 1,000 Brits, by MoneySuperMarket, has identified the modern […]
The Death of Emails Could Eradicate Cyber Crime In Conveyancing
An expert has predicted that in only five years law firms will stop using emails to be replaced with a more secure means of communication. Cyber crime is happening all the time and becoming more and more sophisticated. Law firms are particularly targeted due to a lot of sensitive information held on clients and their […]
More Firms Looking For Specialist Regulation
In October, we revealed that three firms had taken advantage of the lapsed SRA indemnity insurance run-off requirement by moving from the Solicitor Regulation Authority (SRA) to the Council for Licensed Conveyancers (CLC). Conveyancing specialists Fidler & Pepper Lawyers, AV Rillo and Clutton Cox all made the move to the CLC, citing the specialist regulator […]
HMLR Hit With Widespread Digital And Phone Technical Issues
HM Land registry (HMLR) have boasted that their digital, holistic Local Land Charges (LLC) system will reduce official search times from “8 weeks to 8 clicks.” Unfortunately, the digital system that was supposed to avoid unnecessary and avoidable delays was blighted with ‘technical issues,’ disrupting its online and phone service for over 24 hours. Although […]
Conveyancing Firms Fall To Lowest Levels Since 2011
According to Search Acuman’s Conveyancing Market Tracker quarter three statistics, active conveyancing firms operating in England and Wales have fallen to their lowest levels since records began in 2011. In particular, the number of smaller conveyancing firms that are able to process and complete up to twenty-five cases per month have dropped by 10% in […]
Political Uncertainty Impacts Mortgage and Remortgage Completions In October
This week our nation has witnessed a Government in chaos; the Withdrawal Agreement vote in Parliament was cancelled which triggered a vote of confidence and a third of the conservative party in disagreement with their leadership. It is therefore little surprise that the property market continues to struggle amidst such overwhelming Brexit related uncertainty and […]
Conveyancing Firms At All-Time Low As Smaller Businesses Fall Victim To Market Consolidation
Number of active conveyancing firms in England and Wales down to the lowest since records began in 2011 The number of smaller conveyancers (handling up to 25 cases a month) has reduced by 10% in the last five years, while larger conveyancing firms (handling over 50 cases a month) has risen by a third (31%) […]
FATF Critical Of Legal Sector’s AML Systems
The intergovernmental Financial Action Task Force have produced a report this month assessing the UK’s ability to combat money laundering and terrorist financing. Overall, the report claimed that the UK’s ‘AML/CFT regime is effective.’ However, the report was critical of both the regulators’ ability to supervise and the legal sector’s ability to effectively apply preventative […]