SRA Risk Outlook 2018 and what it means for you: explained!
You may have seen our recent article about the two new key areas of concern raised by the SRA in their recently published Risk Outlook; Managing claims, and Cyber security. Along with a whole host of other observations and steers from the SRA within the Risk Outlook, it’s often difficult for busy practitioners to find […]
What does the flood of failing estate agents mean for conveyancers?
Following the news that primary estate agencies in England and Wales had shrunk by 3.09% within a year, doubts have been cast over the fate of the current conveyancing sector. It would seem that the successful conveyancer needs to consider a range of factors in order to succeed in the current market. Changing technology and […]
Stamp Duty Cuts for the elderly could free up family homes
The hornets’ nest, that Boris Johnson kicked up earlier this week, is raging on with many speculating on how to best improve the flow of housemovers. Once again the issue of stamp duty relief was high on the agenda with Lord Best, a member of the All Party Parliamentary Group on Housing and Care for Older People, of the opinion that the […]
Remortgaging levels soar whilst house purchasing slows
Recent figures, published by UK finance, have highlighted a clear correlation between the recent interest rate rises and the property market in June. The main headline figures are not fantastic reading for the month of June as all house buying statistics suggest that they are down on the month of June from 2017. The 34,900 […]
The Law Society vehemently opposes recent SRA reform proposals
A press release by The Law Society earlier today has firmly rejected the proposals made by the SRA into transparency reform because they would severely reduce consumer protections, rather than create transparency and increased choice. Christina Blacklaws, Law Society president said: “The Solicitors Regulation Authority (SRA) appears to be pursuing a deregulatory agenda based on […]
Stamp Duty should be stamped out – at least temporarily
Whilst the world has been vilifying former foreign secretary, Boris Johnson, MP for Uxbridge and South Ruislip, he has been berating current government policy concerning stamp duty. The article warned that young people are feeling beaten by capitalism, with more losing confidence in a system where it is so hard to actually ascertain property. Other […]
First-time buyers forced to pay record breaking deposits
Recent Halifax data has tracked the average national deposit for a first-time buyer at an unassailable £33,127. Staggeringly, this is a colossal increase of 71% when compared with the 2008 deposit figures of £19,364. In part, this is a product of steadily rising house prices. According to the recent figures, house prices have increased by […]
Tesco Remortgage range offering £1000 cashback
Through a new remortgage product, Tesco remortgage customers are being offered a cashback amount ranging from £250-£1000 or they can take advantage of a free conveyancing service. Julian Hartley, director of mortgages, savings and loans, said: “We are delighted to be offering cashback on a range of remortgage products, offering customers greater choice when they […]
First-time buyers baffled by stamp duty relief
Despite government attempts to help first-time buyers, a recent report by L&C Mortgages has revealed that almost a third are still confused by the stamp duty changes. Astonishingly, and in spite the government widely publicising the fact that first-time buyers have saved 284 million in stamp duty fees, 31% of first-time buyers remain unclear if […]
The Legal Services Board approves of SRA price transparency regulations
The Legal Services Board (LSB) has unequivocally agreed with the recent Solicitors Regulatory Authority’s (SRA) price transparency reforms. Under the new regulations, the SRA has said that all costs should be “clear and accessible,” ideally on the homepage. It was also adamant that all “basis for your charges, including hourly rates or fixed fees” must be […]
Embracing Proptech is the future according to conveyancers
According to Property Week’s recent survey, conveyancers are excited by the increased use of proptech in the property industry. The report found that 61% of respondents believed that technology will only have a more positive effect on the home buying process and company revenue over the next five years; this statistic has risen from the […]
London Property Market is cooling whilst Manchester and Birmingham heat up
In a time when house sales remain flat or falling, propcast have issued their figures for August, informing the public about how different regions fair in terms of house selling. According to HMRC statistics: “UK home sales fell by 3% to 96,340 in June. In the three months to June sales were unchanged from the […]
Should agents and conveyancers encourage improved communication between all property professionals?
A recent joint memorandum made by various sections of the Northern Irish property professionals has indicated that improved communication is important to ensure a smooth and swift home buying experience. The Joint Memorandum on improving communications between professions states: “The Law Society of Northern Ireland, the Royal Institution of Chartered Surveyors (NI) and the National […]
Sadiq Khan claims the Draft Tenants Fees Bill does not go far enough to protect tenants
The Mayor of London, Sadiq Khan, has criticised the Draft Tenants Fees Bill which looks at bolstering the rights of private rental tenants. Whilst home ownership continues to decline and getting a foot on the property ladder is more difficult than ever, it is no surprise that the UK rental market has increased. In the […]
Buy-to-let landlords lumped with more potential tax increases
Following on from a recent article highlighting the interest rate implications for buy-to-let property owners, it would seem that the government are considering a stamp duty surcharge on additional homes, holiday homes and buy-to-let property. Ex chancellor, George Osbourne, introduced a three per cent surcharge in April 2016 for additional property. It has now been […]
SRA issue warning notice on solicitors providing banking facilities through a client account
Under the updated rule 14.5 of the Solicitors Regulation Authority (SRA) Accounts Rules, the SRA have issued a warning notice on how all practitioners who have any involvement in holding or using money received for clients or others. Rule 14.5 of the SRA Accounts Rules states: “You must not provide banking facilities through a client […]
Tenants will be the real victims of the recent interest rate rise
Following The Bank of England’s decision to increase interest rates from 0.5% to 0.75%, industry insiders have revealed that buy-to-let landlords and first-time buyers will be most affected. This in turn means that private tenants will be the real losers as landlords pass the price increases onto tenants through increased rents. Nick Marr, co-founder of […]
Report claims only 27% of legal service users ‘shop around’
A recent report into how consumers are choosing legal services has found that users are driven by many factors, but they are not shopping around for legal services. Shockingly, the report, carried out by the Legal Services Consumer Panel, claims that only 27% of legal service users shop around before using a company. Because of […]
Conveyancer comments on Leasehold reform proposals
Following a recent article regarding leasehold reform possibly not helping leaseholders enough, some conveyancers believe that freeholders’ rights and needs should also be considered. Are ‘multi-millionaire’ freeholders exploiting the system or innocent pensioner investors being ignored? In their critical report on the Law Commissions reforms, Leasehold Solutions claim: “It is also disappointing that the Law Commission […]
Manchester Housing Business set to increase following Shoosmiths new Manchester team
The law firm Shoosmiths have opened a new residential development practice in Manchester. The fresh team, headed up by Tony Nutting and supported by conveyancers Laura-Louisa Betts and Emma Burns, will aim to offer end-to-end service for residential developers in the region. It is hoped that the move will help the business cover greater sections […]