Home equity hits record £5.7tn
The recovery of house prices in the UK and the increasing number of un-mortgaged and wholly owned properties has driven the value of equity in the UK housing stock to £5.7tn. 78% of the average property is owned in cash with over 55’s holding an average of £321,213 equity in their homes. Their collective property […]
Q&A reveals what is in, and out, of the Leasehold and Freehold Reform Act 2024
A question & answer document provided by the Association of Leasehold Enfranchisement Practitioners (ALEP) has revealed what is included, and more importantly what is not included, in the Leasehold and Freehold Reform Act 2024. The act scraped through Parliament on the final day of the Conservative government ahead of the General Election in July. Despite […]
Law Society outline TA6 consultation next steps
The Law Society of England and Wales have written to all those who registered for the TA6 consultation to outline plans and timescales for the next steps of the process. The Law Society have engaged a third party company to conduct the research and report back its findings ahead of any proposed amendments to the […]
Fine for solicitor who acted on both sides of property transaction
A solicitor who acted on both sides of a property exchange has been fined by the Solicitors Regulation Authority (SRA) for breaching Principle 7 of the SRA Principles 2019, failing to act in the best interests of each client. Stephen Vasey, a solicitor and partner at Walter & Plaskitt Solicitors in Stoke, was acting for […]
Record-breaking month for mobile app that ‘transforms’ lawyer-client communication as firms’ focus on the client experience
The pioneering mobile app that was one of the first to pave the way for clear communication between legal professionals and clients on a mobile device, inCase, saw a record breaking month for client sessions last month, as law firms prioritise investment in client-facing technology to improve the client experience. inCase recorded a new high for […]
Busiest day of the year for moving
Friday 30th August is set to be the busiest moving day of the year with over 20,000 home moves expected. Analysis of 650,000 removal quotes from 201-2023 found August has been the most popular month to move home for the last 12 years. The research has been conducted by HomeOwners Alliance and reallymoving who found that […]
The first Bank of England rate cut in four years
At the beginning of August, the Bank of England announced a cut in the base rate of 0.25% from 5.25% to 5% – the first rate cut in four years, although the decision was a narrow one in favour of the cut. So, how has the market responded? There is a report from Rightmove of […]
Land Registry Delays – Conveyancers hit back
Delays at HM Land Registry is costing the property profession thousands of pounds in lost administrative time and effort… and potentially consumers looking to take advantage of falling interest rates. Clients looking to remortgage now, with mortgage rates reducing again, will be less than pleased at not being able to process their transactions due to […]
CoPSO Chair to step down
Long-time Chair of property search standards association The Council of Property Search Organisations (CoPSO), James Sherwood-Rogers has announced he will step down at the end of September 2024 Launched in 2003, CoPSO has ‘enabled the creation of the modern search industry’ say Sherwood-Rogers, who has chaired the organisation for over 10 years. It has played […]
UK the slowest home moving nation
Home moving in England and Wales takes an average of 179 days from listing to completion; the slowest home moving completion timescales in 12 home moving nations. Across the 12, the average transaction takes 110 days with the US leading the way on 53 days from listing to ‘closing’. The research has been undertaken by […]
Transforming Conveyancing Processes With Digital
The conveyancing industry has long been burdened by manual processes that lead to inefficiencies, time delays, and potential errors when performing tasks. As a former paralegal, I’ve experienced firsthand the frustrations of traditional conveyancing methods that are no longer fit for purpose. “Digital” is the way to go. Digital solutions offer the ability to transform […]
Over 1200 conveyancers sign up to TA6 consultation
The Law Society of England and Wales have confirmed over 1200 conveyancers have registered to take part in the upcoming Property Information Form TA6 consultation launched in response to the backlash from the profession following its introduction in March of this year. The deadline for registration passed on Friday 16th August. The conveyancing profession hit […]
Are conveyancers prepared for Labour’s home building programme?
Conveyancers must be prepared to manage the additional workload brought by the Labour government’s house building targets as new figures show a continued decrease in the number of firms undertaking conveyancing work in England and Wales. The warning comes from from property data company Search Acumen whose latest Conveyancing Market Tracker shows a 3% reduction […]
Deadline to have your say on TA6 – Friday 16th August
The deadline for conveyancers to register to be involved in the TA6 consultation is on Friday 16th August. The Law Society of England and Wales says it has had over 1,000 conveyancing professionals register to take part. The consultation was launched on 10th July with solicitors, licensed conveyancers or other professionals working in conveyancing being encouraged […]
Search tie up for home moving platform to “do more in one place”
Home moving and sales progression platform adoor has announced it will be able to provide conveyancing searches directly from its portal through a partnership with search provider Elan. Local Authority, Drainage and Water and Environment reports will be accessible without having to leave the adoor system, updating the relevant field within the workflow automatically. It […]
Diary of a High Street Conveyancer: Fall-through Friday
I am acting for a lovely young couple. They are buying their first home together and are very excited about it. This is the second house that they are trying to buy – the first house had a loft conversion with no consents; the usual issues had arisen around the Particulars of Sale indicating the […]
CPD Webinar: Completion Day Nightmares – What to do When Things go Wrong?
Completion failures can result in lost deposits, breach of contract and financial compensation claims. Even after exchange of contracts, a property transaction is still exposed to risk. Mortgage offer withdrawals, redundancy, bankruptcy, broken chains, or even removal issues can result in completion defaults. It’s crucial that solicitors know how they can successfully resolve any of […]
Trainees should see increase in recommended minimum salary
Aspiring solicitors should be paid £24,320 outside of London and £27,418 in the capital for qualifying work experience (QWE) for the Solicitors Qualifying Exam (SQE) or during their training contract, the Law Society of England and Wales said today. “The increase in recommended salary for aspiring solicitors is considered appropriate at this time,” said Law […]
‘Strategic rebrand’ for home moving app
A home moving app which aims to automate property compliance and simplify home moving has announced it will rebrand as part of a ‘significant evolution’ in its mission. MoveGenius will rebrand to Snappily, a name they say ‘reflects our vision of making the home moving process faster, simpler, and more efficient, encapsulating the essence of […]
Firms who generate most complaints should pay more – CLC
The Council for Licensed Conveyancers (CLC) has launched a consultation on proposals to change how its contribution towards the Legal Ombudsman is paid, so that those firms who generate more complaints contribute more to the levy. The proposals are designed to “provide a stronger incentive for the small number of firms that generate disproportionate levels […]