Rainfall and the effect on subsidence
In our last blog we defined subsidence and looked at the extent of the issue in the UK (average number of properties affected by flood in the UK annually is the same for subsidence). So what will be the effect of all the rain we have seen — surely subsidence is caused by dry […]
Homeowner confidence high
According to the latest Housing Market Sentiment Survey from Zoopla homeowners are more confident in the market than they were this time last year. 65% of home owners think house prices will rise over the next six months compared to 55% this time last year. Only 19% expected prices to fall during the same period […]
Stable December for market
The RICS December 2012 Housing Market Survey shows prices held broadly stable throughout December. In positive signs for the market, buyer interest has been on the increase translating to a small increase in transaction levels. RICS point to the gradual drift downwards of key fixed-term mortgage rates in helping buyer interest pick up. The BoE’s […]
SRA lays out Compensation Arrangements Review
The Solicitors Regulation Authority (SRA) has detailed a two-year review of the SRA Compensation Fund. The Compensation Fund is in place to replace money that a client has entrusted to a solicitor in his or her professional capacity, where the solicitor has either misappropriated or has otherwise failed to account for such money. All firms […]
First-time buyer lending up 11%
According to detailed analysis of the mortgage market, 2012 was the best year for high loan-to value lending since 2007, with an increase in lending to first-time buyers of 11%. The Mortgage Monitor from e.surv chartered surveyors showed that 63,896 house purchase loans were granted to buyers with small deposits last year, up from 57,691 […]
Bold Legal Group member claims unfair removal from lender panel
Morton solicitors a member of the Bold Legal Group have gone public with their disappointment about being removed from the ING panel apparently, without notification and due to reasons beyond their control and which they feel are not a fair measure of their risk. Martin Chater of Morton Solicitors says "We understand that lenders need […]
Joint Ownership Practice Note from Law Society and Land Registry
The Law Society and Land Registry have today published a joint Practice Note in relation to joint property ownership. A new Land Registry form (Form JO) will provide an effective way for conveyancers to record clients’ intentions. The form and note follow recent court decisions which highlighted the need for joint home buyers to properly […]
SLC guidance on the Green Deal
Under the Governments Green Deal home owners and tenants are able to borrow money in order to make environmental improvements to their properties. The measures must pay for themselves in the economic lifetime of the measure, with the loan repayable via their electricity bills. The cost of these improvements will remain with the property even […]
Anniversary for ABS
The Solicitors Regulation Authority (SRA) has completed its first year of authorising and regulating alternative business structures (ABS). 387 firms have started the application process since 3 January, 2012. 74 licenses have been granted so far with a further 19 close to completion. 40 of those approved have received their licence over the last month […]
BSA director general to step down
The Building Societies Association has announced that Adrian Coles, Director-General is stepping down from his post later this year after 20 years in post. Commenting on the decision Mr Coles said: "I have enjoyed, and continue to enjoy, being the BSA’s Director-General, a position I hold with considerable pride. “However, now is the right time […]
Search Code compliance board adds inspectors
The Property Codes Compliance Board (PCCB) has announced it has appointed a third inspector responsible for ensuring compliance with the Search Code. Dave Penney joins the team following a stint at search firm SearchFlow, where he was responsible for its compliance requirements, before playing a fundamental part in the drafting of the initial Search Code. […]
Increase in British property stock value
An increase in value of £57 billion in 2012 saw the total value of all British homes of ï¿¡5.963 trillion at the end of December. According to the data from property website Zoopla.co.uk this represents an increase of 0.97% from ï¿¡5.906 trillion at the end of 2011. The figures are calculated by combining the estimated […]
New client money scheme for Bar
Back in December we reported that the Legal Services Board’s thematic review had called into question the issue of holding client money. Last week the Financial Services Authority gave the go-ahead for a scheme that will allow barristers to hold client money through a third party, enabling clients to bypass solicitors and instruct barristers directly […]
Over half of landlords looking to expand portfolios
According to research from specialist mortgage broker Mortgages for Business, 55% of landlords are planning to expand their property portfolios over the next six months. Only 6% of landlords said they are planning to trim their portfolios over the next six months. 218 investors were polled in the research which showed attractive yields were encouraging […]
Anti-Money Laundering Regulations – do you need to act?
In light of the Money Laundering (Amendment) Regulations 2012 your firm may need to change its reliance procedures. The range of people and businesses you can now rely upon for Client Due Diligence (CDD) has been broadened to include auditors, external accountants, independent legal professionals, or insolvency practitioners. They must be members of the professional […]
Changes to Energy Performance regulations take effect today
From today the 9th of January 2013 all sales or letting advertisements in the commercial media will now be required to show the EPC rating of the property being advertised. The full A-G energy performance graph is not necessary unless there is available space in the advertisement to accommodate it. There is also no longer […]
Law Society Endorses First Title For Second Time
First Title Insurance plc (First Title) has received the endorsement of The Law Society for the second time in a row. The prestigious attribution follows a rigorous process of assessment during which The Law Society examined the range and quality of various insurance firms’ legal indemnity products. The endorsement reinforces First Title’s position as a […]
Changing World for Locums
I very recently read an article in the magazine for the Chartered Institute of legal executives where three or four recruitment consultants were discussing the current market and positioning of locums in the current climate. Having spent some 38 years in the profession during which time I have occasionally acted as a locum until the […]
Rise in British property millionaires
According to research from property website Zoopla.co.uk, increased demand for high-end properties meant 47,024 more British property millionaires were created in 2012. This represents an increase of 19% from this time last year and takes the total number of property millionaires up to 300,142. The bulk of this increase comes from London with the equivalent […]
Rise in rental prices
In 2012 advertised rental prices in Great Britain increased by an average of 1.9%, or £37 per month. The increase was pronounced in London where a rise of 3% was seen across the year. Rents rose at the fastest rate in April as property owners sought to take advantage of the Olympics. Price levels fell […]