SRA Handbook amendment on financial advisors
The latest version of the handbook (version 6) will allow solicitors to refer clients needing financial advice to any financial adviser. Previously, solicitors were only been allowed to refer to financial advisers deemed "independent" by the Financial Services Authority (FSA). The focus is now on achieving the best outcome for the client. The changes follow […]
What does the OFT report mean for conveyancing?
The OFT commissioned report into Regulatory Restrictions in the Legal Profession by Europe Economics was released last week. What will it mean for conveyancers? The report follows on from the 2001 OFT report into competition in the provision of legal and other professional services. That report led to the Clementi report and other changes that […]
Court clarifies time limits to appeal Party Wall awards
The law currently enshrined in The Party Walls etc Act 1996 has evolved over a period of centuries. As I found to my disappointment when preparing to talk to The Pyramus & Thisbe Club (www.partywalls.org.uk/) on the topic of “recent developments”, the case law has similarly developed at a snail’s pace. The Act has often […]
Environment Agency announces shale gas consultation
The Environment Agency has announced a second consultation has begun into shale gas exploration at three sites in Lancashire. They propose that strict conditions are set out in the permits to ensure local communities and the environment is protected. Bowland Resources Ltd, a subsidiary of Cuadrilla, has applied for permits to manage waste flowback water […]
Property fraudsters jailed
BBC news has reported that two men from London have been sent to jail after being found guilty of defrauding Allied Irish Banks and Bank of Scotland £61m. Achilleas Kallakis and Alexander Williams, both 44, were sentenced to seven years and five years respectively, at Southwark Crown Court. Between 2003 and 2008, they duped the […]
Legal Services Board calls for simplification of regulation
Following the release of the OFT report on the regulation of legal services the Legal Services Board has said there is a danger of regulation not keeping up with the market. They said the report pointed to the need for continued simplification of the regulatory regime. In particular with regards to both ABS approvals and […]
Legal Ombudsman updates complaints handling rules
Changes to various aspects of complaints handling from the Legal Ombudsman are set to take effect from 1 February. The changes include increasing the Ombudsman’s financial limits from £30,000 to £50,000, an increase in time limits for accepting a complaint to six years and introducing an opportunity for prospective customers to complain. As announced previously, […]
Joint research into solicitors firms published
The Law Society, the Legal Services Board and the Ministry of Justice have published the results of a research project into the supply of legal services by solicitors’ firms. The report is entitled “A time of change: solicitors’ firms in England and Wales” and follows one of the largest ever surveys into the activities of […]
Fasttrac Solicitors granted ABS status
Fasttrac Solicitors has announced that it has been granted ABS status by the Solicitors Regulatory authority. ABS status allows law firms to appoint non-lawyers as managers and directors and for there to be external investment in a law firm. Fasttrac joins around 50 other firms who have been granted ABS approval including Co-Op Legal Services […]
Time to Learn the Drill on Fracking, says Battens Expert
The green light to resume fracking, or hydraulic fracturing, could prompt a ‘tremor’ of legal disputes, a leading South West lawyer has claimed. Battens Chairman David Stephens said opponents of the process were likely to turn to the planning system to object to any proposals put forward by energy companies. His comments follow a government […]
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 […]