Reliance on payday loans
Homeless charity Shelter has warned that almost one million people took out a payday loan over the last 12 months to help them cover their mortgage or rent. The charity warned that around 7.8million Britons are struggling to keep up with their rent or mortgage payments. This marks an increase of 44% over the past […]
New fees for Ombudsman
The Legal Ombudsman has announced a change to their fees structure which will see an end to free cases for firms. Whilst previously firms were allowed two free cases per year they will now be charged £400 for the first case. The new approach will allow the Legal Ombudsman to raise an extra £1.6m through […]
Law Society clarifies independent advisor position
The Law Society has clarified its position on solicitors referring clients to non-independent advisors. Back in November we reported controversy between the Society and the Solicitors Regulation Authority, after the SRA passed new rules that softened its stance on referrals. Following the decision by the SRA to grant solicitors the right to refer clients to […]
Lending falls in November
The latest figures from the Bank of England show that lending secured on dwellings fell by £0.2 billion in November to £11.6 billion. This was compared to the previous six-month average increase of £0.3 billion with lending at £11.5 billion. Repayments in November were up to £11.3 billion, compared to the previous six-month average of […]
Seven tips for a successful 2013
A new year always brings with it both challenges and opportunities. We thought you might be interested in what our editor Chris is watching this year. 2012 was described as the “perfect storm” for conveyancers by Eddie Goldsmith of the Conveyancing Association. But what does 2013 hold? Will it be any better? Well to start […]
Statistics show smaller conveyancing firms still fighting
Last week the Land Registry issued account holder transaction statistics for November. The figures showed that small conveyancers are continuing in business and not vanishing as has often been predicted. Of the 4562 Land Registry account holders that made applications in November over 2000 of them conducted five applications or less. This means 44% of […]
Mutual lending increase in November
Building societies and other mutuals accounted for 21% of gross mortgage lending, or £2.7 billion of loans, in the UK in November 2012. Between January and November 2012 mutuals lent £28.3 billion of mortgages (gross), accounting for 22% of the whole market. This accounted over 61,000 loans to first-time buyers, up from 36,000 loans in […]
Strong year end for landlords
After severe tenant arrears rose by an average of 10.8% per quarter for the first three quarters of 2012, the final quarter of the year saw a fall of 15.6%. According to the latest Tenant Arrears Tracker by Templeton LPA, the specialist practice of LPA Receivers, and part of LSL Property Services plc. the number […]
What do a chicken and home moving have in common?
Hugh Fearnley-Whittingstall famously launched a campaign to raise consumer awareness about the welfare of chickens. Chicken Out! ran on his River Cottage TV show and it highlighted the unacceptable conditions in which most table birds are reared. Fearnley-Whittingstall’s aim was simple. “I’m putting pressure on the UK industry to raise their standards.” Take a quantum […]
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Alternative finance to flourish in 2013
A survey of 400 mortgage brokers carried out by peer-to-peer bridging lender West One Loans, forecasts the bridging industry will grow by 36% over the next year. The data showed that gross mortgage lending will grow just 8.3% in 2013. Whilst the Funding for Lending Scheme is thought to have a sizeable impact of ï¿¡496m, […]
Remortgage market falls
According to the latest LMS Remortgage Report monthly gross remortgaging fell 23.4% in November. The fall of £949m in November to £3.1bn marks a big change for the previously strong remortgage market. The wider market saw static gross mortgage lending in November, remaining at £12.9bn. However, the percentage of this that was gross remortgage lending […]
Happy Christmas and a 2012 review
Hopefully you’ve already done all your exchanges and completions, or any stragglers are certain for today. How was 2012 for you? As we pack up for Christmas we thought that we should quickly remind ourselves of some of the key events of 2012. Looking back at nearly 700 articles we have published this year, we […]
Will Safe Move become ATOL of conveyancing?
At last week’s Conveyancer Summit a new scheme was unveiled that will enable consumers to purchase properties where the legal work has already been completed. Ed Powell, director, B E Consultancy, explained more about the Safe Move Scheme at last week’s event which was part of the Estate Agents Events conference. The Safe Move Scheme […]
SLC opens membership to non-licensed conveyancers
The Society of Licensed Conveyancers (SLC) will be introducing a new Associate Membership category from January 2013. Those working within the conveyancing profession but not employed as Licensed Conveyancers will be eligible to join on this basis. Associate Members will be able to access the range of benefits enjoyed by more than 200 existing members. […]
Heartbreak risk for homebuyers relying on seasonal searches?
The seasonality of conveyancing property searches undertaken by property lawyers may leave homebuyers heartbroken if unexpected risks cause damage to their property in the future, according to SearchFlow, the property search firm. Research conducted by SearchFlow into flood risk searches undertaken over the last three years, found that nearly a quarter of annual flood searches […]
Heartbreak risk for homebuyers relying on seasonal searches?
The seasonality of conveyancing property searches undertaken by property lawyers may leave homebuyers heartbroken if unexpected risks cause damage to their property in the future, according to SearchFlow, the property search firm. Research conducted by SearchFlow into flood risk searches undertaken over the last three years, found that nearly a quarter of annual flood searches […]
SRA Warning: www.aplinslaw-uk.com
The SRA have issued a warning relating to contact details being used by fraudsters that are not those of a legitimate firm of the same name. Aplins-Stockton-Fairfax is a genuine firm which is authorised and regulated by the SRA. The office is located at 36 West Bar, Banbury, Oxfordshire, OX16 9RU. The firm’s legitimate telephone […]
PSG Franchising obtains High Court Injunction to prevent former Milton Keynes franchisee from competing
PSG have issued the following press statement this afternoon: "PSG Franchising obtains High Court Injunction to prevent former Milton Keynes franchisee from competing Industry-leading supplier of regulated property searches, PSG Franchising Limited, has, yesterday 20th December 2012, successfully obtained an injunction to restrain its former franchise holders in Milton Keynes, Lydia Darby Limited from operating […]
No COLP for vendors' conveyancer poses exchange risk?
We reported earlier in the week that the SRA would soon be starting a “proportionate response” for firms without COLPs and COFAs in place. This proportionate response will include revoking licences to practice. Whilst more than 8,000 firms have now had their nominations for the key roles of COLPs and COFAs approved there are still […]