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 […]
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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