Emails may create a binding property contract
It is surprising to many property professionals that there is no longer a requirement for an inked signature in order to create a binding contract. This is more surprising again where the contract relates to an interest in land. A contract for the sale of land must satisfy Section 2 of the Law of Property […]
New research shows consumer confidence in legal profession
The Law Society has welcomed research by the Legal Service Board showing high consumer satisfaction in the legal profession. The research shows over 80% consumer satisfaction with the overall service provided by solicitors and other qualified lawyers. The research by the LSB also showed very high satisfaction rates with the outcomes of work done by […]
PwC predicts slow recovery for house prices
In the companies July UK Economic Outlook Report it forecasts house prices will not reach 2007 peak levels until after 2020. The company predicts the damage caused by economic uncertainty and the eurozone crisis will continue to have a significant impact in the short to medium term. Whilst they expect the market to pick […]
New non-executive directors for Land Registry
After an open competition, two new non-executive directors have been appointed to the Land Registry Board. Catrina Holme is a corporate lawyer with more than ten years’ experience in the venture capital sector. Land Registry described her as bringing “a deep understanding of the commercial value of data and the ways in which it […]
Legal changes in Scotland still some time off
The Law Society of Scotland says that the introduction of alternative business structures (ABS) in Scotland is still several months away. ABSs (also known as Licensed Legal Service Providers) allow solicitors to set up in conjunction with other professions to provide legal services. In England and Wales ABSs can be entirely owned by external investors […]
Law Society signs up Aon to offer PII package for CQS and Lexcel firms
The Law Society has announced that PII broker Aon will provide a professional indemnity insurance (PII) package to legal practices with the Law Society’s Conveyancing Quality Scheme or Lexcel quality marks. CQS and Lexcel firms who use the service may have access to PII quotes that reflect their accreditation in time for this year’s renewals. […]
Flooding: Could Conveyancers be considered negligent?
The insurance industry is currently discussing a “flood levy” that could see insurance costs rise by 10 per cent for all home owners, whether they live in flood hit areas or not. It is hoped that the rise would cover the escalating costs of the damage in the aftermath of severe flooding in many parts […]
Are all conveyancing review sites honest?
Whether its hotels or plumbers consumers are starting to use comparison web sites to seek information on everything they buy. That increasingly includes conveyancing whether conveyancers like that or not. Websites like Money Saving Expert, Google or Solicitor.info have active communities of reviewers regularly posting content about conveyancers. A couple of weeks ago it was […]
Many firms struggling with low volumes
Statistics last week produced by Land Registry last week show that 29% of the 4394 account holders firms that made an application for a transfer for value to the Land Registry in May made fewer than 3 applications. Many more account holders appear to have made no applications at all. As conveyancers will know applications […]
Ombudsman reports increased numbers of conveyancing complaints
Complaints to Legal Services Chief Ombudsman Adam Sampson rose in several areas including residential conveyancing. Whilst a few cases highlighted deliberate dishonesty, this was not the norm. The transformation of the legal services market was seen as a bigger factor in creating problems. Mr Sampson highlighted the increasing commoditisation of the market, with legal services […]
Government challenged to sort out housing market
Countrywide, the largest property services group in the UK has today launched a report entitled “Addressing Challenges in the UK Housing Market”. The report urges the government to consider six solutions that it believes will boost the housing market. 1. Set minimum and meaningful mortgage lending targets. 2. Actively […]
SRA warn over solicitor impersonation.
The SRA has issued another warning to solicitors regarding criminal impersonation of solicitors conveyancers should take note and consider their risk management processes. The alert is worded as follows: Alerts Warning: guy.clapham@gmx.co.uk email address 12 July 2012 Information received from the SRA indicates that the email address guy.clapham@gmx.co.uk and mobile telephone number 07924551313 are not […]
Conveyancing Sector Must Leverage Technology to Drive Up Standards, Facilitate Image Change
The residential conveyancing sector has been under intense scrutiny over the issue of mortgage fraud and negligence. With mortgage lenders’ assertively reducing the size of their panels as a means to curtail their risk, coupled with the downward trend predicted for mortgage transaction volumes following the end of stamp duty concessions on 24 March this […]
Exclusive new ordering platform to benefit SLC members
The Society of Licensed Conveyancers (SLC) has today launched its new electronic ordering platform. The platform gives SLC members access to conveyancing services and products at discounted rates. The SLC, in partnership with ETSOS, is offering its members a single point of access to order a range of services and products required when dealing with […]
Mortgage industry comments on Funding for Lending
Last week the Bank of England published more information about the "Funding for Lending" (FLS) scheme. FLS is a new multi-billion pound scheme “designed to make more, and cheaper, loans available to individuals and businesses". The idea behind FLS is that the Bank of England will make low-cost funds accessible to building societies and […]
Home Loans Slip 8% in June as Banks Reduce Lending to First Time Homebuyers
Banks are cutting back on lending to first time buyers according to the latest Mortgage Monitor from e.surv chartered surveyors. There were just 10,325 loans for house purchases under £125,000 (typical first-time buyer property), a fall of 12% from May. Those with smaller deposits were hit particularly hard with just 4,750 loans granted to borrowers […]
ETSOS publishes searching truth on compliance
Online search supermarket and conveyancing technology specialist, ETSOS, has published some useful guidance on how its ordering and quotation and referral systems can help conveyancers meet their compliance obligations. Prepared by independent compliance consultant Michaela Hardwick, the advice note details the specific mandatory principles and outcomes within the SRA Handbook that the ETSOS and its […]
SRA contemplating consultation on Financial Adviser Rules
The Solicitors Regulation Authority Board are contemplating a consultation on the rules which dictate how Solicitors and Financial Advisers work together. Financial Services Authority (FSA) regulations for Financial Advisers are set to be altered at the end of this year but as Solicitors refer clients to Advisers for financial services it is believed that the […]
Law Society Practice Note helps firms comply with diversity reporting requirements
A new Practice Note from the Law Society will support solicitor firms and sole practitioners in complying with regulatory requirements to collect data on the diversity of their workforce. The SRA requirement is for firms to ensure that all employees have the opportunity to report against their diversity characteristics. Firms will be contacted by the […]
SLC announces series of new roadshows for Licensed Conveyancing Community
The Society of Licensed Conveyancers (SLC) has announced a series of regional road shows, which will take place across England this summer. The events will offer all of those involved in the conveyancing profession the opportunity to gain valuable CPD points, while providing access to industry updates from a selection of recognised figures. Topics are […]