1m home moves predicted in 2024
Mortgage lending is predicted to fall to pre-Covid levels according to UK Finance figures released this week. Lending for property purchases has fallen by 23% in 2023, and is predicted to fall a further 8% in 2024 before a small recovery in 2025. The result is that lending will return to levels last seen in […]
“Time is money” says PE-backed outsourcing specialist
“In the fast-paced world of conveyancing, time is a precious commodity” says Adil Hamid, Business Development Director at Auxilio, a private equity backed legal outsourcing service. “Auxilio enables busy fee earners, managing 50, 80, even 100 files simultaneously, to not only reclaim their time but master it. We do this by working behind the scenes, […]
Scrapping leasehold could cost £31bn
Plans for Leasehold reform, first announced in the King’s Speech and the subsequent Leasehold and Freehold Reform Bill, could cost the taxpayer millions of pounds in compensation. Trade body the Residential Freehold Association (RFA) has said that the compensation to investors for plans to retrospectively introduce a cap on grounds rents could cost as much […]
Building a fully digital property market: what is it and why is it happening now?
There’s no two ways about it, the property market is fragmented. In a bygone age property transactions were much simpler and efficient. Physical cash, deeds, and contracts were exchanged in person as property changed hands in a fraction of the time it does today. However simpler it may have been, this was never a scalable […]
Claim: Express conveyancing trial cuts home move times in half
A self styled homebuying platform and challenger portal has claimed it has succeeded in cutting transaction times in half following a year-long express conveyancing trial. OneDome describes itself as “a digital platform for property transactions that enables home buyers and sellers to conduct end-to-end property transactions online.” The trial saw average transaction times reduced to […]
Rushed leasehold bill doesn’t ban new leaseholds
The government’s heralded “Leasehold and Freehold Reform Bill” has been published without a key element of the intended legislation. The published bill does not ban developers from selling new build property as leasehold, an admission the government admits was due to the rushed nature of the bill’s drafting so soon after the King’s Speech. First […]
Home movers urged to get “MoveReady”
Home movers, estate agents and conveyancers are being urged to get “MoveReady” following the launch of a home moving app that will encourage vendors to instruct their conveyancer before listing their property, enabling compliance with the recently released Parts B & C requirements in the National Trading Standards Estate and Lettings Agent Team Material Information […]
CTS Update: Conveyancers “trying their best” to get people moved
Conveyancers affected by the cyber incident at infrastructure provider CTS are “doing their best” to get people moved as the outage enters its second week. The incident was first reported last Wednesday (22nd) and confirmed by CTS in a statement on Thursday which said it was working “around the clock with the assistance of third-party […]
On-boarding trial speeds up transactions by 7 weeks
A 12 month trial of an in-house on-boarding software has resulted in a reduction in transaction times of up to 7 weeks, say Derby-based legal, property and financial specialists, Sort Group. The software, which was built but Sort Group themselves, includes the licensed Law Society protocol forms and third-party integrations with HooYu and Yoti Sign, which […]
Details of funding to improve digital homebuying
Further details have emerged around the £3m of funding allocated to investment in the home buying and selling process announced in last week’s Autumn Statement. It is hoped the investment in innovative technologies and data projects will improve the home buying a selling process in England and Wales. The £3m of funding will be allocated […]
PEP and sanctions screening falls – Survey
A survey of professional services firms has identified a fall in the number of regulated firms who “always” check new customers again sanctions or Politically Exposed Persons (PEP) lists. From 84% of firms committed to “always performing checks,” the legal sector has fallen to 24% according to the survey. Financial services has also seen a […]
Cyber incident affects c.80 conveyancing firms
A cyber incident, which was first reported on Wednesday 22nd November, has brought many conveyancing firms, and transactions, to a standstill. Legal sector specialist infrastructure service provider CTS confirmed last week it had been the victim of a “cyber incident” and was working to restore systems “as soon as possible.“ Despite initial reports suggesting up […]
Law Society says, ‘King’s Speech falls short on Justice Reforms’
Following the King’s Speech yesterday, the Law Society of England and Wales has responded to the legislation that was outlined and noting their disappointment that more hasn’t been done to invest in the justice system. Nick Emmerson, President of the Law Society of England and Wales, said: “We are disappointed the government chose not to […]
Sunak consigns those in fuel poverty to long term misery
An industry body representing energy assessment professionals says rowing back on MEES in the private rented sector will hurt the poorest in society most. The Property Energy Professionals Association (PEPA), having taken time to reflect on Rishi Sunak’s rushed announcement, has strongly criticised the Prime Minister’s abandonment of Minimum Energy Efficiency Standards (MEES) in homes […]
Are we in the midst of a conveyancing cold war?
Half a century next year. 50 years of being heavily involved with conveyancing, conveyancers, and estate agents. As the saying goes, I would have got less time for murder! Those 50 years included moving from the 20th Century to the 21st Century, and the job and the conveyancing process is more difficult, challenging, and frustrating […]
Mortgage figures provide indication of market direction
The value of mortgage advances in Q2 2023 was down nearly 33% on Q2 2022 as the Bank of England base rate rise, and the cost of living bites. The Bank of England’s Mortgage Lenders and Administrators Statistics show that mortgage advances completed totalled £52.4bn, down £6.3bn on the same time last year. On a […]
4 reasons to attend Orbital Witness’ CPD-accredited leasehold conveyancing courses
In the ever-evolving landscape of property law, staying at the forefront of developments is essential for conveyancers. Amongst that, leasehold conveyancing stands out as a particularly intricate and, at times, challenging area. The importance of staying up to date with the best practices of leasehold transactions cannot be overstated. Orbital Witness, in collaboration with IQ […]
Navigating the Conveyancing Quality Scheme (CQS) Requirements: A Mini Guide
Conveyancing , the pivotal process of transferring property ownership, is marked by its complexity and intricacies. To uphold the highest standards of quality, integrity, and professionalism in this realm, the Conveyancing Quality Scheme (CQS) was introduced. Developed by the Law Society of England and Wales, the CQS is a beacon for solicitors and conveyancers, ensuring a […]
IQ Legal Training announces Residential Conveyancing Conference in collaboration with Groundsure
IQ Legal Training, a leading UK-based legal training provider, has announced that it will be hosting a Residential Conveyancing Conference on 6th July 2023 at the Hilton London Tower Bridge. The conference is hosted with Groundsure and delegates are invited to join the spectacular annual Groundsure Thames Cruise and after party at TwoRuba, Hotel Hilton, […]
58% fewer homes sold than last year, research shows
New research has revealed that while there have been almost 77,500 homes sold across England and Wales so far this year, this is 58% fewer than the 171,000 sold during the same time period last year. Nested analysed sold price data from the Land Registry looking at the number of homes to have sold so […]