The CQS CPMS are changing. Are you ready?
Changes to CQS practices for Part 2 of the UK Finance Handbook come into force May 2022 The new Core Practice Management Standards (CPMS) imposed by the Conveyancing Quality Scheme (CQS) sets out new practice procedures for Part 2 of the UK Finance Handbook that must be followed and will come into force May 2022. […]
Almost half of legal firms not prepared for SRA thematic reviews
A recent poll of legal practitioners and compliance officers has found that 44% do not feel their firm would be prepared if the SRA were to carry out a thematic review within 24 hours. The poll, which was conducted by legal technology solutions provider Access Legal, also asked practitioners what their greatest compliance concerns are. […]
HMLR practice guide updates – April 2022
HMLR practice guide updates: PG1 and PG39. Also referenced: Practice Direction 51ZB First registrations (PG1) Page summary: Guidance for conveyancers on how to register unregistered estates in land for the first time (practice guide 1). Change made: Section 4.6 has been amended. From 4th April, HMLR will be scanning first registration applications when they receive […]
CLC announces changes to fee collection
The CLC has made changes to the way that fees are collected following a full consultation over the summer of 2021 and approval of the proposals by the Legal Services Board. As a result of these changes, the previous Practice Fee has been split into two charges: The Practice Fee (billed in advance in November […]
New BASPI launches
Trade and representative bodies representing the legal, surveying, estate agency and property management sectors, including the Conveyancing Association (CA), have today (31st March 2022) launched a new version of the BASPI – the Buyer’s and Seller’s Property Information form. The BASPI, developed by the upfront information working group of the Home Buyers and Sellers Group […]
RICS launches Service Charge Code consultation
Housing association tenants of long leasehold flats and the service charges they pay are to be included for the first time under a revised service charge residential management code. This, alongside other proposed changes are announced as part of a consultation by the Royal Institution of Chartered Surveyors (RICS) launched today. Originally developed in 1997, […]
HMLR accelerates Digital Registration Service
HMLR has announced that it will be moving all application types to the Digital Registration Service this year, including leases and transfers of part, months earlier than originally planned. In November 2022, HMLR announced that most AP1 applications to change the register via the online portal will only be possible through the new Digital Registration […]
Nationwide HPI: prices climb 20% in two years
Nationwide’s February House Price Index (HPI) reveals that annual UK house price growth was up by 1.7% month-on-month, increasing to 12.6% in February, from 11.2% in January. The index also reveals that average house prices now exceed £260,000 for first time, and the price of typical home is now 20% higher than in February 2020. […]
Diary of a high street conveyancer; 4th April 2022
I was listening to the Today programme on Radio Four one morning this week; a journalist was being interviewed about taking up a role with BBC Newsround, the news programme for children, and he was asked how he could explain the war in Ukraine to children. He explained that it was the same approach as […]
Women in Residential Property lunch – book your tickets now
Today’s Conveyancer in partnership with Women in Residential Property is delighted to offer our readers an exclusive 20% discount on tickets for the next WIRP lunch which will take place in London on 21st April at 12pm. You do not need to be a WIRP member to attend their events and the discount code is […]
PG82: electronic signatures accepted by HMLR
HM Land Registry (HMLR) have announced the new practice guide 82 (PG82) covering HMLR’s acceptance of electronic signatures. This guide brings together material on electronic signatures, most of which has previously been found, in substantively the same terms, in a number of practice guides and in a signature table published on GOV.UK. The guide sets […]
Two-fifths of property purchases fall through due to mortgage delays
Nearly two-fifths of UK homebuyers (38%) have experienced a property purchase fall through due to mortgage delays, new research by Butterfield Mortgages Limited has found. Following an independent survey of 690 UK mortgage customers, it found that over half of respondents (51%) believe the process of securing a mortgage is too slow, while the majority […]
We can’t keep paying lip-service to change in the sector
When it comes to the process of conveyancing, I’ve written before that the industry is not always singing from the same hymn sheet, and that presents a problem. While we might like to think we can all see the value, for example, in the provision of upfront information, greater transparency, a push towards certainty, etc, […]
Homebuyer demand down in Q1 as SDLT holiday storm passes
The latest Homebuyer Hotspots Demand Index by the estate agent comparison site, GetAgent, has found that homebuyer demand fell during the first quarter of the year, following the final curtain for the stamp duty holiday in Q4 of 2021. GetAgent’s Hotspots Demand Index monitors homebuyer demand across England on a quarterly basis. Current demand is […]
Confessions of a cyber conveyancer
It’s tough being a thorn in people’s sides. I bleat on about using the latest technology while traditional lawyers disagree with me; “We don’t need technology” they cry, “we need better lawyers”. I tell them to take a long hard look in the mirror and realise that they must adapt to change. I then go […]
Transaction figures reveal second busiest February in a decade
February’s HMRC monthly transaction data shows that while the number of residential transactions are down on the previous year, levels are still well above average activity. Provisional non-seasonally adjusted property sales were 96,250 in February, 20.6% lower than February 2021 and 15.3% higher than January 2022. HMRC has advised that the 20.6% year-on-year reduction should be “treated […]
ONS reveals £24000 annual house price increase
The latest house price data published by HM Land Registry (HMLR) for January 2022 shows that average house prices in the UK increased by 9.6% in the year to January 2022, down from 10% in December 2021. The average property in the UK was valued at £273,762 in January. On a non-seasonally adjusted basis, average house prices […]
Homebuyers call for gazumping to be made illegal
Property purchasing specialist, HBB Solutions, has revealed that the vast majority of UK homebuyers want to see the practice of gazumping made illegal, as one in 10 fell foul of the backhanded practice during their last house hunt. The survey of 1,000 UK homebuyers to have purchased in the last six months alone found that […]
Bumper year for HMRC as stamp duty receipts surge to record highs
Latest tax data released by HMRC reveals that stamp duty continued to perform strongly with receipts of £16.9bn in the year to February. This is a significant £6.1bn higher than in the same period last year and surpasses the previous high total for the 2017 – 2018 tax year of £16.43bn. Commenting on previous SDLT […]
Learning the lessons from Australia – how will PEXA approach the UK property market?
In this episode of the Today’s Conveyancer podcast David Opie is joined by PEXA UK Chief Executive James Bawa and Heather Crichton, General Manager Industry Readiness. James and Heather discuss the impending launch of PEXA in the UK and the lessons learned in Australia that they bring with them to help facilitate a more streamlined […]