Cost of living impact could be “worse than pandemic”
A survey has discovered that a fifth of businesses expect the cost of living crisis’ impact to hit harder than the pandemic. The research, conducted by BDO, assessed 500 leaders of medium-sized businesses. It looked into the biggest threats to business over the forthcoming six months. The results painted a picture where rising energy costs […]
Money-laundering loopholes missed by property firms
Up to 70% of property firms surveyed for an anti-money laundering campaign have not changed their approach to onboarding new customers since sanctions were imposed on Russia after its invasion of Ukraine. The disturbing statistic is revealed in a comprehensive, cross-sector survey commissioned by SmartSearch, a UK provider of anti-money laundering (AML) software. The survey […]
73% of lawyers avoid jobs with “toxic” work culture
New research from Culture Shift has found that 73% of legal workers would accepting a job with a firm that has a “toxic” work culture, compared with just 57% of those in the banking industry. 41% of those in the legal industry also would not apply for a firm with poor online reviews, 49% would […]
Nation’s homeowners sitting on £2.6 trillion in equity
Market analysis has revealed that the level of equity built up in the property market across England currently sits at over £2.6trn, and that’s just those homes that are owned outright, with a 17% increase in this level of total homeownership over the last five years. Mortgage broker Henry Dannell analysed data from the Office […]
Law Society responds to SRA’s 2022/23 business plan
Solicitors’ leaders are concerned about the Solicitors Regulation Authority’s (SRA) plans to increase its fining powers by more than 1,000%, as they respond to the SRA’s 2022/2023 business plan and budget consultation. Law Society of England and Wales president I. Stephanie Boyce offered her support for several key elements of the business plan: “In principle, […]
Foreign buyer market activity hits all-time low
New research has revealed that the proportion of market activity accounted for by foreign buyers has been in slow decline since 2018, with non-British applicants accounting for just 36% of all anti-money laundering (AML) checks carried out in 2021. What’s more, the research – conducted by Credas Technologies – shows that so far in 2022 […]
Gove: Right to Buy will “seduce” – but funding not sorted
As the government floats its new policy to extend the Right to Buy to those living in properties owned by Housing Associations, Michael Gove, Secretary of State for Levelling Up, Housing and Communities, admitted the shortcomings of the proposed policy. Speaking to MPs, Gove admitted that there will be a cap on the number of […]
What are the key barriers to firms adopting digital ID?
In March, LawTechUK issued a joint statement with the Regulatory Response Unit (RRU), to address misconceptions around digital identity verification and highlight the benefits for law firms and conveyancers. It’s a positive and welcome move. With spiralling fraud, and money laundering now costing the UK economy £100bn annually, regulated professionals face an ever-growing risk and compliance burden. […]
Interest rate rises are “inflammatory nonsense”, warns property expert
Property expert Lloyd Davies warns that Bank of England interest rate rises are a nonsense and will increase inflation Property expert Lloyd Davies has slammed the Bank of England’s continued rise in interest rates as “inflammatory nonsense” and says that “trigger happy doom-mongering” could damage the housing market and therefore the UK economy. Lloyd, Chairman […]
Industry leaders: BASPI “all about using technology as an accelerator”
Industry leaders from the Home Buying and Selling Group (HBSG) have set out the next steps for the Buyer’s and Seller’s Property Information (BASPI) form, indicating that change is on the way for the conveyancing process. The initiative intends to digitise home buying and selling so that information can be shared electronically between all parties […]
Disclosure of material information – why the changes have come into play
Compliance Officer at The Guild of Property Professionals, Paul Offley, recently spoke to James Munro, Head of the National Trading Standards Estate and Letting Agency Team (NTSELAT), about the recent changes regarding the disclosure of material information. Offley asked Munro where the decision came from to make the changes and why now? “If you go […]
Retaining women in the workforce: overcoming challenges facing employers
Resignation rates remain high with many root causes for why women may be leaving their employer or workforce altogether – creating an opportunity for employers to help extend women’s careers and retain a wealth of knowledge and experience. One of those factors is the menopause taboo – One in ten women say they haven’t talked […]
Feast to Famine. Can this be avoided?
The past 15 years or so have seen dramatic changes to the conveyancing arena. The economic climate and how it impacts upon property transactions is impossible to control and challenging to predict, but the changes that impact conveyancing departments always appear to come as a shock. But why is that? There was a time when […]
Property firms in the firing line over money laundering
The recent publication by HM Revenue & Customs of a long list of property firms falling foul of anti-money laundering (AML) regulations has highlighted once again the dangers of failing to comply with the rules. HMRC named more than 30 estate agents, commercial property firms, valuers and auction houses in a list of 79 firms […]
The conversation around menopause in the law
Nicola Green is a menopause consultant who, after over 20 years working in law, launched Nicola Green Consultancy in 2019 and now helps law firms and organisations address and support menopause in the workplace. Here, Nicola goes through the impact menopause has on women working in the law. With menopausal women being the fastest growing […]
First-time buyer levels up 93% in past decade, study finds
New research has revealed that, despite soaring house prices, the number of first-time buyers in the UK has increased by nearly 100% in the last decade, hitting a high of almost 410,000 in 2021. In the last decade, the price of an average first-time buyer home has increased by £75,254, rising from £141,572 to £216,826, […]
Law Society slams new SRA health and wellbeing rules
Proposals laid out by the Solicitors Regulation Authority (SRA) for changes to its rules on health and wellbeing at work are not supported by evidence, the Law Society of England and Wales said on Friday. The SRA’s consultation is aiming to clarify the regulatory requirements for solicitors and firms in the areas of health and […]
Law firms challenged on “cumbersome” AML processes
Cumbersome anti-money laundering (AML) processes are undermining the credibility of some law firms by leaving them exposed to criminals, potential fines and reputational damage, Europe’s largest legal conference has heard. In a speech to the London Law Expo, SmartSearch chief operating officer Collette Allen has called on legal firms to catch up with the digital […]
Searching to ensure access to a property – a brief history of pitfalls
It seems that up to the 20th century, no formal searches were made as to public access to a property. Local solicitors knew which were public highways. Until the 1970s, conveyancers rarely bothered much about securing any necessary private rights of access, such as by statutory declaration, but gradually these requirements assumed their proper role […]
Conveyancing through the pandemic and beyond
It would be safe to say that over the last couple of years, conveyancing firms have faced some considerable challenges. In particular, dealing with staff, understanding their ongoing and changing needs, marrying up their skills and experience with the huge amount of demand/work in the market, and also trying to ensure their mental and physical […]