New industry-first partnership set to reduce mounting PI premiums and protect conveyancing firms from costly SDLT calculation errors

New industry-first partnership set to reduce mounting PI premiums and protect conveyancing firms from costly SDLT calculation errors

The largest independent property search firm X-Press Legal Services has partnered with tax specialist firm Compass – integrating its industry first compliant SDLT calculator into its suite of online conveyancing services.  The partnership is launched as a growing number of claims against conveyancers for incorrect calculations drives a rise of up to 30% in PI insurance costs for the sector.

According to SDLT advisors at Compass, an estimated £2bn of Stamp Duty Land Tax (SDLT) is overpaid to HMRC due to the complicated and often confusing nature of the tax each year. In the last year alone, Compass has recovered over £14m on behalf of its clients, the majority of which are individuals incorrectly paying thousands of pounds of unnecessary tax.

Managing Director of X-Press Legal Services, Lynne Lister comments:

“Compliance remains firmly at the top of the agenda for law firms across the UK.  However, many firms don’t realise that systematic errors are being made  – some four out of ten SDLT returns are proving to be incorrectly calculated which has prompted a rise in claims from buyers who receive significantly higher SDLT bills then expected – or are chased for underpayment.

Any form  of tax irregularity should be taken seriously.  Currently, many solicitors rely upon HMRC’s own SDLT calculator which merely provides a guide.”

The partnership with Compass offers conveyancers access to a fast, effective, and accurate method for assessing the SDLT/LTT due on any property transaction, available directly through the secure X-Press ICOS web-based interface.

Designed by tax experts, the service is constantly updated to reflect the very latest SDLT position in UK law.  Compass Managing Director Chris Ward comments: “Our service helps to ensure property purchasers pay the correct amount of SDLT utilising all available reliefs whilst taking full PI responsibly and at the same time ensuring CQS standards are fully complied with by the user firm.”

Lynne adds:

“Clients using our ICOS system will see high risk calculations automatically flagged – giving them the option to request further expert information or advice before proceeding – providing peace of mind and protection for all parties.”

 

To find out more please contact your local X-Press office https://xpresslegal.co.uk/find-your-local-office/

This article was submitted to be published by X-Press Legal Services as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.

X-Press Legal Services

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  • 27 locally owned offices - providing accurate data AND real customer service
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X-Press Legal Services is the largest independent property search company and one of the top ten UK search providers. We have been providing our services to solicitors and conveyancers for over 24 years. Our offices throughout England & Wales are owned by people who are experts in reporting and have an in-depth knowledge of their local area, meaning you can rely on accurate and comprehensive reports. X-Press Legal Services offers all your conveyancing needs in one place:
  • Residential & Commercial Searches
  • Pre & Post Completion Services
  • Cyber Security
  • Compliance products
We take your data security seriously and have recently renewed our Cyber Essentials Plus accreditation. X-Press is the only search provider to have partnered with Compass, the UK’s only fully comprehensive SDLT calculator.  We have also has been awarded Gold Partnership status with leading legal software innovator FormEvo and SDLT.co.uk, for our commitment to delivering the best supply chain end to end security service. Our QuotemePlus platform, developed -in-house, is a transformational piece of case progression software and, in its most simple format, an easy-to-use quotation and estimate calculator which can be embedded on your website or used as a desktop tool. We are a member of the Council of Property Search Organisations’ (CoPSO) Executive Committee.
Get in touch Call or contact our national office on 01925 393 333 or visit our website to find your local property search expert – w- we are always happy to talk about what we can do for you. https://xpresslegal.co.uk/find-your-local-office/ Twitter: @XPressHQ LinkedIn: X-Press Legal Services Group

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