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Conveyancing technology provider Smoove has confirmed that discussions “remain ongoing” between itself and synchronised settlement platform PEXA over a takeover. PEXA, which first made its way from Australia to the UK property market last year,
Dozens of estate agencies have been fined by HM Revenue & Customs (HMRC) for failing to comply with anti-money laundering regulations. HMRC recently published a list of the 240 entities that make up a total
New Bank of England data has shown the value of new mortgage commitments is down over 40% compared with the same period last year. This comes as lenders recently pulled nearly one in 10 deals
New research has revealed that just two in five law firms submitted any Suspicious Activity Reports (SARs) over the last two years on average. The study – conducted by risk management platform Thirdfort – found
RICS’ latest Residential Market Survey has revealed both new buyer enquiries and agreed sales readings were at their least negative in 12 months. Specifically, the net balance for new buyer enquiries – the proportion reporting
New research from TwentyCI has revealed that the average time to exchange on a property has reduced significantly over the last six months. Specifically, the time taken to exchange has fallen by 7.06% from 132.37
New data released by UK Finance has revealed that lending to homemovers has fallen to the lowest level since 2009 excluding the period immediately after the first Covid-19 lockdown. Lending to first-time buyers (FTB) has
New data released by the Bank of England has confirmed mortgage approvals fell during April of this year having risen the prior month. Threadneedle Street said net mortgage approvals for house purchases fell from 51,500
New data from HM Revenue & Customs has revealed the number of UK residential property transactions in April 2023 was 32% lower than the same month in 2022. Indeed, the 67,220 transactions seen last month
The Department for Levelling Up, Housing and Communities (DLUHC) has provided a comprehensive update on progress to remedy the well-documented Building Safety Act 2021 issues facing leaseholders and conveyancers. The DLUHC provided the update following
The average number of cases handled by conveyancing firms continues to soar to near-record levels despite a slowdown in transactions during recent months, new research has revealed. According to Search Acumen’s latest Conveyancing Market Tracker
The Home Buying & Selling Group (HBSG) has announced the release of v2.0 of its Property Data Trust Framework and updated JSON schema. The HBSG says the updates “build on the success of the original
The government has announced funding for a series of green home finance projects in an effort to equip lenders to help homeowners improve the energy efficiency of their homes. Under the government-backed pilot, projects are
Smoove plc has confirmed an extension of the deadline of 5pm 22nd May 2023 it had previously set for PEXA to announce a firm intention to make an offer for Smoove or to announce that
Just under half of conveyancers feel a four-day week negatively impacts transactions to at least some extent, a Today’s Conveyancer survey has found. Notably, of the 267 respondents, over a quarter (26%) feel it is
As much as £1 billion in fines for foreign entities who failed to comply with the Register of Overseas Entities (ROE) rules are yet to be imposed, according to a new report. The registration requirements
It has now been several weeks since the Law Society confirmed its view that solicitors have an overall duty to advise on climate legal risks in transactions. The guidance’s initial reception from many conveyancers was
New data released by the Financial Conduct Authority (FCA) has revealed the number of people struggling to meet bills and credit repayments has risen by 3.1m since May 2022 to 10.9 million compared with 7.8
Online estate agency Purplebricks has announced it has entered a conditional sale agreement to transfer its business, assets, and most of its liabilities to rival Strike for £1. The deal – which is subject to
New analysis has revealed the average time taken to sell a home – from a property first being listed for sale to completion – has fallen by 44 days over the last 12 months. GetAgent.co.uk
First-time buyers are continuing to “push ahead” with purchase plans in the early part of 2023, according to new data from Legal & General’s SmartrFit platform. Specifically, “first-time buyer” was the second most used search
The government is no longer planning to abolish the leasehold system in England and Wales this year, it has been confirmed. Michael Gove, Secretary of State for Levelling Up, Housing and Communities, previously pledged to
Several key figures from across the property industry have come together to call on the Government to support improving speed and efficiency in the home buying and selling process. In an open letter to Michael
Skipton Building Society has announced the launch of its new mortgage product that will allow homebuyers to borrow 100% of a property value to get onto the property ladder. The mortgage is aimed at those
While the property market has been “weakened” in the early part of 2023, the Royal Institution of Chartered Surveyors (RICS) has predicted a “brighter future” amidst a slow in the falling number of agreed sales.
Having explored what artificial intelligence is – and its relevance to the legal sector – in the first iteration of AI: What does it mean for conveyancing?, the focus now shifts to the practical uses
National law firm Dutton Gregory Solicitors has called upon conveyancing firms to prioritise investing in their people to speed up transactions. The firm – which claims to have a transaction timeline “well below the industry
Stockport-based ONP Solicitors has announced it is expanding its Leeds operation in an effort to meet rising demand for its conveyancing and remortgage services in the area. The firm says it originally opened its Leeds
Recent accounts published by the parent company of Simplify have revealed the 2021 incident cost the firm £7 million – though they were compensated for lost business by their insurers. The firm suffered a prolonged
New lending figures released by the Bank of England (BoE) this week have revealed a “significant drop” in mortgage lending to individuals. However, with mortgage approvals soaring, commentators have suggested the stats paint a “mixed
An industry body for the searches sector has criticised the “postcode lottery” affecting homebuyers across the UK leaving some purchasers waiting for up to three months for their searches. The Association of Independent Property Search
The government has confirmed its intention to solve the lease extension issues facing leaseholders as part of a wider upcoming leasehold reform bill – but action is not expected until the next Session of Parliament.