Sale and leaseback – a question of priorities
This article is reproduced from Property PSL by Alan Riley The North East Property Buyers Ltd Litigation case – [2010] EWHC 2991 (Ch) – involving an alleged sale and leaseback fraud is an interesting decision: it determines that the rights of several allegedly defrauded sellers, arising out of promises made by the buyer to grant […]
Online Search Information – In Seconds
ETSOS, the on-line conveyancing ordering system, is excited to announce the launch of two new enhancements to its site that will enable property practitioners to work even faster, more efficient and cost effective than ever before. With the launch of their new Quick Quote screen, users can now get a property-specific quote within seconds. Users […]
First monetary penalties served for serious data protection breaches
Conveyancers should note that the Information Commissioner has served two organisations with the first monetary penalties for serious breaches of the Data Protection Act. I believe that at some point a conveyancer will be fined unless standards improve. Often conveyancers think that breaches of data protection are just about not breaching confidences however the obligations […]
Registrations resilient despite market conditions
The NHBC today reports that the number of new homes registered in October was 10,028 – a slight rise on September’s registration levels (9,033). Numbers have remained consistently between 9,000 and 11,000 since April this year. Imtiaz Farookhi, chief executive of NHBC, said: "We have been slightly surprised by the resilience of registration volumes, given […]
Purchase mortgage approvals down in October
The Bank of England have released their monthly statistical report showing that purchase mortgage approvals for October are down slightly, 47,185, compared with September, 47,369. This makes the approval rates for October lower than the previous six-month average of 48,503. On the other hand approvals for remortgages were up slightly to 29,275 compared with September’s […]
Legal Aid reforms challenge client account interest
The Ministry of Justice has issued a consultation paper called “Proposals for Reform of Legal Aid in England and Wales”. The consultation proposes two potential changes to use money held on client account to fund Legal Aid. This is a serious threat because even though conveyancers are not getting the interest that they did it […]
Registers of Scotland increase Scottish registration fees dramatically
Following a recent consultation exercise the Fees in the Registers of Scotland Amendment Order 2010 has been signed by the Minister for Enterprise, Energy and Tourism and has been submitted to the Scottish Parliament. The new fees will come into force on 10 January 2011 The fees are increasing from between 20% and 100%. For […]
Flood impact grows 200% in a decade are you conducting specific flood searches?
We can all picture the images in Cumbria, Cornwall and Sheffield in recent years when flooding has hit the headlines but, whilst it is not a matter of legal right or obligation, has this altered your conveyancing practices? If you were buying a house would you want to know about flood risk and who would […]
Momentum gathers as eight companies join the Conveyancing Association
The Conveyancing Association (CA) is a not for profit trade association whose objectives are to improve the experience for the home moving public, to encourage greater collaborative working, to take a fresh and innovative approach, and to raise standards. With “Tesco Law”, dabbling conveyancers causing chaos, angry lenders and a continuing recession there does appear […]
Estate agents licensing scheme launched
Following the Law Society new conveyancing kite mark and a review by RICS of its quality enforcement The National Association of Estate Agents has created a licensing scheme for agents. A licensed estate agency branch means consumers are guaranteed that at least one agent within that branch is qualified in residential property sales, either through […]
Grainger Plc looking forward to a successful year.
Grainger plc is possibly the UK’s largest listed specialist residential landlord and owns, acquires and trades regulated and market-let tenanted properties. Established in 1912 they now own over 20,000 properties and also manage 4,000 properties through co-investment vehicles. The results demonstrate that despite the tough trading conditions three are profits to be made in residential […]
Cost of renting rises further compared to home ownership
New research from property search website Zoopla.co.uk reveals that buying is more cost-effective than renting in 80% of British cities/towns. The figure is up from 74% in July as asking prices have come down and rents have increased. The average renter pays 9.9% more than an owner with a 5% mortgage The research compares current […]
Freeing up data – a nail in the coffin for Official Searches?
On 29th July the Government announced that the fee for carrying out a personal search of the Local Land Charges Register (formerly £22) was to be scrapped with effect from 17th August 2010. Subsequent guidance issued to local authorities by the CLG and DeFRA confirms that most CON29 information is ‘environmental information’ and should be […]
Barratt conforms weak autumn property market
The company reports that underlying selling prices have remained stable during the period, while total average selling price on completions increased by c. 9% to £180,000. Total completion revenues also increased by c. 9%, driven by relatively flat completion volumes and a significant increase in ASP compared to the prior year equivalent period. Total forward […]
Autumn rush fails to materialise for Persimmon
Persimmon Homes today confirmed that sales volumes have remained stable with sales prices and margins holding firm in Autumn 2010, despite below expected levels of visitors and reservations. The company would usually expect these to increase after the summer lull, however this increase has not been seen this quarter. Weekly sales saw a gradual increase […]
Fewer homes to let means no ‘let-up’ in rising rents
The buoyancy of the UK rental market continues with over 40% of renters stating they believe rents will be higher in 12 months’ time, according to results from Rightmove’s latest quarterly Consumer Confidence Survey. Miles Shipside, director of Rightmove comments: “For the second consecutive quarter more than 40% of renters are revealing their fears of […]
Housing and legal bodies warn of 'dire consequences' from new mortgage rules
The Guardian newspaper today reported that a coalition of the UK’s leading housing and legal organisations have written to Chancellor George Osborne warning of "dire consequences" for homebuyers and the building industry if Financial Service Authority proposals for mortgage regulation are implemented. Eight influential bodies, including the House Builders Federation, the National Housing Federation and […]
Rural house prices double in a decade
Rural homeowners have seen the value of their property rise by more than £100,000 over the past decade, according to the latest annual Halifax Rural Housing Review. Based on Halifax’s own data, the average house price in rural Great Britain rose by 96%, or £102,722, from £107,250 in 2000 to £209,972 in 2010 — equivalent […]
Shelter response to latest Council of Mortgage Lenders repossession figures
Responding to new Council of Mortgage Lenders figures showing there were 8,900 repossessions in July-September this year, Campbell Robb, Chief executive of Shelter said: “While repossessions are lower than predicted, annual levels are still the highest we have seen since the mid 1990s and the number of people in more than 12 months of arrears […]
Rental shortage sees prices swell over 12% in London but is it sustainable in 2011?
The prime central London lettings market has seen average rental prices increase by over 12% year-on-year as demand continues to exceed supply, says Sandfords, one of the capital’s leading independent property consultants. The shortage is attributed to the exodus of buy-to-let investors from the market in the last few years, but landlords are beginning to […]
