Shared Ownership: the impact on conveyancers and its long-term viability for first-time buyers
As of April this year, the government have relaxed eligibility rules meaning households earning less than £80,000 and £90,000 in London can now use shared ownership schemes to own property. When the average national price of an entry level property now costs £140,000, should the first-time buyer look towards government shared ownership schemes as a […]
Northern Ireland ‘memorandum of understanding’ could be blueprint for England and Wales
In March this year, solicitors, surveyors and estate agents in Northern Ireland agreed to a memorandum of understanding (MOU) to improve communications between all parties. The agreement, which offers “another layer of reassurance of ‘best practice’ in home-buying and selling”, could now be used as a template for the conveyancing process in England and Wales. […]
New role for risk and compliance expert at Legal Eye
Legal Eye’s Senior Compliance Manager Helen Glaze has been promoted to the newly created role of Head of Risk, Compliance and Best Practice. The change is in recognition of Helen’s strong technical knowledge and her increasing involvement in the senior leadership team especially in the areas of strategy and management. In her new role Helen […]
Mortgage advisers reveal significant rise in homes valued below sale price
There has been a “significant” increase in the number of homes being valued below the sale price according to some of the UK’s largest mortgage advisers. In England, buyers who need a mortgage must instruct a surveyor to carry out a professional valuation of the property they intend to purchase. And, banks and building societies […]
Law Commission publishes enfranchisement plans for leasehold homeowners
The Law Commission has published proposals to change the law and make it easier for leasehold homeowners in England to buy the freeholds of their properties. The Commission is currently looking at a programme of work which includes residential leasehold, enfranchisement and commonhold reform. The latest pre-consultation paper comes in advance of a more detailed […]
University Research claims knotweed does not pose a threat to properties
Leeds University and engineering firm Aecom found “no evidence” of Japanese Knotweed being problematic to properties and claimed it “posed no more of a threat … than trees, climbers and other shrubs”. Despite this recent study suggesting that the growth is relatively harmless, knotweed still remains a huge problem for sellers. The research also contradicts […]
New Money Laundering regulations edge closer
The UK government has again confirmed that it will adopt the EU Fifth Anti-Money Laundering Directive (5AMLD), enacted earlier this year. Lord Henley, a Parliamentary Under-Secretary of State at the Department for Business, Energy and Industrial Strategy, noted in a private letter to Margaret Hodge MP that the January 2020 deadline for transposition of the […]
Be aware of Red flags in conveyancing transactions
When it comes to money laundering and terrorist financing, there are some ‘Red Flag Indicators’ that conveyancers should be aware of. This advice could be particularly important following the announcement that conveyancers could be liable for identity fraud under new proposals put forward by the Law Commission. The CLC has published two documents to provide conveyancers with an overview […]
CLC handbook update: Acting as ancillary insurance
The CLC is making changes to relevant sections of the CLC Handbook to ensure all its regulated practices will be compliant with the Insurance Distribution Directive (IDD) when it comes fully into force from 1 October this year. The IDD is EU legislation which sets out the regulatory requirements for firms designing and selling insurance products. The IDD replaces the current Insurance Mediation Directive (IMD). The IDD will […]
Learn how to create a better LinkedIn profile
One of the most important parts of LinkedIn is your profile. It’s the first port of call for anyone looking for you on Linked In (and remember that people may also have found your Linked In profile via a general Google search as well as just by being on the Linked In platform themselves) and […]
Speaker at key conveyancing conference reveals rebrand
A leading national provider of client feedback, set to present at this year’s Law Firm Services Conveyancing Conference sponsored by Groundsure, has revealed that it has rebranded.
SRA Risk Outlook highlights managing claims and cyber security as key areas of concern
The SRA’s risk outlook published this week has highlighted two main areas as requiring particular attention from law firms: Managing claims ‘We are increasingly concerned about the practises of some firms that offer personal injury work, including holiday sickness claims. Similarly, some firms bringing payment protection insurance claims may not always be meeting the high […]
Increase in break-up borrowing following divorce or separation
According to conveyancing service provider, LMS, the proportion of borrowers remortgaging following a divorce or separation increased to 5% in May. This ‘breakup borrowing’ is up 3% from the previous month and up 2% on the same period last year. As well as people refinancing to remove an ex-partner from their mortgage, the figures also […]
Legal firms are a top target for cyber attackers according to a new report
Legal firms are a prime target for cyber attackers due to the sensitive client information and funds they manage. In particular, conveyancing solicitors should be vigilant as property transactions are well known targets for cybercrime. That’s according to the latest report from the National Cyber Security Centre (NCSC). The report was created for senior decision […]
Conveyancers could be liable for fraud under new proposals
Proposals from the Law Commission to reform the Land Registration Act would impose a new statutory duty on conveyancers to check the identity of clients. And, where conveyancers fail to take reasonable care, they could be forced to make indemnity payments to the Land Registry. The Law Commission’s proposals are designed to stop property fraudsters […]
Law Commission propose radical leasehold reform
The Law Commission has put forward radical new proposals aimed at delivering a fairer deal for leasehold homeowners. Designed to give leaseholders security and control over their homes the proposals include: Options for changing the valuation formula, making it easier for homeowners to buy the freehold Removing the requirement that leaseholders must have owned their […]
SRA Risk Outlook 2018/19
Today the SRA have released their Risk Outlook 2018/19. They have included two new priority risks this year: 1. Managing claims ‘We are increasingly concerned about the practises of some firms that offer personal injury work, including holiday sickness claims. Similarly, some firms bringing payment protection insurance claims may not always be meeting the high […]
Blockchain development could safeguard evidence
A leading global provider of digital evidence management has filed a patent application to tie blockchain security to its software. Caselines – which is currently digitising trial bundles in the courts – has called on justice ministries and law firms across the globe to embrace the technology. The latest move, which is thought to be […]
Redbrick Solutions shortlisted for Innovation and Excellence Award
The Corporate LiveWire Innovation & Excellence Awards 2019 celebrate the success and achievements of firms and individuals that have taken an innovative approach to demonstrate exceptional business performance. Redbrick Solutions are delighted to have been nominated and shortlisted for this prestigious award. The awards honour those who standout as consistently showing best practice in every […]
There are now more women practising as solicitors than men
The Law Society of England and Wales has revealed there are now more women practising as solicitors than men. In a “historic shift”, out of 139,624 PC holders, 50.1% are women. Women also account for 48% of solicitors working in private practice. What’s more, women made up 61.6% of new admissions in 2016/17. And, on […]
