Property Sector Worst Hit Since Referendum Claims Economic Report
The number of UK businesses in significant financial distress has risen by 22,000 to 489,000 in the past year with businesses in the property sector and construction industry hit worst of all. According to the red flag research, conducted by Begbies Traynor, the real estate and property sector has faced the largest decline into financial […]
6% of Law Firms Are Protecting Themselves From Email Spoofing
Law firms are failing in their efforts to tackle the rising risk of cyber crime. Even with £millions continuing to be fraudulently redirected, with the associated reputational impact and knock on effect on professional indemnity insurance premiums, most law firms have not implemented even the most basic cyber security measures. The research has been undertaken […]
Search Acumen Comments On ONS Construction Figures
Today’s construction figures show the value of construction new work in Great Britain continued to rise in 2018, reaching its highest level on record at £113,127 million; this was driven by growth in public sector work of £2,697 million and to a lesser extent growth in the private sector of £750 million. Moreover, the number […]
Right To Shared Ownership Shake Up Confirmed By MHCLG
Housing Secretary, Robert Jenrick, has confirmed the implementation of a number of measures designed to help lower income households gain a foothold onto the property ladder. The Government had pledged to reform the shared ownership model in August, allowing for buyers to step up in 1% increments as opposed to the current model which restricts […]
Government Green Light Reservation Agreement Trial
The Government are ready to launch the second stage of their research into reservation agreements by implementing a trial over the next several months. The idea of creating policies to reduce gazumping and gazundering by establishing a financial bind during the pre-completion stages of the buying and selling process has been something the Ministry of Housing, Communities […]
Guidance on VAT Disbursements
The Law Society has issued guidance around VAT treatment of disbursements and expenses following on from a decision made of the First-tier Tax Tribunal in Brabners LLP v The Commissioners for her Majesty’s Revenue and Customs (HMRC) (2017 UKFTT 0666) . Brabners LLP were treating the cost of property searches as disbursements and as a result were not […]
CoPSO Frustrated By HM Land Registry Project
The Council of Property Search Organisations (CoPSO) feel frustrated by the speed and reduced uptake in the adoption of HM Land Registry’s (HMLR) digital Local Land Charges centralization project. CoPSO claimed the organisation is ‘entirely supportive’ of HMLR’s attempts to digitize local land charges but feel the pace of migration and lack of popularity amongst local authorities needs to improve. […]
Technology Drives Modern Buyer Property Preferences
Technology is driving change in consumer behaviour when buying property with internet quality superseding structural considerations like the quality of insulation and the condition of floors and walls. According to a market research survey of over 2,000 homeowners and privately rented tenants, conducted by Hyperoptic, has compiled a detailed list of the things a modern […]
Over 50s Opt To Downsize Over Releasing Equity
Despite the rise of equity release as a viable option in becoming financially secure in older age, downsizing is still a lot more popular amongst people aged over 50. Over a third of over 50s are considering downsizing in the future according to a report by Equity Release Supermarket. This may be welcome news to […]
Dishonest Solicitor Struck Off For Condoning Property Overpayment
A solicitor guilty of ‘dishonest conduct’ has been struck off the roll by the Solicitors Disciplinary Tribunal (SDT) for failing to protect the best interests of his client after allowing a property to be purchased significantly over the asking price. A resident of Saudi Arabia instructed the conveyancing services of ALD Legal Solicitors to oversee […]
First Time Buyer Mortgage Completions Reach 12 Year High
First-time buyer levels have now reached their highest levels in over 12 years. According to UK Finance mortgage data figures, more first-time buyers are obtaining finance for a mortgage than before the financial crash. 35,010 first-time buyers were able to secure a mortgage last month; numbers which have not been seen since August 2007 when […]
How To Measure Your Call Handling
In the first of a two part blog, Sarah Brocklebank of The Move Exchange invites you to consider how effective your firm’s call handling is. Do you have different call routes for existing customers and new customers? How do you ensure your call handling is positively affecting your client’s and prospect’s behaviours? And do you […]
Embracing the Digital Revolution: Proptech Developments and the Impact on the Conveyancing Process
Developments in artificial intelligence, automation and machine learning are reshaping the world of business. And, the conveyancing sector is no different, with property professionals increasingly turning towards Proptech to help meet the needs of the market. Traditionally, the property industry has been very labour intensive. Searches, enquiries, and the time spent chasing answers can make […]
The Latest Advice On Avoiding Conflicts Of Interest In Conveyancing
Back in November 2018, we reported on a case whereby the SRA brought action against Manchester firm Sleigh Son & Booth for four separate offences of conveyancing conflict of interest. In doing so, they showed that the firm had acted on behalf of both vendor and purchaser in dozens of transactions, without informing the parties […]
HMLR Committed To Collaboration And Technology
The HM Land Registry Local Land Charges fifth annual conference took place in Birmingham recently, leaving delegates buoyed about the potential future direction of the sector. Overwhelmingly, delegates were impressed with HMLR’s drive towards a digital future and the inherent time benefits which will be a consequence to the home buying and selling process. Mike […]
SearchFlow Wins Silver At The Customer Experience Awards 2019
SearchFlow – the UK’s leading provider of conveyancing search solutions and legal reports – has won a Silver award at the prestigious UK Customer Experience (CXA) awards, for its work in implementing notable customer experience initiatives that have delivered significant advantages to its legal clients in the professional services industry. The Silver Professional Services award […]
Property Related Complaints And How You Can Avoid Them
We handle many complaints on behalf of property firms, so have a very good understanding of where things can go wrong when handling property transactions; we want to share some of these with you so you can try and avoid such complaints being made against you! One of the sources of complaints comes from a […]
Benefits Of Offering Clients The Property Alert Service
Fraudsters are becoming increasingly sophisticated with the systems they use to commit property fraud, using new technology and the ability to access personal data. The average cost to a victim of property fraud is over £100,000 and with fraud on the increase, alongside increasing their in house protection systems, should conveyancers also be looking at […]
Are Reservation Agreements Needed To Reduce Fall-Throughs
Back in the summer, the Government confirmed they would be completing a thorough 10-month research and trial into reservation agreements to see whether it would secure the home buying and selling process. Currently, an offer can be withdrawn until contracts are exchanged which puts a transaction at high risk of falling through. This issue is […]
Transparency Of Fees: Beyond A Level Playing Field
We recently conducted a survey of 100 law firms, to see how well they were complying with the new price transparency regulations. With only 10% offering pricing information and only 4% satisfying the minimum regulatory requirements, it seems like organisations are struggling. Legal firms have reacted in one of four ways: One: do nothing. Some […]
