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 […]
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 […]
The Land Registry surpasses 25million registered titles
Established in 1862, The HM Land Registry has now registered more than 25.2 million titles. In 2017, remarkably, a Northern Powergrid electricity substation in Gateshead became the 25 millionth title to be entered in the Land Register. HM Land Registry is dedicated to becoming the world’s leading land registry for speed, simplicity and an open […]
How is technology shaking up the conveyancing industry?
Earlier this year, a new online platform was launched which allows people the opportunity to buy a property in just one click. The Dot Button, which was created by one of the founders of buy-to-let mortgage lender Landbay, enables investors to finance and acquire properties online, similar to the way they would buy a book. […]
Criminals who launder money though UK property could face 5 years in prison
The Government has announced that foreign companies that own UK properties will have to reveal their ultimate owners on the world’s first public register. Furthermore, criminals who illegally profit from owning British property could face up to five years in jail and an unlimited fine. A press release on the Gov.uk website states that making […]
Conveyancers comment on low growth in UK house prices
House prices increased by 3% in the year to May 2018 (down from 3.5% in April 2018) according to the Office of National Statistics. This is its lowest annual rate since August 2013 when it was also 3.0%. The annual growth rate has slowed since mid-2016 and has remained under 5%, with the exception of […]
Ombudsman issues a statement following Trading Standards Warning to Estate Agents
Following yesterday’s press release from Trading Standards – or more specifically the National Trading Standards Estate Agency Team (NTSEAT) – entitled ‘Warning to estate agents still signed up with Ombudsman Services for redress – make the switch’, and our previous article published yesterday about Trading Standards issuing a warning to estate agents over redress. An […]
LFS Announces Final Shortlist For The Awards 2018
LFS are delighted to announce the final shortlist for the LFS Conference and Awards which is taking place at the Vox Conference Centre in Birmingham on the 19th September. The LFS Conference and Awards is the most respected and prestigious event on the conveyancing calendar which attracts leading professionals and suppliers from the whole of […]
Trading Standards issues warning to estate agents over redress
Trading Standards has warned agents that they must switch to a valid redress service. Agents who do not do so by 6 August will leave customers unable to access free alternative dispute resolution services. And, as such, they will be trading illegally. The National Trading Standards Estate Agency Team (NTSEAT) “protects consumers and businesses by […]
Rightmove can now reveal best time to sell a property
In a recent interview, Rightmove’s director of data services, Tim Bannister, revealed that the property portal can now predict when the best time to sell is and when there might be a crash.
Explaining Land registry general boundaries’ procedures
Most properties are registered at Land Registry with “general boundaries” only.
UK Private rental sector set to lose 133,000 homes
The UK private rental sector could lose more than 100,000 homes over the next 12 months according to the latest research.
A quarter of homeowners don’t research mortgage offers
26% of homeowners select the first available mortgage when it comes to selecting a mortgage offer and does not shop around for the best deal for their financial circumstances, according to Noddle research.
IMLA reveals specialist mortgage lenders’ market is on the rise
According to the Intermediary Mortgage Lenders Association (IMLA), specialist lenders’ gross annual lending has increased by 19% year-on-year. This makes specialist lending one of the fastest growing sectors in the mortgage industry.
Estate agents are misleading buyers about in-house mortgage services
According to Which? several estate agents are misleading buyers about in-house mortgage services.
Could blockchain change the way we own property?
There has been a lot of talk in the property sector about blockchain technology, especially since the first online property transaction by blockchain was completed.
Land Registry launches digital Local Land Charges Register
This week, HM Land Registry took another step towards making the home-buying process simpler, faster and cheaper. Launching a new digital Local Land Charges (LLC) Register, the development highlights the government’s ambition to become the world’s leading land registry for speed, simplicity and an open approach to data.
