2011 property sales will be lowest in 40 years

This year is set to register the lowest level of property sales in 40 years, according to Hometrack.

In its latest national housing survey, the firm says it forecasts 840,000 sales for 2011 and expects this trend of low transaction levels to continue into 2012.
The analysis shows that house prices fell slightly in November, by 0.2% compared to October, while the number of new buyers registering with estate agents decreased by 2.2%. Hometrack says demand from new buyers is likely to decline further in the run up to Christmas.
There was a 4.6% rise in the number of sales agreed, but the number of property listings fell by 0.8%, and the average time on the market rose slightly from 9.8 weeks to 9.9 weeks.
Hometrack says that low sales levels and increasing realism on pricing among sellers looking to move before Christmas are supporting headline indicators of housing market activity.

http://www.expertconveyancing.com

Read more - http://www.mortgagestrategy.co.uk/housing-market/2011-property-sales-will-be-lowest-in-40-years/1042236.article

Licensed conveyancers to launch lender’s panel solution

The Society of Licensed Conveyancers (SLC), the trade body representing the conveyancing profession, has unveiled its lender’s panel proposition.

SLC Quality Assured aims to reduce the risk of mortgage fraud for lenders who opt to use SLC's panel members, while allowing SLC member firms access to all lenders’ panels.

With mortgage fraud high on the agenda for lenders due to unprecedented losses, many are undertaking new measures to restrict those conveyancers accepted onto their panels. SLC Quality Assured is designed to help the licensed conveyancing community by ensuring they are part of any restricted panels.

As part of this new solution, the Council for Licensed Conveyancers (CLC) - the statutory regulator - will take on the role of gatekeeper, controlling panel qualification and providing lenders with the added assurance that all SLC panel firms are fully regulated and bound by a rigorous set of criteria.

Licensed conveyancers, licensed by the CLC, will be automatically ‘passported’ onto SLC Quality Assured and can apply to become panel members, which will activate the certification process.

Once activated, panel firms must register every new transaction with the SLC system, and information on the transaction’s progress will be made available to the lender at critical points throughout the process. This information will also be made available to the regulator.

Read more - http://www.mortgagefinancegazette.com/legal/new-lender%E2%80%99s-panel-solution-for-licensed-conveyancers/

Conveyancing community enjoys first dedicated conference

Over 150 licensed conveyancers and members of the legal profession gathered last week at the first, of what is expected to become an annual conference for the industry, organised by the Society of Licensed Conveyancers (SLC).

The topic of the day was very much focused on how licensed conveyancers, particularly independents and smaller firms, can get access to lenders’ panels, with a large number of attendees highlighting this as a growing concern.

In response to this, the afternoon session was focused on the SLC’s new panel proposition: SLC Quality Assured. Attendees were the first to gain access to an exclusive preview of the SLC’s new solution, which aims to ultimately ensure that all SLC members are on all lenders’ panels. Members of the SLC have now been invited to provide their feedback on the solution, before it is further refined and launched to the market in 2012.

Read more - http://www.mortgagefinancegazette.com/legal/conveyancing-community-enjoy-first-dedicated-conference/

Property conveyancing: Draft EU legislation may penalise buy-to-let landlords

Buy-to-let landlords may be penalised by new draft European Union (EU) legislation for residential mortgages.

While the new rules are designed to prevent irresponsible lending by certain mortgage companies, the uniform laws could severely damage the buy-to-let market.

Speaking about the proposals, Conservative MEP Vicky Ford, stated: "[The EU] draft rules are deeply prescriptive, fail to [recognise] differences in different countries and could result in huge extra costs for house owners."

According to Ms Ford, "unless we are exempted from EU rules, lenders will not be able to count rental income when making mortgage offers". This will prevent those in retirement or using private savings from entering the buy-to-let market.

With the cost of buying a property still being out of reach for many prospective property owners, the buy-to-let sector has become increasingly lucrative and vital in the UK as more and more people are forced to rent.
Read more - http://www.co-operative.coop/legalservices/latest-news/Conveyancing/property-conveyancing-draft-eu-legislation-may-penalise-buy-to-let-landlords/?ArticleId=801227462

2011 property sales will be lowest in 40 years

This year is set to register the lowest level of property sales in 40 years, according to Hometrack.

In its latest national housing survey, the firm says it forecasts 840,000 sales for 2011 and expects this trend of low transaction levels to continue into 2012.
The analysis shows that house prices fell slightly in November, by 0.2% compared to October, while the number of new buyers registering with estate agents decreased by 2.2%. Hometrack says demand from new buyers is likely to decline further in the run up to Christmas.
There was a 4.6% rise in the number of sales agreed, but the number of property listings fell by 0.8%, and the average time on the market rose slightly from 9.8 weeks to 9.9 weeks.
Hometrack says that low sales levels and increasing realism on pricing among sellers looking to move before Christmas are supporting headline indicators of housing market activity.

Read more - http://www.mortgagestrategy.co.uk/housing-market/2011-property-sales-will-be-lowest-in-40-years/1042236.article

Licensed conveyancers to launch lender’s panel solution

The Society of Licensed Conveyancers (SLC), the trade body representing the conveyancing profession, has unveiled its lender’s panel proposition.

SLC Quality Assured aims to reduce the risk of mortgage fraud for lenders who opt to use SLC's panel members, while allowing SLC member firms access to all lenders’ panels.

With mortgage fraud high on the agenda for lenders due to unprecedented losses, many are undertaking new measures to restrict those conveyancers accepted onto their panels. SLC Quality Assured is designed to help the licensed conveyancing community by ensuring they are part of any restricted panels.

As part of this new solution, the Council for Licensed Conveyancers (CLC) - the statutory regulator - will take on the role of gatekeeper, controlling panel qualification and providing lenders with the added assurance that all SLC panel firms are fully regulated and bound by a rigorous set of criteria.

Licensed conveyancers, licensed by the CLC, will be automatically ‘passported’ onto SLC Quality Assured and can apply to become panel members, which will activate the certification process.

Once activated, panel firms must register every new transaction with the SLC system, and information on the transaction’s progress will be made available to the lender at critical points throughout the process. This information will also be made available to the regulator.

Read more - http://www.mortgagefinancegazette.com/legal/new-lender%E2%80%99s-panel-solution-for-licensed-conveyancers/

SLC to launch new solution for licensed conveyancers

The Society of Licensed Conveyancers (SLC) is launching a solution which it says will allow licensed conveyancers to remain on lenders’ panels.

At the first of what is expected to become an annual industry event, the SLC will be unveiling its new Lenders Panel Solution to attendees at its Embracing the Future of Conveyancing conference on 22 November in Derby.

The solution looks to address the issues associated with panel creation and has been designed to allow licensed conveyancers to either stay on or join lenders’ panels.

In addition to the launch of the SLC’s new solution, attendees at the conference will have an opportunity to share knowledge and best practice, while accessing key guidance from the likes of the CML, the BSA and the Council of Licensed Conveyancers. Attendees will also receive six points towards their Continued Professional Development.

John Clay, chairman of the Society of Licensed Conveyancers, commented: “This is the first in what we hope will become an annual event for the industry and places have been filling up fast.

Read more - http://www.mortgagefinancegazette.com/conveyancing/slc-to-launch-new-solution-for-licensed-conveyancers/

Should the legal ombudsman name and shame lawyers?

The Law Society has voiced concerns over plans to publish the names of solicitors who fail their clients.

The legal ombudsman announced this week that he plans to name and shame lawyers who let down their clients if they are repeat offenders or where it is in the public interest to do so. Surely it's hard to resist such a development in this age of consumer empowerment and in a newly deregulated and increasingly competitive legal services market? Well, not entirely. The Law Society isn't thrilled at the prospect of its members being hauled over the coals.
I spoke to the ombudsman, Adam Sampson, last week. So what kind of firm (or lawyer) will be outed? Sampson explained that it would be those firms where there is "either an individual action or a pattern of activity" which made him consider that it was in the public interest that they should be identified.
"So if somebody does something really, really dodgy, or there is a general pattern of lower-level dodginess, to the extent that we think that there is a danger that consumers are going to be badly served, we will name," said the former chief executive of the homeless charity Shelter.
The ombudsman took the following example from some 72,000 calls, emails and letters from disgruntled clients to his office. It involves a couple (Mr and Mrs M). They bought a new home and instructed a self-described specialist conveyancing law firm.

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Read more - http://www.guardian.co.uk/law/2011/nov/10/ombudsman-lawyers-name-and-shame?newsfeed=true

New site mapping system from Searchflow

Searchflow, the electronic conveyancing search service, has launched the first ever electronic site mapping tool.
Commercial property lawyers can now access all property information electronically and get rid of the time consuming manual processes lawyers typically use to assemble paper based site plans.

SearchFlow’s Site Assembly service maps all relevant land titles, tenures and property interests in a single view. This allows instant and easy visibility of gaps in ownership. Additional data, such as environmental information, the position of utilities and aerial photography can be added to build a comprehensive site profile.

At the moment solicitors manually gather all the necessary information, which usually takes between seven and ten hours of staff time, to order, assemble and review a site plan.

The service can be used to assess any site, however large or small. Additional data can also be requested, such as information on contamination and flooding risks. This can also be overlaid spatially onto the electronic map. The service will remove the need to produce paper copies of site plans for distribution to stakeholders. The finished project is delivered on a disk, USB stick or by email.

http://www.expertconveyancing.com

Read more - http://www.mortgagefinancegazette.com/conveyancing/new-site-mapping-system-from-searchflow/

Number of house sales falls again in September

The Bank of England has released details of mortgage approvals in September which shows that net mortgage lending fell in September.
The number of mortgage approvals in September slipped to 50,967 from 52,347 in August. The fall was broadly expected but confirms the fall in demand for property. The long-term average before the financial crisis of 2008 was around 90,000 mortgage approvals per month.
Net unsecured lending, which takes the form of lending on credit cards and personal loans did rise to its highest level since February.
Net mortgage lending also slowed, the figures showed an increase of £0.3 billion in September from £0.5 billion in August. Most analysts expected to see an increase from August to £0.6 billion.
Completed sales of homes fell in September, down to 72,000, the second decline in a row according to HMRC.

http;//www.expertconvenyancing.com

Read more - http://www.myfinances.co.uk/mortgages/2011/10/31/number-of-house-sales-falls-again-in-september

UK Prime Property Sales Hit 4-year High

Lloyds TSB research found out that sales of 1-million pound properties in the UK hit its 4-year high.

According to the latest figures revealed by Lloyds TSB, the number of 1-million pounds' houses sold in the first six months of 2011 was the highest in the past 4 years.

It stood at 3,375 or 19 houses a day, which compares to 3,075 last year and 3,680 in 2007, before the economic downturn.

Evidently, the largest number of 1-million pound houses was sold in London (Fulham, followed by Hampstead and Chelsea). The other regions, where prime property was demanded by buyers, were the South East, East and the South West of England.

It is interesting to note, however, that 1-million pound property sales only constituted 1.1% and 5.7% of all house sales in the UK and London accordingly. The remaining 90+% of sales accounted for other types of property.

Commenting on the findings, Suren Thiru of Lloyds TSB, said: “Strong demand from wealthy cash-rich buyers both in the UK and from overseas, as well as limited supply of such properties, has helped to boost the level of activity at the very top end of the housing market.”
Article source - http://www.e1buytoletmortgages.co.uk/news/stamp-duty-news/uk-prime-property-sales-hit-4-year-high-4576.html

Top 20 cheapest places to retire

Rather than eking out their pensions at home, retirees are looking further afield for a better life.

No one has been credit-crunched more cruelly than Britain’s pensioners, or soon-to-be pensioners. Having banked on being able to live off a steady stream of interest from their savings, millions of people are discovering that the flow has turned into a muddy trickle.

Retirement plans are having to be revised, and more of us are investigating the possibility of selling up and moving somewhere cheaper overseas. We may have been royally stuffed by the economic situation in this country, but maybe we can live like kings in exile.

It’s clearly an appealing prospect. The website Rightmove (http://www.rightmove.co.uk/) reports that 2.5 million searches were made on its overseas property listings section in August, breaking the previous record, set in July. And a report from Lloyds TSB International Wealth says that 17 per cent of people with more than £250,000 worth of savings and investments are considering leaving Britain, against 14 per cent just six months earlier.

What’s more, the list of possible retirement destinations no longer just begins at Costa and ends at Brava. A greater variety of ports is being sought in this economic storm, as demonstrated by our collection of the world’s 20 most affordable places to retire.

Forget the declining years, these are places to spend your reclining years.

http://www.expertconveyancing.com/

Read More - http://www.telegraph.co.uk/property/retirementproperty/8841000/Top-20-cheapest-places-to-retire.html

Conveyancer banned but $2.2m missing

A PROPERTY conveyancer has been banned and forced out of business after failing to account for client funds worth more than $2.2 million.
Consumer Affairs Victoria took Supreme Court action 11 days ago to shut down Helen Kevin's Star Wool Conveyancing business in Barkly Street, Footscray.
Conveyancers handle the legal aspects of property transactions and routinely hold the proceeds of real estate sales in trust funds for clients.

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Ms Kevin, also known as Helen Nguyen, acted as a conveyancer for home buyers, many from non-English-speaking backgrounds, despite having her licence suspended since April.
Thirteen of Ms Kevin's clients were owed $2.2 million and other claims were still being assessed, Consumer Affairs said.


Read more: http://www.theage.com.au/victoria/conveyancer-banned-but-22m-missing-20111003-1l5ck.html#ixzz1aTSuGub9