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