Expert Conveyancing

House buyers return in record numbers

2012-02-29T06:12:00.000-08:00

Buyer interest in the housing market has recorded its strongest growth in five years.

The number of buyers registering with estate agents grew by 18pc in February, the highest figure since a 23pc rise in February 2007, Hometrack said.

But much of this was an "artificial boost", brought about by first-time buyers trying to beat a stamp duty holiday, the study said.

Despite the "seasonal pick-up", house prices remained flat for the second month in a row, with Greater London the only region to record any increase, a 0.1pc rise.

Estate agents and lenders have reported increased interest from first-time buyers as they rush to complete deals before the two-year stamp duty holiday for this sector of the market ends in March.

The greatest increases in first-time buyer numbers were reported in the South East, where they were up by 28pc, and the South West, which recorded a 22pc rise.

Article source - http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/9107765/House-buyers-return-in-record-numbers.html

SLC launches consultation for its lender panel solution

2012-02-21T05:30:00.000-08:00

Following an initial preview of its lender panel proposition - SLC Quality Assured - back in November 2011, the Society of Licensed Conveyancers (SLC) has launched a consultation process.
Licensed conveyancers are invited to provide feedback on the solution currently proposed, so they can help shape the scheme, before it is launched later this year.

The SLC is launching an online survey among the conveyancing community this week, which will be distributed via the Council of Licensed Conveyancers (CLC). The survey will ask licensed conveyancers to submit their views on a number of aspects of the new SLC Quality Assured scheme – from proposed costings to the sharing of information and their desire to be part of the scheme.

Feedback

Feedback obtained from the survey will then be collated and presented back to the profession at a series of four regional meetings, which will be held across the country in March.

At each of these sessions, licensed conveyancers will be given an opportunity to express their views on the findings and to voice any additional concerns, ask questions and make suggestions.

The consultation process, which is due to be complete at the beginning of April, will allow the SLC and the CLC to refine what will become the final version of the lender panel solution, before taking it to lenders in the spring.

House prices edge up in January as first time buyers increase

2012-02-14T07:17:00.001-08:00

House sales in the West Midlands edged up during January as an increased number of first time buyers looked to beat the stamp duty holiday, according to the Royal Institute of Chartered Surveyors .

Some 35 per cent more surveyors across the region reported rises rather than falls in newly agreed sales since the beginning of the year, according to the latest RICS UK Housing Market survey.

From March 24, first time buyers will no longer be exempt from stamp duty on properties under £250,000 and some surveyors note this has produced an increase in activity at the lower end of the market.

In light of this, respondents in the West Midlands were cautiously optimistic about prospects in the near term, as a net balance of six per cent of surveyors predicted transaction levels to pick up over the coming three months.

This represents the strongest reading since August 2010.

Read More http://www.birminghampost.net/birmingham-business/birmingham-business-news/other-uk-business/2012/02/14/house-prices-edge-up-in-january-as-first-time-buyers-increase-65233-30328296/#ixzz1mMz033vd

Liverpool lawyers warn: tax relief to expire for first time buyers

2012-02-07T02:33:00.000-08:00

Property solicitors are warning that first time buyers will no longer be able to take advantage of stamp duty land tax relief from next month (March).

Leading conveyancing lawyers at Merseyside firm Maxwell Hodge are advising that any transaction with an effective completion date of 25 March 2012 or later cannot benefit from First Time Buyer SDLT relief, irrespective of the date of any contract or agreement.

Maxwell Hodge’s residential property and conveyancing specialist Daphne Bridson says: “Time is running out for first time buyers to take advantange of stamp duty land tax relief, which can make a real difference for people trying to get their first step on the property ladder.”

Read More - http://www.clickliverpool.com/clocked/celeb-stories/1215196-tax-relief-to-expire-for-first-time-buyers.html

Conveyancers face a rocky ride

2012-02-02T01:54:00.000-08:00

Lenders’ panels lie behind one of the many challenges conveyancers will have to tackle in a year that looks like it will be the most demanding in a long time. And technology is another issue that could make or break solicitor firms.

It is difficult to believe there has ever been a more challenging time for property lawyers engaged in conveyancing. The market is operating at volumes that are less than half the accepted norm, the provision of the Legal Services Act - the so-called Tesco’s Law - is now a reality and mortgage lenders are adopting various ways of more closely managing the panels of conveyancers that they will allow to act for them.

Read More - http://www.mortgagestrategy.co.uk/lendingzone/conveyancers-face-a-rocky-ride/1045255.article

Property sales fall to lowest level for a year

2012-01-27T04:09:00.000-08:00

But an unexpected surge in interest from potential homebuyers in December bodes well for the house market this year, estate agents said.
The typical number of house hunters registered per branch in December was 294, 32 more than the average figure for November, with viewings continuing right up until the Christmas break, the National Association of Estate Agents (NAEA) found.

The percentage of first-time buyers also rose to 21pc, continuing the increase since this section of the market hit its lowest proportion in nearly three years last autumn, although first-time buyers made up a quarter of the market during the same period last year.

Pity the poor conveyancer

2012-01-20T03:30:00.000-08:00

Dwindling fees, higher insurance premiums, a flat property market - but at least the public like their high street conveyancer.

The legal element of buying a house is regarded as a necessary evil, the part that always slows the transaction down. This isn't necessarily true, of course. But conveyancing is proving to be just as much of a pain to the legal profession as it can be to the public.

Back in the 1960s conveyancing accounted for around half of the profession's income; now it is probably less than 10%, even though most legal practices in England and Wales register at least one dealing at the Land Registry each year. The recession is not the only thing to blame. Lawyers have not been slow to undercut each other and drive down fees, especially with a growing number of volume conveyancing operations that are able to process straightforward transactions in a systemised, low-cost manner.

Article source - http://www.guardian.co.uk/law/2012/jan/19/conveyancers-struggle-to-survive?newsfeed=true

Number of CQS firms reaches 1,000

2012-01-02T04:38:00.001-08:00

The Law Society has awarded Conveyancing Quality Scheme (CQS) accreditation to the 1,000th firm to enter the scheme.
Less than a year after applications opened, nine-partner Coventry firm Penmans today became the 1,000th accredited CQS firm, bringing the total number of law firm branches with the CQS mark in England and Wales to 1,548. Applications are outstanding from a further 579 firms.
Law Society president John Wotton said: ‘Reaching 1,000 in less than a year is a milestone that far exceeds our expectations, but CQS is not just about numbers. It is about setting the bar for conveyancing, rebuilding confidence among lenders and making it easier for homebuyers to identify genuine quality when buying or selling a property.
‘Recent developments elsewhere in the conveyancing market show that the Law Society is leading the way and that others are now following.’
The 1,000th CQS accreditation coincides with a YouGov survey, conducted on behalf of insurer First Title, which shows that consumers are generally happy with the service they receive from conveyancing solicitors, but were cautious about buying the service from big brands.
Wotton said: ‘Consumers clearly attach value to the services that a smaller firm such as Penmans provides.’

Article source - http://www.lawgazette.co.uk/news/number-cqs-firms-reaches-1000

2011 property sales will be lowest in 40 years

2011-12-27T02:31:00.000-08:00

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

2011-12-20T02:13:00.000-08:00

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.

Conveyancing community enjoys first dedicated conference

2011-12-12T05:29:00.000-08:00

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.

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

2011-12-07T05:29:00.000-08:00

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

2011-11-28T04:03:00.000-08:00

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

2011-11-28T03:58:00.000-08:00

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.

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.

SLC to launch new solution for licensed conveyancers

2011-11-22T01:43:00.000-08:00

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.

Should the legal ombudsman name and shame lawyers?

2011-11-17T03:04:00.000-08:00

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.

F99P2XY6YGXE

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

New site mapping system from Searchflow

2011-11-09T03:25:00.001-08:00

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

Number of house sales falls again in September

2011-11-01T05:48:00.000-07:00

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

2011-10-25T08:22:00.000-07:00

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

2011-10-25T08:15:00.000-07:00

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

2011-10-11T05:07:00.000-07:00

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.
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