A review of how solicitors offer conveyancing services has found many do not explain the difference between leasehold and freehold and raised concerns about transparency relating to fees.
If you are still wondering how last year looked, then it would appear that more properties came on to the market, and fewer sold.
For the second year running, the number of transactions that exchanged were under the million mark, according to one source.
New rules for conveyancers are now in place in Britain aimed at helping home buyers make a more informed choice when buying a property.
The Government is working on a new house sale agreement for England which is set to make the process faster and avoid sales of homes falling through.
More than 100,000 home sales were registered in the UK in December 2018, down marginally by just 0.1% compared with the previous month, official figures show.
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The amount of gazumping going on in the British housing market has fallen but London is still sees the biggest amount of the frowned upon practice.
Buyers must insure their home at the point of exchange rather than completion, as one couple found out to their cost
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A study from property data company TwentyCi has claimed that 12% of property transactions in England and Wales have been subject to gazumping this year.
According to TwentyCi, a property is defined as being gazumped where it has sold at a higher price – 1% or more – than that which was agreed at the point of Sold Subject to Contract (SSTC). Its study covered the period from January to August this year.
A clampdown on gazumping and other tactics that cause misery to housebuyers and sellers is being drawn up by the government as part of a renewed attempt to reduce the stress of buying a home.
Q My wife and I have just bought our first property together. We both agree tenants in common is the way to go, but cannot work out the wording/equation for the legal document that allows for the “live” proportional representation that we believe will be fair (happy to be corrected)...
More than one in three house sales across England and Wales fell through before completion in the first quarter of 2017, according to a ‘quick buying’ company.
Mortgage rates may have fallen to record lows, but that doesn’t mean it is any easier to get one, and this could be holding back transactions.
Research by Nottingham Building Society found that 22% who have tried to buy or sell a property in the past five years have said their deal fell through because of mortgage problems.
However, buyers changing their mind at the last moment accounted for 32% of fall-throughs and problems in the chain for 25%.
Conveyancers have expressed serious criticisms about the short time frame between the Budget and April 1, when the new Stamp Duty surcharge is due to kick in.
The final rules on the 3% surcharge on purchases of all but first and only homes are due to be announced by the Chancellor on March 16.
That leaves barely two weeks before implementation.
Rob Hailstone, of conveyancing membership body The Bold Group, said that it does not give conveyancers nearly enough time.
The outlook for conveyancers in the UK is looking like one of change with extra stamp duty and high demand set to make 2016 a buoyant year for the industry, according to the latest sentiment tracker report.
Some 27% of conveyancers believe transaction levels will increase by up to 20% this year, according to the report from Searchflow.
It also says that with the UK Government encouraging first time buyers to the market and pledging to build new homes there will be change in the industry.
Veyo, the new conveyancing portal backed by the Law Society, has shut up shop just months after launching – and shortly after it was mentioned by the president of the Law Society at a conference last week.
Conveyancer Rob Hailsone, of the Bold Legal Group, told EYE: “I was at a conveyancing conference on Thursday and Jonathan Smithers mentioned Veyo briefly, indicating that we would be hearing more shortly.
“What he omitted to tell us that the ‘more’ would be in a few hours’ time, advising us of Veyo’s demise.”
The Law Society has said that it is ceasing from making further investment. Its technology partner Mastek (UK) said the same.
The legal conveyancing process when buying a home in the UK is often seen as too complicated and slow and in need of modernisation, according to a new survey of home owners.
Some 42% felt their experience of the process was too complicated and slow and only 4% of felt the process was quick while 23% felt it need to be brought up to date, the YouGov poll for land, environment and property data firm Landmark Information Group.
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