2023 Logbook Pilot Challenges Assumptions

2023 Logbook Pilot Challenges Assumptions

During the summer of 2023, conveyancing solicitors in a working group questioned the belief that introducing a property logbook would streamline the conveyancing aspect of purchasing a home. In response, the Home Buying & Selling Group’s (HBSG) Logbook Working Group decided to initiate a new pilot to address the concerns raised by lawyers and conveyancers […]

Inflation Dips as Mortgage Market Recovers

Inflation Dips as Mortgage Market Recovers

The latest figures from the Office for National Statistics (ONS) indicate that the inflation rate for March was 3.2%, a slight decrease from February’s 3.4%. This update comes after the Bank of England’s (BoE) decision to maintain the interest rate at 5.25%. With inflation showing a downward trend, there is less pressure on the BoE […]

2024 BASPI Update: Enhancing Property Information

2024 BASPI Update: Enhancing Property Information

Trade and representative organisations from the conveyancing, legal, surveying, estate agency, and property management industries, including the Conveyancing Association, unveiled the latest version of the BASPI—Buyer’s and Seller’s Property Information form on March 28th, 2024. The BASPI is crafted by the upfront information working group within the Home Buyers and Sellers Group (HBSG) and acts […]

Revised TA6 Form Boosts Clarity

Revised TA6 Form Boosts Clarity

The Law Society of England and Wales has introduced a revised TA6 Property Information Form, aligning with the National Trading Standards’ guidelines on essential property information. This updated form includes details recommended by the National Trading Standards Estate and Letting Agency Team (NTSELAT) for property listings, urging sellers to involve their solicitors early in the […]

UK Inquiry into Conveyancers and Sales Practices

Parliamentarians are set to scrutinise the roles of conveyancers, the provision of upfront information, and referral fees in a comprehensive examination of the property transaction process. The House of Commons’ Levelling Up, Housing, and Communities Committee has called for submissions, seeking insights into various facets of property buying and selling mechanics, information availability and delivery, […]

Law Commission Publishes Leasehold Housing Reform Plans

Law Commission Publishes Leasehold Housing Reform Plans

The Law Commission has put forward plans to make the leasehold system fairer and cheaper for Britain’s 4 million leaseholders to buy their freehold or extend their lease. The UK leasehold system has come under criticism in recent years for becoming unfair and costly, with some leaseholders facing extortionate demands from freeholders and high and […]

Estate Agents Subject to New Transparency Rules on Referral Fees

Estate Agents Subject to New Transparency Rules on Referral Fees

New regulations from the National Trading Standards Estate Agency have been published with the aim of improving transparency for consumers about referral fees received by estate agents. Produced by a collective of experts from RICS, the Guild of Property Professionals, the Property Ombudsman, NAEA Propertymark and Property Redress Scheme, the new guidance is designed to […]

New Stamp Duty Land Tax Rules in Force

New Stamp Duty Land Tax Rules in Force

The time period in which to submit Stamp Duty Land Tax returns and pay the tax due on commercial and residential property transactions in England has been shortened to 14 days, under new rules that take effect today. SDLT is a self-assessed tax and liability lies with the property buyer, as such, the change in […]

Leaseholders Pursuing Claims Against Conveyancers Over Ground Rent Advice

Leaseholders Pursuing Claims Against Conveyancers Over Ground Rent Advice

Growing numbers of UK leaseholders are taking legal action against conveyancers over legal advice they received when purchasing their leasehold house. Leaseholders who believe they were not clearly informed of the risks of leasehold ownership or that they were buying a leasehold property at the point of purchase are now seeking compensation from their legal […]