You can trust me - I'm a lawyer. Honest, Guv.
Some of the promises we're seeing being made by companies selling legal services would make Arthur Daley blush. Last week, a firm promising "no-sale no-fee" forgot to mention that the client has to buy insurance to ensure that they don't pay anything if the sale aborts - this insurance costs about £100. Obviously, "no fee" is only relevant when used in conjunction with the word "legal". Another favourite trick we've seen is disguising fee-earning work as a disbursement, such as completing Stamp Duty Land Tax forms. Another client was quoted £600 for the work, and ended up paying £1600 (for unexpected items). However, we adam-and-eve that agents are steering clients away from the cut-and-shunt merchants which can only be good wooden pews. (Click here for a translator to help you communicate with such firms)
Lenders help to slow the housing market
With lenders determined to eliminate mortgage fraud, some are reducing the number of firms they will allow to represent them. HSBC have taken a radical approach and reduced the number to about 40. The lender has told our clients that if they want to use their own solicitors that are not on their panel, that this will slow down the buying process, and could cost them more. Other lenders have indicated that they will follow this lead by reducing the number of firms that will represent them. It is unclear how this reduction in choice, increase in fees and the introduction of further delays will benefit the housing market.
Buyers impacted by searches
There are some new challenges for people looking to buy properties in London, primarily from several local authorities that are now taking over 6 weeks to return searches, and the new issues that are raised by the building of the HS2 trainline. To head off potential problems, over the past 6 months, we have been carrying out searches specifically to check whether the line will affect the property in question. Over the past few years, buyers looking for a London property had to contend with concerns over the CrossRail project, but now, it's delays in searches and the impact of the new rail line that they need to consider as well when looking at purchase decisions and timescales.
The Partnership introduces unique online assistance
As part of the development that is well underway with our revamped website, we are providing new online services, including a unique guide for first-time-buyers to help explain the conveyancing process more effectively. We will also be offering an online-chat service where clients can talk to us online at any time, in addition to our Skype offering, due in early Spring.
