Key points raised from the Summer Series in Leeds included;
Topic: There is a general desire for everyone in the industry to join up the dots in the process when working with each other. Look at how the industry seems resistant to change and introducing technology that increases efficiency – what can be done to Improve this?
- The Property Industry is moving towards “Legally Prepared Packs”. Estate agents to get the protocol forms quickly, as well as deposits for searches. This will help to front load the information and speed up the transaction, with no need to chase from the conveyancer.
- Positivity was felt in the room around technology and embracing the change. Attendees also felt technology will have a major part to play in conveyancing transactions in the future. Not only to speed the transaction up but to set expectations and utilise key milestones and communication to their clients. Some also have a customer portal, which they have had a fantastic response from.
- There is a desire for conveyancers and Estate Agents to work seamlessly together, joining up the dots, working in partnership and utilising the relationship to chase within the chain. However, attendees felt that technology could play a part in this to have full transparency of the transaction, with a full view of the chain.
- This would save time and enable them to chase further up and down the chain, as required. Rather than going back to the Estate Agent.
- However, it was also clear that some firms are still very reluctant to embrace technology. In response to that, some firms are now adding in an additional fee when dealing with certain law firms on the other side, because they are so difficult to deal with and antiquated with their processes, which causes issues/delays, within the transaction.
Topic: Million pound homes sales on the rise in Leeds - have you noticed an increase and is this affecting your work?
- There are only 88 properties with a value of over £1million within the Leeds area, so not that many properties in this bracket are moving in the market.
- It doesn’t and hasn’t affected conveyancers’ work, although they do have a tendency to give the higher value properties to specific Fee Earners in the firm to deal with.
- For conveyancers, a client of high net worth purchasing property doesn’t have any impact on their process - although these clients do tend to have higher expectations. Conveyancers’ don’t deal with these clients any differently in terms of service, so hasn’t made any impact in the housing sector or within the firm.
Key points raised from the Spring Series in Leeds included;
Topic: Bank of mum and Dad - has the unaffordability of houses for the younger generation crippled the Economy?
- It isn’t just First Time Buyers needing support from their parents that is encouraging this money to change hands, people are concerned about Inheritance Tax and are wanting to give money to their children much earlier on whether they need it or not
- Lots of changes and fads in the market. For example, leasehold clauses, introduction of modular homes. Being bought and sold now, but could be unsellable later on. Lending criteria for today could change when come when come to sell it. As a conveyancer, this is a cause of concern.
- First Time Buyers are competing with investors for new build properties that are easy to rent. If they think “outside the box” at auction properties and older 1930s properties that need a bit more doing to them, they can get a firm foot on the property ladder. Part of the problem is First Time Buyers expectations are so high… of wanting to come out of university and buy a new build 5 bedroom house and BMW.
Topic: 'Do your duty for Britain' the PM states she will rewrite laws on planning. What impact will this have on your local property market?
- The recession hit builders hard and a lot of businesses were struggling. There is also a challenge for businesses that they have to make a profit – and afford housing just doesn’t have the same profit margin as a 5 bedroom house, so builders are trying to build more of these to support their own bottom line. They are also unfairly affected by having to accommodate social housing on their developments.
- While some developers do sit on land just to secure planning permission and sell it on at a profit a year later, there are lots of other reasons for delays. For example, getting planning permission, correcting environmental issues, that can take years.
- There is also a lack of awareness of how developers can access different sources of cash from alternative lending sources. Lack of funds is a big reason projects stall, and more promotion of these accessible funds beyond traditional banks can help to free up funds and move projects forward.
These events are exclusive and by invitation only if you would like to recommend a friend to attend please contact Hannah Dukes on:
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