Two Thousand Five Hundred properties sold for over £2 million in the UK during 2013 according to official Land Registry figures. That figure is rising by approximately 10% per annum.
Have you checked that your local search is covered by insurance for the full value of your clients purchase? A Council search carries no insurance at all. The industry standard for a personal search company is £5 million for any one claim.
Unfortunately though, even some of the better known search companies only provide cover for up to £2 million, which may be fine so long as none of the properties that you handle ever exceed this value. I advise all conveyancers to check that their search company is suitably insured. At HW Conveyancing Searches we have a full £5 million indemnity from Aviva Insurance so our clients and yours need not worry.
Thanks so much Rosie’s Wine Bar in Southsea for providing such a lovely atmosphere and lunch for the Portsmouth Property Association Summer Lunch last Thursday. Some enjoyed the wine tasting experience while the rest of us just enjoyed the excellent food and company. The association is so friendly, welcoming and useful that I would urge all of those property professionals based in Portsmouth to get involved. We found the networking opportunity and sharing of news and views at events like this one, invaluable. For our part, we were able to report back to the PPA’s Management Committee on our work relating to the recent proposed closure of Portsmouth City Council’s Land Charges Section for three weeks. We fought this proposal as soon as we learnt of it and have kept the PPA informed all along the way. Many at the PPA felt that our intervention together with their support seems to have resulted in an improved position, which is good news for all parties.
We were disappointed to discover that Portsmouth City Council are planning to close their local authority searches and local land charges service for just short of 3 weeks from 29th May until 15th June 2015 whilst they upgrade their system and conduct related training.
The announcement was made on Portsmouth City Councils Local Land Charges web pages but with insufficient warning to those working in the Portsmouth property market. A three week closure of a Local Land Charges service could have far reaching and significant effects on conveyancing transactions in the area and anyone wishing to complete a purchase during this period.
We have contacted Portsmouth City Councils’ solicitors to ask why this closure was necessary as it will cause considerable disruption and uncertainty and whether there might be measures that could be taken to mitigate these.
This approach was made on the basis of two very important factors.
1. The Local Land Charges Act 1974 and the Rules of 1977 state that a Local Authority must maintain the register and make it available for public inspection. It is difficult to see how this closure meets with the letter or the spirit of the law.
2. This closure will effectively close the housing market in the City for a significant period and cannot be described as helpful to the Portsmouth economy.
So far the Council has not provided answers to these points.
What is Veyo?
I am sure you will have heard Veyo mentioned as either something which will make conveyancing simpler in the future, or maybe the opposite point of view, so what is it? Here is a brief guide which we hope you find helpful:
VEYO is a new cloud based tool that enables the various parties in a residential conveyancing transaction to communicate and exchange data, enabling the end to end, online resolution of a sale and purchase. So says Veyo.
Haven’t we been here before? Is this just HIPs by another name?
Well, in a way, my opinion is that this is exactly HIPs for the post HIP era. Just as in the various HIP management systems before, customers can see the progress of their transaction at any time and keep tabs on all things being done at the right time.
Is it just a case management system?
Although there is an inbuilt case management system, Veyo goes further by allowing users to communicate with each other in a secure and safe place
Can it be used for all property transactions?
No, Veyo can only be used for residential freehold and leasehold only.
Who is behind Veyo?
The Law Society and Mastek Ltd.
When will Veyo launch?
About now, actually. We spoke to them on 15th May and they say that in their eyes a spring launch is defined by the end of May which will definitely happen.
So is everyone ready to be included, Land Registry, Search providers, Water Companies, Estate Agents?
No, that is all work in progress, so far it will be Conveyancers talking to Conveyancers.
How much does Veyo cost?
Each firm must register all users, not one user per firm. This will cost £50 plus VAT per user per year. There is also a £20 per case fee charged at receipt of instruction.
HantsWight Searches Limited will now be trading as HW Conveyancing Searches to reflect our now established wider geographical client area. This will formally take effect on 1st June, but the web site has been launched now to get the exciting new look to you early.
Don’t worry existing clients; we are the same people, offering the same friendly and reliable high level of service.