ConveyancingFOCUS By
ISSUE 2 | SPRING 2015
SEARCHES UK First Class Service QUICK QUOTE
Speed Up Quoting And Referrals
VEYO
Coming soon
QUALITY SOLICITORS Trends In Conveyancing
RESTORATION MAN
George Clarke on the multi-functional home
www.searchesuk.co.uk
13-14 MAY 2015
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ExCeL LONDON
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MEET THE TEAM Lisa Summerton, Sales and Marketing Director welcomes two new members to the Searches UK Sales team Robert Yates Since leaving university with a degree in Media, Film and Business, I have worked in industries including Banking and Debt Collection, Travel and Education Publishing. Throughout my career I have worked predominantly in sales roles with over 15 years’ experience in face-to-face, telephone and online sales. I pride myself on providing fantastic customer service and my ability to meet new challenges head-on. I enjoy building relationships with my clients and always jump at the opportunity to get in front of potential customers at trade shows and events.
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I have many passions including rock climbing, mountain biking, Kung Fu, arcade machines and attending the cinema – which, if given the chance, I will talk about at length.
“I believe in offering Solicitors quality products, backed up with first class customer service - and have joined Searches UK because that is exactly what they offer”
Emma Stamp I’m Emma Stamp; I have worked within the Legal Services industry for the last 11 years, primarily within the Search market but also in Legal Software. I believe in offering Solicitors quality products, backed up with first class customer service – and have joined Searches UK because that is exactly what they offer. I have worked successfully with law firms across the country, developing relationships due to the service I provide and I’m sure working with Searches UK will allow me to continue delivering the same level of service to clients old and new.
ConveyancingFOCUS By
CONTENTS
2 4
Meet The Team Introducing two new members of the team at Searches UK
Industry Update Lawyer Checker, Title Consultancy, Pension Changes and Renewal dates
6 8 9
The Interview George Clarke talks about making property work
a legal property industry related magazine brought to you by Searches UK. Conveyancing FOCUS was launched in January 2015,
Looking ahead at support for mortgage lending in 2015
created by a team of professionals with a combined
News Reporting with DevAssess. Keeping Ahead with Buyer
experience of over 50 years’ within the conveyancing, legal and property industry. This UK-based magazine brings solicitors and conveyancers the latest news in their market, keeping our readers up to date with current
Quality Solicitors
changes and offers, as well as providing further knowledge
Looking at Trends in Conveyancing
and understanding on all things property related.
Quick Quote
These are exciting times in the Search Industry as we
New Conveyancing Quotation and Referral System
strive for quality and embrace the advances of the digital age in ensuring we provide the best, most effective and
Veyo Launches
most efficient service possible to our clients.
Better Communication means better value
If you would like to feature in Conveyancing FOCUS,
Career ladder
share your opinions, or provide feedback, please find
Searches UK Sales & Marketing Director, Lisa Summerton, on her career path
15 16 17 19
Welcome to the second issue of Conveyancing FOCUS,
Mortgage Focus
Protect
10 11 12 14
WELCOME
Meet The Team
us on Facebook, Linkedin and Twitter, visit our website at: www.searchesuk.co.uk or email us at: info@searchesuk.co.uk.
Catching up with some of Searches UK’s key people
Checkaprofessional Giving clients the independent reviews they need
360 Legal Group The importance of improving processes
Compliance
Produced by: Searches UK Unit 2, 136-140 Old Shoreham Road Hove, East Sussex, BN3 7BD T: 0800 043 1815 F: 0845 241 1817 W: www.searchesuk.co.uk E: info@searchesuk.co.uk
The Garden House, The Owl House, Shottery Village, Stratford Upon Avon, CV37 9HA www.conveyancingfocus.co.uk
Outsourcing Compliance for Outstanding Results
Published by: Portfolio Publications | www.portfoliopublications.co.uk
Printed by: Gemini Press Front cover Image: Main image courtesy of Searches UK, George Clarke image courtesy of BBC Living.
All rights reserved. The views expressed in this publication are not necessarily those of the publisher. The publisher cannot accept responsibility for any errors or omissions relating to advertising or editorial. No part of this publication may be reproduced without prior written consent from the publisher.
ConveyancingFOCUS: Industry Updates
INDUSTRY UPDATES LAWYER CHECKER PROVIDES SAFEGUARDS Now a well-known risk management tool, Lawyer Checker demonstrates whether or not an account has had a track record of successful use within conveyancing Many law firms across England and Wales recognise that conveyancing transactions now run the inherent risk of a cyber-attack, and identity theft is rife within the industry. Jenny Owen, Project Manager at Lawyer Checker, tells Searches UK: “2014 was the year that the industry put this area at the top of their agenda. With figures such as over 549 reports of bogus law firms in just one year, and a Warning Notice telling firms not to rely on the Find a Solicitor list, it is no wonder that Lawyer Checker searches are the go-to check for over 400 firms before they send funds. Our simple checks allow firms to safeguard
themselves and their clients against the many dangers involved in remission of funds.” WHAT IS AES (ACCOUNT AND ENTITY SCREEN)? What it does: Step 1: LC checks the account details provided against its database to give an indication of whether the account has a track record of successful use in conveyancing transactions. Step 2 (where a ‘good’ track record is not found): The LC team will conduct live checks on over 10 databases to provide further research on the firm that is associated with the account being checked. Benefits: • Enhance your due diligence • Immediate response on account check • Real-time searches on related databases
within 4 working hours Identify evidence – when were the account details previously seen by the LC database? • Demonstrate Outcomes Focused processes • Safeguard against incorrectly typed account details. Due diligence requires all solicitors and conveyancers to check the firm that they are sending monies to. Checking the roll of solicitors is no longer enough. Lawyer Checker is available at Searches UK. Please contact us via email at info@searchesuk.co.uk or visit www.searchesuk.co.uk. Alternatively, if you would like to speak with a member of the team please call 0800 043 1815 •
THE TITLE CONSULTANCY LIMITED Put your conveyancing needs in safe hands and free up valuable time too One of the biggest challenges facing conveyancing firms today is the shortage of experienced conveyancers coupled with a changing conveyancing market, increased customer expectations, new technology and an ever-increasing layer of compliance translating into higher administrative costs, pressure for existing partners and fee earners at a time when fees are being forced down. Due to the pressure on low fees, many firms resort to using untrained and inexperienced
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staff resulting in a higher level of supervision, increased complaints, terrible online reviews and interventions by the Legal Ombudsman and the SRA. How can The Title Consultancy Limited help? Based in the UK, with a combined 25 years of conveyancing experience as fee earners and team managers for both high street and volume conveyancing firms, Title Consultancy have an in depth knowledge of both Property Law and the conveyancing process and offer a fully insured service
with emphasis on accuracy, quality and efficiency. The service offered consists of analysing the property title, drafting reports, raising enquiries for all types of residential property in England and Wales. Reports can be commissioned on an “as and when needed” basis with no minimum order, with payment only for work done and with no agency fees, PAYE, sickness or holiday pay. To discuss their services call The Title Consultancy Limited on 07984 514684
ConveyancingFOCUS: Industry Updates
LAWYERS & LEGAL CHANGES IN PENSIONS Martha Papaphilippopoulos from Wesleyan shares her five things every lawyer should understand about the new pension rules On 6 April, the biggest pensions-shake up in history will come into effect and Wesleyan, the specialist financial services provider for professionals, has come up with five issues every lawyer approaching retirement needs to consider. Anyone with a defined contribution (DC) pension scheme will be affected by these extensive pension reforms. The opportunity for individuals to take their entire pension pot as a cash lump sum for the first time is arguably the biggest, and most heavily publicised, new pension rule. But new tax implications and different arrangements among pension providers are just a few of the reasons why these reforms may be more complicated than pension savers expect. 1) Do not assume that taking a lump sum is the best, or easiest, choice. The cash option may sound remarkably simple, and tempting, compared with shopping around for an annuity. While the new pension rules give people more freedom in retirement, this freedom comes with greater choice, which has its own complications. 2) Not every DC pension provider will offer the new flexibilities. Pension providers do not have to adopt the new flexibilities, so
it is essential that pension savers look into this as they may have to switch providers. Changing pension providers can be a lengthy process, so lawyers should consider taking action now if they wish to take advantage of the new pension arrangements early on. 3) Taking a pension pot as cash could affect the amount of tax payable. Under the new pension rules, if someone opts to take their entire pension as cash, a quarter of this can usually be withdrawn tax free. However the rest is treated as income and is taxed at marginal rates. So depending on the size of their pension pot, lawyers could actually find themselves pushed into a higher-rate tax band. 4) What to do with the lump sum? One of the options is to invest the cash. But deciding exactly when, where and how much money to invest in practice is complicated by the choices open to investors and the need to balance risk and reward. Seeking out professional advice can help lawyers navigate the investment landscape and make sure they get the most out of their pension pot. 5) Could an annuity actually still be the best option? Despite some criticism around their
value, annuities will still provide security of a regular income over a lifetime that cannot be guaranteed by taking a cash lump sum or investing the money yourself. Samantha Porter, Wesleyan’s Group Sales and Marketing Director, said: “There is no doubt that this year’s pension reforms will bring more choice for customers, which is to be welcomed. However it’s important to make the right decisions, as after a long career lawyers will want to ensure they have sufficient income to enjoy the retirement they want. They should discuss all of the options available to them with a financial services specialist who understands their profession. “Lawyers should not rush into any decisions over their pension savings. But they also need to establish if and when to take the right actions, which requires careful consideration of all options available to them, preferably with the support of a professional who understands the specific needs and challenges of their profession.” For any further information, please contact: Martha Papaphilippopoulos. Tel: 07785975924. martha.papaphilippopoulos@wesleyan.co.uk
PROFESSIONAL INDEMNITY INSURANCE Simon Gale’s predictions for the coming year As I sit in my office at this time of year I look back at another renewal season; I am now already beginning to plan for the 2015/2016 renewal. Last year we had to deal with the SRA consultation and planned changes to PII. This year, if rumours are to be believed, a further consultation could be in the pipeline, and this is awaited with bated breath. So what happened last year, and what is likely to happen this year? The market share figures are still awaited, but there is unlikely to
be little change, I would imagine, on previous years. AM Trust will have increased their share; established markets, such as Zurich and Travelers, will have consolidated, and the new entrants, such as Endurance and CV Starr, will have taken a small share. Last year was more of a stable year as there was no withdrawal from any major market. However, quotations were offered by insurers later than ever due to the uncertainty surrounding the SRA consultation. A small number of firms moved away from the September renewal date and only time will tell as to whether this works to their advantage.
Two-year deals were offered to some firms, and the advantage of not having to complete a form proved attractive. As for this coming year, if I had a crystal ball, I would hope that the market will remain relatively stable. However , this is subject to any further SRA consultation and the fallout from that, so, in reality… watch this space…. For more information visit www.stgilesgroup.co.uk St Giles Legal & Professional Risks Limited, 104 New Bond Street, London, W1S 1SU Tel: 020 8236 7420
Brought to you by Searches UK | www.searchesuk.co.uk
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ConveyancingFOCUS: The Interview
FIVE MINUTES WITH
GEORGE CLARKE The TV presenter and architect is passionate about the multi-functional home, as he reveals to Conveyancing FOCUS
YOU’RE INVOLVED WITH A NEW CONCEPT, THE MULTI-GENERATIONAL HOME? It’s a key issue these days. I’m passionate about multifunctional homes and multigeneration homes, because quite often houses can be quite ordinary and boxy, but we’ve proven during Amazing Spaces that nowhere has to be ordinary at all. We’re living in a unique time; the housing crisis is probably the worst it’s ever been in terms of demand and the type of housing available, and I think the multi-generation home is one way we can tackle that. IS IT RIGHT TO SAY IT’S A ‘KIT’ HOME BUILT OFF-SITE AND ASSEMBLED LATER? DO YOU THINK THAT’S THE FUTURE FOR HOUSE BUILDING? Yes. This is my personal view, but I think the housing industry is miles behind where it should be in terms of technology. You only have to look at other industries like cars, telecommunications, product design... So
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many things are now factory built to a very, very high specification and quality control, then sold and used very quickly. IS COST THE REASON WHY IT HASN’T TAKEN OFF? Well, it’s expensive because we haven’t started doing it. It’s like any product; once it’s taken off, it comes down in price. The industry as a whole, and the government, need to get together to get the factories set up, and that takes a huge amount of investment. We can’t say ‘that’s too expensive so we won’t bother’. At the moment everything is a short-term fix. It’s like sticking a plaster on a broken leg. We have to do much more over a longer period of time. YOU ALWAYS SEEM SO BUSY - DO YOU GET MUCH TIME TO WORK ON YOUR OWN PROJECTS? Yeah, I do. People assume that when you’re a TV presenter, you don’t have any other sort of job. But for me, first and foremost I’m
ConveyancingFOCUS: The Interview
an architect, a builder and a developer that’s what I love doing. So I’ve still got my architecture practice, my building company and my development company. All it means is I work all the time! DO YOU HAVE A DREAM PROJECT? Selfishly, it would be building my dream house. It would probably be somewhere a bit warmer, and it would be by the sea. I’ve designed many of my own houses over the years. WHAT WOULD BE YOUR ADVICE TO SOMEBODY EMBARKING ON THEIR FIRST RESTORATION OR NEW BUILD PROJECT? Get professionals around you who can really advise you in the areas you’re lacking. As you know from watching the programmes, people do make some really major mistakes where they think they can design it themselves, but they can’t, and they get it wrong. Getting a project manager is an investment, not a cost. THE PEOPLE WHO APPEAR ON YOUR SHOWS ARE SO BRAVE Particularly on Restoration Man, I think they’re amazing. These are people who are generally jumping into the unknown, taking on grade one or grade two listed buildings, many that have been abandoned for years.
They do use a phrase sometimes that makes me laugh but is true: ‘If I wasn’t so naive, I wouldn’t have taken on the project in the first place’. YOU’VE GOT YOUR 40TH BIRTHDAY COMING UP... Oh, thanks for that! GOT ANYTHING PLANNED? Apart from maybe hiding in a dark room and not talking to anybody for 24 hours, no! I haven’t planned anything like that, I’m always pretty last-minute, so I don’t know if I’m going to have a massive party or jump on a plane and disappear somewhere... WHAT ELSE ARE YOU WORKING ON? Apart from my normal businesses, I’m making series three of Amazing Spaces, which will be out in May. I’m making series four of Amazing Spaces at the same time. I’m making series five of Restoration Man, which will be out in October. And I’m making series six of Restoration Man, which will be out in late spring next year. IT’S A WONDER YOU KNOW WHERE YOU ARE! I do ping pong around Britain quite a lot. But you know what, I love it.
“People do make some really major mistakes where they think they can design it themselves, but they can’t, and they get it wrong”
George Clarke is at The Ideal Home Show, London Olympia 20th March to 6th April
Brought to you by Searches UK | www.searchesuk.co.uk
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ConveyancingFOCUS: Mortgages
MORTGAGE FOCUS Paul Broadhead, Head of Mortgage Policy at the Building Societies Association, looks back at 2014, and is hopeful about support for mortgage lending in 2015
If we cast our minds back to May 2014, the Organisation for Economic Co-operation and Development (OECD) was vocal in its concern that an overheating housing market was the single biggest risk to the continued economic recovery of the UK. By the end of the year, the Office for National Statistics house price data for November showed that the relentless increase in house prices, greeted with pleasure by many owners and with trepidation by buyers, fell back at the end of 2014. We do need to get this information in perspective, though, as UK house prices rose by 10% between January and November 2014, 0.4% down on the position at the end of October. Prices, coupled with the data available now from multiple sources, show that demand for mortgages fell back at the end of the year too. This amply demonstrates that the UK housing market has come off the boil. In many ways, provided an orderly market is maintained and we don’t go back to the pre-2012 confidence slump, this may well prove to be a good thing. At the turn of the year we did a quick straw poll amongst our members to get their views on mortgage pipelines going into 2015. Amongst those who responded, 58% reported that their pipeline was bigger than January 2014; 25% said it was much the same and 17% reported that it was lower than this time last year. This
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is certainly not definitive, but indicates that there is still reasonable mortgage demand out there and the supply to satisfy it. The make-up of this mortgage business was
“There is still reasonable mortgage demand out there and the supply to satisfy it� less consistent, with 25% reporting that they were serving more first time buyers, and others commenting about the resurgence of the buy-to-let market. Interestingly, just one
respondent commented about a rise in remortgage business. So what might 2015 look like? Well, low, or as Governor Carney recently warned, falling interest rates, real incomes starting to grow (helped by lower inflation), high levels of employment and stamp duty reforms suggest that there will be some support for mortgage lending as we go through 2015. Yet it is not expected to be a boom year, partly because affordability is constraining purchases in some areas, and possibly because of some uncertainty over the tax regime for owners of high value properties after the election. So while gross lending across the market grew by 14% in 2014, we are expecting this to moderate slightly to nearer 10% growth in 2015. The biggest risks to the market are likely to be knock-on effects from external factors, for example, the Eurozone encountering further uncertainty affecting financial markets, with a knock-on effect for bank funding, as well as household confidence.
ConveyancingFOCUS: News
ConveyancingFOCUS NEWS DEVASSESS SPECIAL OFFER Future proof your property with the most accurate planning search product available Development is increasingly likely to result in future planning applications that could have a substantial impact on your client’s current or prospective property. It might ruin their view, reduce their enjoyment of their property or affect its value positively or negatively. As clients are becoming more aware of development risk as an issue, solicitors need to know how to obtain further information to address these concerns. Local Authority searches are mainly restricted to planning searches considering the wider area. Specific planning searches may consider the wider area, but what about future development risks, or where planning has yet not been submitted? DevAssess is a unique new report that includes existing planning information and identifies unexploited development sites. In approximately 10% of cases the searched
property has hidden value revealed. Key features • Unique, professional opinion about future development risks within a 75m radius of the property • Identifies development potential of your property or your client’s intended purchase • Site-specific mapping showing any identified potential development sites • Information about the size of each identified site, together with density predictions • Includes a full GroundSure Planning Report or Plansearch Plus report, providing information about current commercial and residential planning applications (including larger and ‘minor applications’ such as single storey extensions and dormer
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windows within the immediate vicinity), together with information on land use designations, rights of way, mobile phone masts, housing and neighbourhood data, together with crime, amenities and education information Aerial photography
Purchase this fantastic search product with Searches UK at just £65 + vat until 30th June! (RRP £79 + vat) For more information on products and services please contact us via email at info@searchesuk.co.uk or visit our website at www.searchesuk.co.uk. Alternatively, if you would like to speak to a member of our team please call 0800 043 1815.
KEEP AHEAD OF THE PROPERTY MARKET WITH BUYER PROTECT Secure your clients’ outlay with Searches UK’s Buyer Protect Reimbursement Scheme Did you know that you can protect your clients against some of the associated costs they may incur when purchasing a property? “We had two house purchase disasters within the space of 7 months. The first property was found to have a major structural issue and the second property fell through when the vendor decided not to move. On both of the purchases we had paid out for surveys, searches, mortgage administration costs and legal costs. Searches UK quickly and efficiently provided us with refunds of our costs on both of these purchases. We would have lost several thousand pounds without their buyer protection. I can’t recommend them enough. Absolutely brilliant” Today more than ever, the process of moving home requires significant capital outlay and
sometimes things can go wrong, potentially leaving your clients out of pocket. Buyer Protect covers buyers against some of the charges incurred when purchasing a property. Should the sale not be able to proceed due to problems beyond your client’s control, they will automatically receive the benefits of this unique reimbursement scheme. Not only does Buyer Protect save your clients money, it helps lawyers win more conveyancing business whilst giving clients peace of mind. This significantly popular protection scheme has paid out to every customer covered who has claimed due to the property purchase falling through at no fault of their own. With Buyer Protect your client can be reimbursed for the following: • Up to £500 in non-refundable mortgage lender arrangement fees, mortgage broker fees, product and booking fees • Up to £750 in valuation fees (homebuyer, structural surveys etc.)
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Up to £800 in solicitor’s fees and disbursement costs Process your searches as part of a Searches UK Buyer Protect Search Pack to make use of these fantastic benefits. The Buyer Protect reimbursement scheme will cover costs for a multitude of reasons; for further details about these reasons please contact Searches UK on 0800 043 1815 or visit: www.buyerprotect.co.uk
“Moving home is often perceived as one of the most stressful events in someone’s life”
Brought to you by Searches UK | www.searchesuk.co.uk
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ConveyancingFOCUS: Legal Comment
DELIVERING QUALITY Sally Holdaway is a conveyancing expert at QualitySolicitors. Here she discusses the trends that she expects to notice in conveyancing in 2015 and how QualitySolicitors are committing to making the entire process easier for property purchasers “At the time of writing, the Royal Institute of Chartered Surveyors had just reported figures that showed January 2015 saw house prices rise at their slowest rate since May 2013. This news appears to continue the trend that we at QualitySolicitors noticed towards the end of 2014, when property prices showed a significant slowdown and the market cooled down. This was perhaps inevitable, given the surge in property prices that we witnessed at the start of 2014. This increase was driven by a recovering economy and the demand being boosted by initiatives such as the government backed Help To Buy scheme, aimed at giving First Time Buyers an increased chance of getting on the property ladder. Spring is traditionally peak season for conveyancing, and the months of MarchJune often act as a barometer for how the property market will behave the remainder of the calendar year. However, the last two years have seen the market operate in unique conditions that make any short-term forecasting difficult. Just as Help To Buy has skewed the behavior of the 2014 market, the impending General Election and the prospect of a hung Parliament is creating an inertia in the market as people put big decisions on hold. This is a situation that may well drift on for much of the calendar year.
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While any prediction is difficult, we are expecting to see lower turnover rates in the property market and a stagnation in house pricing during the first half of 2015. The outcome of the General Election could
“QualitySolicitors are committed to delivering legal services to clients quickly, and with minimal fuss, online” have a seismic affect on property, and this could clearly all change. In fact, QualitySolicitors have released a study in partnership with the University of York which explored how voters
perceived the housing policies amongst the main five political parties. The initial findings were that a Conservative government would have the most positive overall benefit to the housing market, whereas Ed Miliband is viewed as the leader who would do the most to help first-time buyers. Whatever the political situation come May, and the related effect on the property market, our conveyancing team at QualitySolicitors are well aware of the individual pressures on people looking for their perfect home in today’s market. QualitySolicitors are committed to delivering legal services to clients quickly, and with minimal fuss, online. So we launched a new Customer Online Platform this year that will allow clients to complete key stages of their transaction, such as submitting ID documentation, instructing their local QualitySolicitors solicitors firm and making payments online, all from the comfort of their own home. QualitySolicitors realise that the way in which clients wish to use consumer legal services is evolving, and our network of 200 High Street offices want to lead the industry from the front.” Tel: 0800 882 4989 www.qualitysolicitors.com
ConveyancingFOCUS: Quick Quote
QUICK QUOTE Do you have a Conveyancing Quotation and Referral System in Place? Searches UK’s new product can help… Recent YouGov Conveyancing research of 4,000 buyers and sellers revealed that 4 out of 10 consumers regard online access to conveyancing services as “important” or “very important”. Another key finding of the report is that 28% of sellers and 25% of buyers take their estate agent’s recommendation when instructing a conveyancer, with only 1 in 5 going back to their previous legal supplier. With this in mind, Searches UK have invested in a new breed of technology which allows law firms to market to their local estate agents and mortgage brokers. The Quick Quote conveyancing quotation and referral system is designed to enable law firms to control their relationships with their introducers. Sales & Marketing Director Lisa Summerton, says “Unlike other quotation systems, Quick Quote allows law firms to set their own pricing according to introducer. Both the law firm and estate agent are able to produce a professionally designed quote in the law firm’s branding. The quote is automatically stored for future follow up either by the estate agent or the law firm. We have also recently achieved the Legal Eye Quality Standard, so you can be reassured our offering is completely compliant.” “Milestones are also extremely flexible and can be set in line with the law firm’s case management system. Milestones can also be set up for private clients, and if you choose, clients can also access the milestones which again reinforce your brand.” The welcome surprise of the recent Government changes to stamp duty has caused many law firms headaches as their quotation systems are rendered obsolete or require updating. Quick Quote worked overnight to ensure the changes were made on our law firm’s behalf demonstrating that a byproduct of using Quick Quote is that the cost of developing and maintaining the system is borne by us – not our law firms. Lisa says, “Quick Quote is not just a conveyancing quotation and referral system.
When branding the system for our law firms we also brand professionally designed literature to enable our law firms to promote their enhanced conveyancing service to their local introducers as well as the end client.” Searches UK are currently offering Quick Quote as part of their search package, subject to minimum search packs ordered. For further information, and to arrange a web demo or meeting, please contact Lisa Summerton on 0800 043 1815 or send an email to lisa@searchesuk.co.uk.
“Quick Quote is not just a conveyancing quotation and referral system”
Brought to you by Searches UK | www.searchesuk.co.uk | 11
ConveyancingFOCUS: New initiatives
VEYO LAUNCHES Better Communication means better value as Veyo brings together the conveyancing process in one portal You may have heard already, but the conveyancing industry is set for a big change in 2015. Veyo will be launched in the coming weeks. Veyo is the comprehensive conveyancing portal, a joint venture between The Law Society and Mastek UK, a global IT solutions company. Veyo will bring together all the processes, checks and documentation prepared and undertaken by solicitors and licensed conveyancers in the sale and purchase of residential properties in one portal. It will allow professionals to better communicate with each other, clients and other parties to satisfy due diligence obligations more quickly and facilitate the conveyance of residential property through established protocols. We are now in the exciting final stages of testing and will continue to increase our engagement with conveyancers to inform and educate on Veyo and how it can benefit you and your clients. As the launch date gets ever closer, we are still encouraging all parties to register their interest in the product so we can continue to discuss the development of Veyo and exactly how it is going to revolutionise the homebuying process. As part of the development of the Veyo portal, we are inviting interested firms to sign up to become Early Adopters of Veyo. Our team will then actively engage with all those who sign up to the scheme as a way of gaining feedback on the functionality of the portal come launch date. The added bonus to signing up to the scheme early is that firms will be able to use Veyo as soon as the portal goes live. An independent national poll recently revealed that the single most popular change homebuyers would like to see to improve the home buying process is a faster service. With the average conveyancing process reported to take 11.3 weeks, the waiting aspect of buying a home topped the poll as the most stressful part. Indicating very poor customer loyalty for
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the industry, with just under a half saying they were not sure or unlikely to offer repeat business, the survey, undertaken by Morar Consulting, highlights how conveyancers and solicitors can boost their customer retention. The industry has been recognising and talking about the need to change and we are finally coming up with the answers. While many conveyancers have started to put systems in place to streamline the system, there has yet to be a service for the entire end-to-end conveyancing process – until now! There is an appetite for change amongst homebuyers. They are frustrated with the system, and we believe they will be championing a product that will make the conveyancing process faster, more efficient and more transparent. If you are interested in becoming an early adopter or wish to access the market research report for free, please email info@veyo.co.uk
“We are now in the exciting final stages of testing and will continue to increase our engagement with conveyancers to inform and educate on Veyo and how it can benefit you and your clients�
PRACTICE NOTE - FLOODING
The Law Society issued a revised version of the Practice Note on Flood Risk on 18th December 2014 as a best practice guide for solicitors and conveyancers. The Environment Agency estimate that 5.2 million properties in England and Wales are at risk of one or multiple sources of flooding, equating to 1 in 6 homes. Aside from physical damage to a property, if a property is at risk of flooding it may be difficult to: • Obtain suitable insurance cover • Obtain a mortgage • Sell the property in the future As solicitors are not qualified to give advice on flood risk or interpret technical flood reports, this practice note provides solicitors with information to help clients understand their flood risk and identify relevant searches, reports and investigations that may be required to mitigate the risks of property transactions in flood prone areas, as well as assisting clients in investigating the terms on which buildings insurance cover, including flood risk, is available, prior to entering into contractual commitments. In all conveyancing transactions, when acting for a prospective buyer, tenant or lender, a solicitor should mention the issue of flooding to the client and where appropriate make further investigations.
River, coastal, surface water and reservoir flooding information for the general area is available to view free of charge on the Environment Agency’s website. However, these maps do not provide information on a specific property’s flood risk. Commercial providers such as GroundSure are increasingly providing dedicated flood searches or combined environmental and flood searches as standard in conveyancing transactions. Solicitors should ensure they are advising clients that they are not qualified to advise on technical matters regarding the results and any queries should be raised with the search provider. GroundSure’s unique risk alert service will notify when a flood report is required, reducing the inconvenience of ordering additional reports when not necessary. GroundSure’s reports and follow-up consultancy services ensures solicitors client care requirements are met without contributing to their workload. The GroundSure Flood report provides information on the risk of flooding from rivers, the sea, surface water and groundwater as well as providing an insurability rating for the property giving the client an indication of available insurance. This level of Flood data is also included within the GroundSure Homebuyers (Residential) and GroundSure Review (Commercial) reports.
These investigations include: • Conducting searches using a professional organisation such as GroundSure • Making enquiries of the seller, however Caveat emptor should be applied here • Instructing a valuer or surveyor to carry out an appropriate physical inspection, and to provide advice on the impact of flooding.
www.groundsure.com
CAREER LADDER Lisa Summerton, Sales & Marketing Director of Searches UK, tells us about her career journey
HOW LONG HAVE YOU BEEN IN THE SEARCH INDUSTRY? I have been in the Search industry for two years now, having previously worked in the property legal sector for over 20 years. It was not something I had thought of prior to joining Searches UK, but having spoken with Andrew Stenning, our MD, I took the role offered to me in April 2013 and haven’t looked back. I am lucky that the team at Searches UK are absolutely fabulous to work with and we all have the same ethos: “we want what’s best for Searches UK and for the search industry.” AS THE SALES & MARKETING DIRECTOR, WHAT DO YOU LOVE AND HATE ABOUT YOUR JOB? I love absolutely everything about my job, but I am sure it is made easier by the lovely solicitors we work with, my colleagues – and even our competitors (in the main). It is a very friendly industry. I love the thrill of speaking with, solicitors and telling them all about our fantastic search offerings and then revealing that it doesn’t end there – there is so much more on offer. To go from a flat “No, we don’t want to change our search provider” to “Actually, yes, it probably would be worthwhile having a chat” puts a great big smile on my face. WHAT IS YOUR WORKING MOTTO? I have a few mottos really but one that I always stick with is “Nothing is handed to you on a plate. You need to work to get results – and to retain the results you have achieved”.
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WHAT WAS YOUR FIRST JOB? I wasn’t really sure when leaving school and college what my future career would be, but knew that I loved working with people, as customers, and as part of a team. I also enjoyed thinking in a business-minded way and finding new ways to enhance any service I was working with and ultimately increase business. I started my career at 18 as an Office Junior within a law firm and worked through the ranks to become a practising Conveyancer – which I did for 12 years before moving into sales. It seemed like the most natural move to make as I was already selling my conveyancing service on a daily basis to estate agents, IFA’s and the public and winning more and more business, so I thought “Why not do this for other law firms and let them do the conveyancing work instead”… I had become a Business Development Manager leading to Regional Sales Director of a National Panel Management Company and loved it. HOW DOES YOUR EXPERIENCE HELP YOU IN YOUR ROLE? Having been a Conveyancer really helps me in my role as I understand what it is like to sit on the other side of the desk. Searches UK have always gone that extra mile to ensure that we offer a platinum service to our Solicitors and that we move Heaven and Earth wherever possible to meet the deadlines expected by our Conveyancers, but over and above that I am able to talk to them generally about products we offer and some of the additional services from experience rather than just as a sales person.
DESCRIBE A TYPICAL DAY FOR YOU? Typically, one day for me is never the same as the next – they vary so much. I spend a great deal of time nipping around the country meeting with potential new clients and existing clients, working with our sales team to make sure we are maximising sales opportunities and ensuring that our marketing messages, literature and products are being delivered into the market place effectively. WHAT DO YOU ENJOY MOST ABOUT WORKING FOR SEARCHES UK? I know it sounds like a cliché, and I imagine everyone in the office would say the same, but, it really is the brilliant work colleagues that I have the pleasure of working with. It is so important to have a dedicated and happy team working with you, and that is exactly what we have at Searches UK. DO YOU THINK NETWORKING IS IMPORTANT? Yes, I believe that networking is a vital part of any business and Searches UK spend a lot of time concentrating in this area. Every member of staff attends networking events and this all contributes to the Searches UK’s success to date. WHAT DID YOU WANT TO BE WHEN YOU GREW UP? I don’t think I really knew exactly what I wanted to do when I was at school, much to my father’s displeasure. My daydreams varied from being on stage in the West End to being a Policewoman… I am happy with where I have ended up, though.
ConveyancingFOCUS: Meet The Team
MEET THE TEAM Searches UK: Introducing some of our friendly and professional team of industry experts
Faye Stenning My name is Faye Stenning, although for an anniversary present, my husband Andrew did buy me the legal right to use the honorific title of “Lady” along with about five square feet of land on an estate somewhere on the west coast of Scotland. I’ve yet to visit my land, although I hope to one day. I’m not permitted to leave my title to anyone in my Will, nor am I permitted to build on my land! My job title at Searches UK is Risk & Compliance Manager. I have been employed in the legal industry for over 20 years, having been based at firms ranging from local practices to Magic Circle firms. I have worked as a Legal Secretary, Team Supervisor and Practice Manager and have successfully driven firms through Lexcel accreditations and CQS applications. As both Andrew and I work together running Searches UK, work can sometimes feel like it’s taking over! We have a caravan in the New Forest which is our bolt hole, and we love spending time there with our three children, enjoying the outdoor life. Direct Dial: 01273 229333 | Email: Faye@searchesuk.co.uk
Michaela Mocilanova My name is Michaela Mocilanova. I am the Office Manager at Searches UK. I have been part of Searches UK since its inception back in 2008; however, my first job in the property industry started as an administrator at a local estate agency. I later moved to a solicitors firm as part of the HIPs team. When Andrew offered me the position in his new company, Searches UK, I jumped at the opportunity! I like to try new things and thrive from unique experiences. I like a little adrenaline in my life; I have achieved an advanced open water diving certificate and completed a paragliding course as well. I also did a tandem skydive jump, and I enjoy participating in most sports. My passion is travelling and exploring different cultures. I do love to tuck into local delicacies - the most unusual thing I have tried would probably be “cui” (Peruvian guinea pig). Direct Dial: 01273 229330 | Email: Michaela@searchesuk.co.uk
Natalie Shelley My name is Natalie Shelley and I am an Administrator at Searches UK. I have been working at the company since December 2013. My job consists of processing conveyancing search requests, liaising with local authorities, providing customer service to our clients and assisting with enquiries. It is my responsibly to make sure clients are happy and receiving an efficient, competitive and quality service. I really enjoy working with our clients and providing support whenever possible. In my spare time I enjoy travelling to different countries, going down to Newquay in the summer, and sun bathing whenever possible. I’m an animal lover; I love horse riding, although I don’t do it very often at all. I try to keep fit as much as possible and attend weekly body balance classes. I like listening to music (I am a HUGE Sam Smith fan!) and cosy nights watching movies and eating popcorn. I also enjoy eating out in restaurants, I’m a big cheese lover and I’m addicted to shopping. Direct Dial: 01273 764920 | Email: Natalie@searchesuk.co.uk
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ConveyancingFOCUS: Checkaprofessional
KEEP THE CUSTOMER SATISFIED Just how important is price in potential clients’ decisions to instruct a solicitor? Checkaprofessional look at the criteria used by customers Checkaprofessional was recently involved in a discussion group online, run by representatives of the legal profession, where this question was raised. We were amazed to see how many commented on this subject. It is reported that out of 4,500 home movers just 13% choose the cheapest conveyancer. Contrary to belief, consumers are more focussed, now looking for quality and are more likely to instruct on recommendation! Many comments from participants in the group, showed that nearly all agreed that price was very much a secondary consideration. It appeared, the more the discussion continued, that good old-fashioned customer service was a higher priority, and good communication appeared to be the number one priority. It would seem that consumers search for legal services and may contact a solicitor to ask a variety of questions, but it is assumed that price is the key question, when, really,
asking the right questions and striking up a rapport with a prospective client could put the client at ease, hence giving a tick on the communication sought.
“Consumers are more focussed on looking for quality and are more likely to instruct on recommendation” We are extremely aware that clients, who are well informed by being able to read previous client reviews, understand that clients’
feedback is valued by the practice they are reviewing, which then provides confidence and the reassurance they are seeking. This is a well-balanced, winning formula. Being on the internet is crucial, however, as websites become more readily available, and these are put together by those selling their own services. Consumers are becoming increasingly aware of how dressing a shop window can be inviting to lure in prospective clients, but the questions most are demanding answers to are, what their experience will be and what is the quality of the service offered? Place your practice with a brand which receives over 1.1 million visits per month and has received over 1,660,019 recommendations for our members, making our brand the leaders in the review industry for your clients! Call Freephone: 0800 093 8414 or visit www.checkaprofessional.com
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ConveyancingFOCUS: Legal services
IMPROVING PROCESS For conveyancing, the future is all about business process, reducing risk and the quality of client care, says Viv Williams, CEO of the 360 Legal Group
Viv Williams There is no doubt that the conveyancing market will be controlled by the lenders in due course. The insurers and lenders are deeply concerned by risk and the risk that is represented by the smaller inefficient practice. Many firms are incapable of handling the volumes to make conveyancing work and try to compete for panel work in an inefficient way. The only criteria for the future will be work flow and process and partners, or, more likely, owners will manage people rather than do all the work themselves. In 2014 many firms enjoyed a revival in conveyancing income and to many this seemed to be “the back to the future” moment they had been waiting for. Partners in their late 60s who should be winding down towards retirement were working seven days a week because they could not find any conveyancers to employ. They enjoyed the income, but seven 12-hour days per week is surely a recipe for disaster at many levels? If conveyancers are in such short supply, then how do we manage a conveyancing department in the future with the lenders and PI insurers deeply concerned by the risk? The only way is to invest in cloud based workflows and technology and utilise a different skill set within your practice. Partners should only be delivering conveyancing services to clients that do not require lenders – in other words, high net worth individuals
who will pay a premium price for exceptional service. They are out there, at least 30% of properties are not encumbered with a mortgage, but as the numbers suggest, just over 200,000 properties nationally fall into this pot! If we accept that conveyancing firms have to change, then how do law firms adapt to this change? Firstly, decide on which strategy you wish to follow – high net worth individuals who will pay a premium price for exceptional world class service or lender (or other) panels that
“The only criteria for the future will be work flow and process” require a low cost strategy to minimise risk and improve efficiency? Interest rates will remain static whilst inflation remains so low, well beyond the election, and we are probably looking forward to another term of coalition government. Whilst most parties retain centre ground this cannot alter the fact that we are carrying a huge national
debt that is not going away, and this will have an impact on interest rates and investment in domestic housing. The lenders themselves have introduced new criteria in affordability for buyers and are extremely concerned about risk – just ask the PI insurers where the risk in a small to medium law firm lies – it’s nearly always in domestic conveyancing. Which brings me to the battleground ahead – in the blue corner we have the Veyo platform, still under construction, that the Law Society have invested so heavily into. In the red corner we have Decision First, the platform favoured by the lenders. Each side claims huge interest in its respective platform, with Decision First having double the number of conveyancer sign ups. Couple that with the majority of the major banks and building societies favouring this option, I know where my money would go. In conclusion, technology and work flow will dictate who will be the winners in this conveyancing battle. The winners will be those firms that embrace business process, reduce risk and ensure the quality of client care will be world class.
www.360legalgroup.co.uk
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Advice is provided by Wesleyan Financial Services Ltd. ‘WESLEYAN’ is a trading name of the Wesleyan Group of companies. Wesleyan Financial Services Ltd (Registered in England and Wales No. 1651212) is authorised and regulated by the Financial Conduct Authority. Wesleyan Bank Ltd (Registered in England and Wales No. 2839202) is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register No.165116). Wesleyan Financial Services Ltd and Wesleyan Bank Ltd are wholly owned by Wesleyan Assurance Society which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Incorporated in England and Wales by Private Act of Parliament (No. ZC145). Registered Office for all of the above Group companies is: Colmore Circus, Birmingham B4 6AR. Telephone calls may be recorded for monitoring and training purposes. WFS-PRES-61 05/14
ConveyancingFOCUS: Compliance
OUTSTANDING OUTSOURCING Outsourcing Compliance can save you time and money and free up your key staff, says John W Graham of Legal Eye to focus on core business functions and core competencies as well as improving operational performance. Access to the capabilities of compliance professionals reduces the burden of keeping abreast with the regulatory changes in policies and procedures. In reality, outsourcing is an increasingly growing area in the legal and financial regulatory area. It should be borne in mind that the firm is still ultimately responsible for any work that is outsourced, but the figures and benefits speak for themselves. Can you afford not to outsource compliance? John W Graham BSc MCIOBS www.legal-eye.co.uk. Mobile: 07595 377748. Email: jw@legal-eye.co.uk. Every Solicitor’s practice in England & Wales has to have a Compliance Officer for Legal Practice (COLP) and a Compliance Officer for Finance and Administration (COFA), who are responsible for ensuring that their Firm has a coherent approach to regulatory matters. They are the first point of contact for the SRA when regulatory matters are raised. An equivalent HOLP and HOFA are in place both in Alternative Business Structures for whom the same provisions apply, and in Licensed Conveyancers who are regulated by the Council of Licensed Conveyancers. As the COLP/HOLP and COFA/HOFA are responsible for immediately reporting material breaches, Firms must have systems to identify and record such breaches. SRA guidance also recommends that COLPs/HOLPs consider systems for undertakings, checks on new staff, monitoring regulatory deadlines, monitoring and managing risk, professional conduct issues and staff development as part of their role, and each of these items must be given due weight and consideration. COLPs/ HOLPs and COFAs/HOFAs also have a requirement to ensure that regular file reviews are undertaken with follow up corrective action being completed where applicable. Chapter 7 of the Solicitors’ Code of Conduct 2011 requires the firm to have ‘effective systems and controls in place to achieve and comply with all the principles, rules and outcomes… of the Handbook’ whilst the CLC Handbook places an equal emphasis
on Licensed Conveyancers under Principle 2. This is an onerous burden and it is vital that Firms consider how they will demonstrate such systems and controls to their respective Regulators. Many firms believe that by keeping compliance in-house they will benefit from greater control and reduced costs. However, for many firms this is a mistaken perception as experience has shown that where the COLP/HOLP/COFA/HOFA is also a fee earner, they are reducing their fee earning capacity by having to concentrate on their regulatory obligations. By committing to outsourcing compliance, they take more of an overseeing role, thus increasing the percentage of time that they can commit to earning fees. Let’s look at an example where a Senior Fee Earner charges £300 per hour: • Hours spent on COLP/HOLP/COFA/ HOFA duties per month - 20; • Monthly hours potentially saved by outsourcing - 10; • Lost Annual Gross Income by not outsourcing - £36,000. Where the COLP/HOLP and COFA/HOFA are different people, this doubles to £72,000 of lost annual gross income. What effect would it have on your firm to increase annual gross income by that amount? With the typical cost of outsourcing compliance being considerably less than that, you can begin to appreciate the financial benefit. By outsourcing, more time will be available
John has over 30 years’ experience in the Retail Banking & Insurance Sectors and joined Legal Eye after 14 years with Legal & General. Based near Folkestone in Kent, John has a great deal of experience in the areas of Anti Money Laundering, Data Protection and delivering training. Many of the Projects that John has managed have covered regulation, compliance and legal areas. John has worked alongside Lenders, Estate Agents, law firms, the CML and the Law Society. John’s main focus has always been around the Treating Customers Fairly principle and this is a key attribute that John brings to Legal Eye. John is also an Associate of Financial Eye and can assist with conformity to the SRA Accounts Rules.
LEGAL
EYE
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EXCLUSIVELY FROM SEARCHES UK See page 9