News
01-12-09
No Need to Worry about Changes Ahead!
It was John F Kennedy who said: “Change is the law of life”, but the legal industry itself is not generally seen as particularly innovative or revolutionary - more as an upholder of traditional values.
However, there are changes ahead that are set to transform the way law firms operate.
The first is the Legal Services Act (LSA) 2007, or ‘Tesco law' as it has become known.
The Act ends the current restrictions on legal businesses, where ownership is shared among senior legal partners, and allows for other kinds of businesses to provide legal services.
It means supermarkets could start selling conveyancing services, divorces and wills alongside tins of baked beans.
And banks and insurers are also expected to begin selling legal services.
The second major change in the market is likely to affect Home Information Packs (HIPs) - established in 2007 to improve the house buying and selling process by making information about a property available at the start of the process.
HIPs have come in for a great deal of criticism, most recently from the Shadow Housing Minister Grant Shapps who suggests they may have had an adverse effect on the market. Indeed it is reported that the Tories have already tabled a motion to scrap HIPs if they win the next election.
Some HIP providers have started to adapt the packs, including additional documentation to create ‘exchange ready packs’ in an attempt to provide a more effective solution designed to reduce the time from agreeing a sale to exchange of contracts.
Amidst all this uncertainty, if you are planning to move home in the not too distant future, should you be concerned about all these changes?
Most home movers simply want a hassle-free and fast move with four out of five people agreeing that the process of buying and selling properties takes too long.*
For home movers in the Plymouth travel to work area there is no need to worry.
Fastmove law firms across the city have been offering exchange ready packs for years, and they work; reducing the time between acceptance of an offer and that all important exchange of contracts by up to 60% and dramatically reducing the likelihood of a sale falling through.
Look for the Fastmove logo which is your stamp of assured local quality and great value for money. Fastmove members include lawyers, estate agents and other associated businesses who are all committed to making your move as stress free and smooth as possible.
Sellers are encouraged to contact their Fastmove lawyer immediately they decide to place their property on the market so that the process of assembling a comprehensive set of documentation can be completed before a buyer is found. What’s more, there is no additional cost.
Working from a network of local offices means that clients can not only phone or email but drop in to see their lawyer in person, rather than shopping for legal services alongside your fruit and veg!
Fastmove brings the benefit of fully trained experts with local knowledge who promise to make the process as stress free as possible for their clients.
*Mike Goldsmith is company secretary of Fastmove, a local initiative for faster and smoother home moves involving 25 law firms and eleven estate agents in the Plymouth travel to work area. Further information can be found at www.fastmove.info where there are links to all members.
*Ipsos MORI Survey October 2009, commissioned by AHIPP
01-07-10
Will the Demise of Hips Boost the Local Housing Market?
Local estate agents are reporting an increase in properties coming to the market since the Government's decision to scrap Home Information Packs - known as HIPs.
Hardly surprising, as obtaining a HIP usually involved a seller having to part with hundreds of pounds even before putting their home on the market.
With more houses on the market, are property prices likely to come down?
Not according to The Royal Institution of Chartered Surveyors (RICS) whose recent survey claims house prices are rising in most parts of the country, despite the suspension of HIPs and the subsequent boost in housing supply.
Local agent Ben Dreher of Mansbridge and Balment agrees: “We’ve definitely seen an uplift in terms of properties coming to the market.
“People who have seen a property they want to buy can quickly get their house on the market without having to worry about the hassle or cost of getting a HIP done.
“It’s freed up the market for sellers to take a speculative approach and we think more stock on the market means it’s a better market.
“We’ve got more to offer people and, as long as properties are priced accurately, they will continue to sell - we had a very good June”
Introduced in 2007, HIPs were intended to improve the home moving process by making the packs available to prospective buyers and therefore making it easier for them to obtain information about properties.
But they were criticised for being unhelpful, unnecessary and bureaucratic with some commentators arguing they made little difference to the home moving process.
As well as energy performance details, HIPs contained a report on water and drainage services and the results of local authority searches - switching the cost of searches from buyer to seller.
Sellers will still need to have commissioned, but not necessarily received, an energy performance certificate (EPC) before marketing can start. This means that a seller, or person acting on their behalf such as an estate agent, must have instructed an accredited Energy Assessor to carry out an energy performance assessment.
The EPC, which formed part of the HIP, is required under EU law and the fixed penalty for not providing one is £200.
While the abolition of HIPs is generally welcomed, spare a thought for the thousands of people involved in the production of the packs, many of whom may lose their jobs, although providers could still have a part to play in the market as buyers and sellers will require EPCs.
Still confused?
If you are planning to buy or sell property and you simply want a hassle-free and fast move, talk to the local experts at Fastmove – an initiative for faster and smoother home moves involving 25 law firms, 18 estate agents and many more local companies in the Plymouth travel to work area.
Look for the Fastmove logo which is your stamp of assured local quality and great value for money. Fastmove members are all committed to making your move as stress free and smooth as possible.
Further information can be found by visiting the new website at www.fastmove.info where there are helpful moving hints and links to all members. ...read more
01-06-10
What the New Government Means for the Housing Market
04-05-10
Moving Home... Should You Believe the Headlines?
Some recent media headlines will have made uncomfortable reading for homeowners, but should we in Plymouth believe the latest housing market hype?
The Mail talked of householders in a hurry to sell before the election ‘decimates’ the property market.
Closer to home, the Plymouth Herald reported that the election was ‘sparking a rush of houses on the market’.
But the reports behind the headlines do not appear have such a bleak outlook.
The housing market survey fuelling the media debate was released in April by the Royal Institution of Chartered Surveyors (RICS) and does indeed claim the number of people putting their homes on the market has picked up
But it also suggests house prices are continuing to rise and RICS members expect sales to increase, albeit at a slower pace, with prices likely to stabilise.
Property website Rightmove, which compiles prices of properties as they come on to the market, attributes the increase in vendor activity to the return of previously snowbound sellers, rather than the election.
It agrees prices are at a standstill, but cites a first quarter price gain of 3.7 per cent despite the impact of the severe weather at the start of 2010.
So, what is the true picture locally?
James Clarke, Director of Plymouth-based Lang & Co, says: “Our levels of instructions have remained pretty constant - we certainly haven’t seen a dramatic influx of properties on the market due to the election.
“For most people it is life that dictates when they need to move – such as new babies or children starting school– rather than any political agenda.
“Where we have seen policy affecting buying behaviour is with the recent stamp duty changes encouraging first time buyers to purchase properties above the previous £125,000 threshold.
“Spring is traditionally a buoyant time for the market, especially for larger properties and we have had a number of really high quality instructions in recent weeks.
“I would say prices remain stable which is quite positive for all of us – we don’t want peaks and troughs – and as long as the election doesn’t bring major changes to incomes or taxes I can’t foresee it having a dramatic effect.”
So if you’re thinking of moving, don’t let the headlines put you off! Talk to the local experts at Fastmove – an initiative for faster and smoother home moves involving 25 law firms, eighteen estate agents and many more local companies in the Plymouth travel to work area.
Further information can be found by visiting the new website at www.fastmove.info where there are helpful moving hints and links to all members. ...read more
01-04-10
Would you use a supermarket to sell your home?
01-03-10
Property matters - Motives for moving
01-02-10
Property matters: Moving home? Let Fastmove help!
01-03-10
Property matters: Motives for moving
01-12-09
No Need to Worry about Changes Ahead!
21-10-09
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28-09-09
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11-09-09
Choosing an Estate Agent to Sell Your Home
05-08-09
Good News For Home Movers
Mortgage approvals by high street banks have risen for the third consecutive month. ...read more
04-06-09
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Plymouth Ahead of the Game!
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New Home Selling Regulations
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Raising the Bar as Local Initiative Meets the Law Society
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Cornwall Solicitors Join Forces
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Make Your House Move Fast Movers!
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