Weekly Property Newsletter

Conveyancers Demand More Respect and Understanding

Conveyancers across the property market are calling for more respect and recognition for the vital role they play in the home-buying process. At a recent roundtable hosted by the Council for Licensed Conveyancers (CLC), key industry figures voiced a united call for greater appreciation of conveyancers' work, highlighting the need to make the profession more attractive, raise awareness of its complexities, and pave the way for higher fees.

Natalie Moore, director at Tamworth's aconveyancing, emphasized that conveyancers, as the regulated providers of professional services in property transactions, often bear the brunt of client frustrations. "Being the regulated provider of professional services within the home-buying process, it kind of all falls on us. But clients don’t understand, and they don’t want to or don’t need to. There’s a need for more education and, frankly, respect," Moore stated.

Shayleigh Isom of Simply Conveyancing echoed the sentiment, noting that the lack of understanding about the process's complexities often leads to unrealistic client expectations. "People don’t understand that things take time and not everything’s within our control. It becomes more overwhelming for the lawyer when they don’t have that right support from the other people in the transaction," Isom added.

CLC’s Push to Empower Consumers and Conveyancers

The CLC is working to empower consumers and boost conveyancers' profiles by improving access to information and collaborating with organizations such as HM Land Registry and the Legal Ombudsman. According to CLC's recent report to the Legal Services Board (LSB), its initiatives are already having a "significant, measurable impact" on consumer empowerment in the legal sector.

With a looming deadline of September 30, 2024, for legal regulators to meet the expectations set out in the LSB's 2022 Statement of Policy on Empowering Consumers, the CLC’s efforts include providing more accessible information to help consumers choose the right legal service provider. The 2024 Legal Services Consumer Panel Tracker Survey reported that 54% of consumers who recently used a licensed conveyancer shopped around, showing higher levels of satisfaction compared to general legal services.

CLC's chief executive, Sheila Kumar, emphasized the organization's ongoing commitment to the Informed Choice agenda, stating, "We know there is still some way to go and are determined to progress the work with other regulators and stakeholders to ensure that consumers are able to make an informed choice."

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New Push to Attract Landlords to Leasing Scheme Wales

A fresh effort is underway to draw more landlords into the Welsh Government’s Leasing Scheme Wales. The initiative encourages property owners to lease their homes to local councils for five to 20 years, offering guaranteed rental income at local housing allowance rates, property management services, and up to ￡30,000 in grants for renovations and energy efficiency improvements. This move aims to utilize empty homes and make housing more accessible and affordable.

Government Criticized Over Proposed Renters’ Rights Bill Changes

Landlords and industry bodies are raising concerns about the government’s Renters’ Rights Bill, which proposes extending the rent arrears threshold before repossession from two to three months and lengthening the notice period. The National Residential Landlords Association (NRLA) warns that these changes could worsen tenants' financial difficulties, limit access to housing, and damage credit ratings. The NRLA is advocating for early intervention in rent arrears and maintaining current housing benefit rates.

Banks and Tax Experts Push for Stamp Duty Reform

With the Autumn Budget approaching, banks and financial industry leaders are calling on the government to reconsider the Stamp Duty structure. Banking trade body UK Finance has recommended that the current ￡425,000 threshold for first-time buyers be preserved beyond the planned April 2025 reduction. They argue that annual reviews of Stamp Duty bands would prevent first-time buyers from being priced out due to rising property values. Experts stress that extending tax relief is crucial for supporting homebuyers amid high living costs.

Market Insights: Trends to Watch

• Increased Focus on Conveyancers’ Role: With ongoing efforts to raise awareness about conveyancers' work, the sector could see a push for better recognition, potentially leading to fee adjustments.
• Government Leasing Incentives: As more landlords consider leasing properties to local councils, there may be increased demand for renovation grants and energy efficiency improvements.
• Potential Stamp Duty Reforms: Keep an eye on the Autumn Budget announcements for any changes in property taxes, which could significantly impact first-time buyers and market activity.

Conveyancers and stakeholders across the industry continue to push for changes that could shape the future of property transactions, making it a fascinating area to watch in the coming months.

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