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I have a cat. She is barely more than a kitten.

Mittens, the kitten.

Mittens is taking a central role in this little update and for two good reasons – 1) because she makes our house a home and 2) because of her approach to life.

turning to number 1.

I have never been the kind of person who likes to move home every 3 months.  Some people I believe are built like that and enjoy making a bit of money and living in a building site but I for one really enjoy coming home to familiar surroundings.  I like to know that my bathroom sink will be full of toothpaste from Poppy (my 5 year old girl) who has an amazing knack of putting 2″ of paste on her brush and then switching it on (it’s electric with princesses on it) before putting it in her mouth. Or from finding socks hung from lightshades, tucked down the back of the sofa, or even in the toaster – all from Joshua, my 7 year old boy who enters any home, strips to his underwear and then runs around like a mini-caveman doing cartwheels (he insists he is going to be a climbing instructer who does gymnastics and sings when he is older).

Then, there is Mittens.

Mittens is a young cat (around 7 or 8 months old) and has truly finished off the feeling of house to home.  She is part tabby and part British blue which means she has patches of grey and white fur and stripes up her tail.  She is also our “mighty hunter”.  This means that she pounces on the unwary as they go up the stairs.

So what is the magic element of Mittens?

I think it is the fact that Mittens is very intuitive and if one of the children cry, Mittens will go and paw them or if I can’t sleep (I go through bouts of not sleeping) then Mittens will come and sit on me and purr away.  It’s also the fact that she has become a little furry focus point for the family and we all adore that little cat.  In turn, we all enjoy being at home and watching her bounce around the lounge, breaking even more items than my exceptionally clumsy partner.

I for one never underestimate the feeling of coming home.  I love my work but walking in a happy home is a great feeling and that is certainly enhanced by Mittens.

 

Mittens approach to life.

Whilst watching Mittens stalking the bird feeder next door (she is a rubbish hunter and doesn’t hide, she just covers her eyes in the hope that the birds won’t see her) I realised that Mittens has the attitude that everyone should adopt.

1) have fun.
2) don’t over complicate things (I’ve never once seen the cat worrying about bills)
3) If at first you don’t succeed – try another two times and then give up and pretend that all along you intended to lick your own butt.

We should all be more like mittens (though I guess number 3 is optional because not everybody is that flexible).

 

 

I got in work early today to prepare some files for completion.  This isn’t unusual and many of the team members get in early to prepare for busy days or to sort out a particular problem.

Instead though, I thought, I’d cover off a thought that has been floating around in my head for some time.

I don’t like Personal Injury Claims.

Let me clarify.  I really do believe that if someone is genuinely injured then they should be able to make a reasonable claim against the person who was careless.

What I don’t like is the fact that the UK is becoming the compensation capital of the world and I think that the constant barrage of telling people “it’s never your own fault – blame someone, get money” is driving businesses to distraction.

At what stage will people ever realise that sometimes stuff happens.  Sometimes, it’s just your own fault or sometimes, they don’t have an issue.

I dare say in the legal profession we are judged more harshly than others and some might say this is because we are paid more but in conveyancing for sure that is not the case. 

If we get it wrong (and it can happen to the best of us) then lets resolve it – let’s put it right and stop rushing around looking for compensation.  Let’s learn that compensation can be justified but apply some of the common sense that the UK used to have in abundance.

So, my final thought of today; where does it end?  I for one am going to claim from my partner for being late getting ready tonight.  I’m going to write to the Spousal Ombudsman and see if they will accept the fact that she should have straightened her hair earlier and I’m seeking a monetary award for the fact I was stressed and inconvenienced   by the fact she wore wedges rather than heels.

I have recently started my Paralegal Apprenticeship at Conveyancing Expert. Everyone is really friendly and approachable and helps me get my work done; even when they are busy they still take their time out to help me.

 I have learned an incredible about in just two day;  both Gavin and Laura have engaged me in so much knowledge by just taking their  time to explain things to me to help me understand conveyancing a bit more and try to understand loop holes and areas in which people struggle.

 I feel I have settled in quite nicely and everyone has taken the time to get to know me. I’m looking forward to learning more and be able to get on with work more independently so that people can rely on me to help and get work done.

I was able to work with all different people learning the basic skills with different people round the office and felt comfortable asking any questions to anyone.  I took a lot of notes to keep the knowledge fresh and so I keep reading them in case there is any information I need to refresh myself on.

I have worked on a script for a video for the website and wrote an article to give advice clients on why the safe buyer scheme is important. This allowed me to get to know each member of staff briefly and expand a bit of knowledge on schemes that occur within the conveyancing sector.

During the week I started to use ProClaim and the basics of it. Val was very patient and helped me through it and allowed me to do a few contract packs for myself including with her help so that I could pick up how to use it.

Molly Helsby

During my second week at Conveyancing Expert I spent a lot of time with Shams learning what a day of a Licensed Conveyancer entails.  I managed to take a lot of notes and learn a lot. She explained everything to me in great detail and checked over work she gave to me to make sure it was correct.

Shams made me feel comfortable with the work I was doing and always gave me reassurance if they was anything I was struggling with or wasn’t sure on.

I have started to work more independently and know the structure of my work and helping others round the office. I understand the basics of ProClaim and can work my way around it quite well.

I started working with Damar Training the apprenticeship course and started setting out a structure for exams and coursework coming up. I started doing research into the topics that will come up in each semester and putting them into note form to learn off.

The scripts I wrote in week one were used for the videos and they gave people a base of what to say so they wasn’t as daunting as what people first thought. The videos went well and they will be on the website soon.

During this week I’ve worked closely with Shams who has given me my own files to work on. I have felt a lot more comfortable on ProClaim and started working through the system a lot more effectively.

I’ve started to learn a lot more terminology and going through: contracts, lessees and deeds have gave me a lot more insight into the world of conveyancing. Shams has explained a lot to me in great detail and allowed me to take notes to refer back to whilst working on files alone.

Shams also went through a will with me to help me understand wills and probate which in the future I hope to look into myself.  She also shown more complicated files and explained them to me and great deal so that I was able to understand about chains and the struggles in conveyancing.

I also observed in a meeting with Shams to learn about the face to face service and what paper work is needed off the client including EPCs and deeds.  She went through all the information received with me and explained why we needed them. 

I also spent time with Carla to shadow over an assistant to see what work they do and how they help the licensed conveyancer’s. She also talked me through what she did on her apprentice and explained how it would help me.

This week I was working on contract packs and getting them done for others in the office. I am starting to get them done quite quickly and understanding ProClaim more and more.

I’ve started to do work on my apprenticeship including researching on the topics that will be coming up including: Introduction to law, land law, legal research, client care and conveyancing.  I have been taking notes and taking them home to read over them to get an understanding over the topics I will be covering.

I feel a lot more comfortable with terminology and getting on with work independently. I’m starting to understand clients and the way the conveyancer’s work with them and how to chase clients and solicitors.

I carried on working a lot with Shams, she explained a lot to me in great detail and allowed me to ask a lot of questions.

I also got to work alongside Kelly learning the basics of the accounts so that I can do tasks when she isn’t here. Kelly talked everything through and explained the more difficult things and said she’ll go them through with me more than once so I truly understand what she does.

Credit : Rozi Jones, Financial Reporter

4TH FEBRUARY 2020

The Right Mortgage has posted a 40% increase in turnover from January 2019 compared to January 2020 across all product ranges.

Online Conveyancing portal, SortRefer, also announced both its best ever day and best ever week for conveyancing business in January.

SortRefer recorded its highest level of new business in a day on the 29th of January – a 7% increase on its previous daily best. The weekly total saw an increase of 9% on its previous ‘weekly best’ in March 2019.

SortRefer says the figures are a “positive indication of the market making huge strides forward following a long period of uncertainty surrounding Brexit conversations in 2019”.

Martin Wilson, CEO of The Right Mortgage, commented: “We’re proud of the continued growth and success of our network over the last five years, but we would not have been able to achieve our goals without the work of our dedicated staff, and, of course, our members and provider partners, many whom have been with us from the very start. We’ve seen more confidence in the market, post-Brexit, and feel that there is a really good sentiment going into our fifth year in 2020.”

Kevin Tunnicliffe, CEO of SortRefer, added: “We’re thrilled to see such a positive start to the year, with some great business targets being exceeded. The end of 2019 saw our figures at inconsistent levels, due to the uncertainty caused by Brexit. We’re pleased to see that 2020 has started with a bang and we’re excited to see how the market will pick up in future months.”

 

http://www.conveyancingexpert.co.uk

Credit: Martin Parrin on 20th March 2020

Homes England confirmed that mortgage lenders had reached out to support their customers, who are experiencing personal financial hardship due to Covid-19, by agreeing to mortgage holidays – and those struggling to pay interest fees on their Help to Buy equity loans will also be offered payment holidays too.

With Help to Buy ‘Equity Loans’ being interest-free for the first five years, the recent announcement by the Government to assist Help to Buy equity loan customers will apply to those who took out the advance before 31 March 2015.

Help to Buy Director Will German at Homes England said:

“We will do all we can to support Help to Buy customers through this unprecedented period of economic uncertainty.

“Like other lenders, we will offer payment holidays for those who are struggling to pay interest fees on their equity loans.

“We will also offer a range of flexible payment options to defer interest payment for a period. In all cases, we will seek to support households in difficulty.

“We understand monthly mortgage payments tend to be the largest outgoing for the vast majority of households. Where households also have equity loan payments under the Help to Buy scheme, we are keen to reassure them that we will offer similar options to their main mortgage lender.

“We will assess all cases of hardship on a case-by-case basis. The first step is for customers experiencing difficulty related to Coronavirus to contact their main mortgage lender to discuss revised payment arrangements.

“They should then contact our equity loan administrator to discuss the options available to them.

“Please don’t struggle in silence. As soon as you think you might have difficulty making payments on your Help to Buy: Equity Loan account, get in touch – help is at hand.”

Subsequently, the Government also followed up with fundamental new measures to shield renters and landlords of the crippling effect of Covid-19.

In order to protect renters emergency legislation has ensued as an urgent priority, which will see a complete ban on evictions from social or private rented accommodation and added protection for renters, while the national pandemic is taking place. In addition, no new possession proceedings through applications to the court are to start during the crisis for at least a 3-month period, so renters in private or social accommodation will not need to be concerned about eviction. While, the 3-month payment holiday, that was also recently announced, will be extended to landlords with Buy-to-Let mortgages too – in order to take the pressure of them, who will be worried about making mortgage payments themselves.

Following the 3-month period it is expected that landlord and tenants would need to work together to come up with a suitable payment plan, taking into consideration individual’s tenants’ circumstances.

The much-needed urgent measures have been welcomed by The National Housing Federation and Local Government Association who hailed the new support for social renters and echoed the governments sentiments at what they were trying to achieve as they believe no-one should be potentially made homeless due to Covid-19.

Housing Secretary Robert Jenrick MP said:

“The government is clear – no renter who has lost income due to coronavirus will be forced out of their home, nor will any landlord face unmanageable debts.

“These are extraordinary times and renters and landlords alike are of course worried about paying their rent and mortgage. Which is why we are urgently introducing emergency legislation to protect tenants in social and private accommodation from an eviction process being started.

“These changes will protect all renters and private landlords ensuring everyone gets the support they need at this very difficult time.”

Ben Beadle, Chief Executive of the National Residential Landlords association said:

“Landlord groups welcomes government support. We recognise the exceptional circumstances and we will work collaboratively with government to ensure these measures protect both landlords and tenants”

James Tucker, CEO of mortgage technology provider Twenty7Tec, comments on the announcement about the three-month mortgage holiday being extended to the buy-to-let sector. He said:

“As we suspected, the Government has worked with lenders to successfully extend the three-month mortgage holiday to buy-to-let mortgages. This means that there’s parity across the vast majority of mortgage holders now and it marries with the government ‘do not evict’ strategy which has also just been released.

“We’re still seeing high volumes of demand for searches and documents to be produced each day across product groups. Lenders have adapted quickly to the new market circumstances and we think we’ll see more innovation as the hours and days go by.

“I’m really proud of how our industry has risen to this challenge. The only other industry which we have seen pivot quite so quickly over recent days has been the restaurant industry – where takeaways are springing up across the land.

“My team remain open to fresh ideas as to how we can best serve the market and we’re speaking to lenders and brokers every day to help them navigate their way forward.”

David Cox, Chief Executive, ARLA Propertymark comments on the Government’s package of measures to protect renters and landlords affected by coronavirus:

“We are very conscious of the plight of tenants in these difficult times and appreciate any Government action to help those affected by the current situation. Letting agencies rely on rental payments and therefore Government must help to ensure agents can maintain their current service levels during any period where rent is not being paid. Specifically, we are calling on Government to extend the retail discount on business rates to estate and letting agents.”

Dave Miller, client account manager at Spicerhaart Corporate Sales, said:

“Clearly, if support is being offered to homeowners, there needs to be some help for people living in rented accommodation. Indeed, they will often be in greater need of financial assistance.

“There needs to be careful thought, however, as to where this leaves private landlords.

“Smaller-scale landlords often depend on the income from one or two rental properties. Even if lenders extend existing forbearance measures to buy-to-let mortgages, a total ban on evictions – even for a short period – could result in an extended period without receiving rental income.

“This could blow a huge hole in the finances of many private-sector landlords.”

Conveyancing professionals have been concerned that many property buyers were going to miss out on the stamp duty holiday because of backlogs in the property market. However chancellor Rishi Sunak has extended the stamp duty holiday in this month’s Budget meaning that anyone buying a home costing up to £500,000 before the end of June will now not pay SDLT, saving up to £15,000, with a reduced discount available until the end of September. 

The Property Market

The reuptake of the property market and the introduction of the tax break has proved popular with both the number of transactions rising and property prices increasing sharply. However, delays caused by the influx of homebuyers to the market could result in many missing the relief when the deadline ends, which is currently set to be 31st March.

The immediate reaction to the stamp duty holiday was positive. The August House Price Indexes from both Nationwide and Halifax recorded an average monthly rise in prices of around 2% and a year-on-year increase of 5.2%, surpassing almost any price growth forecasts for 2020. The buyer demand that had accrued during lockdown was being released back into the market, initiating strong growth in house prices across the UK as a result.

However, some research suggests that the SDLT holiday might only be having a limited effect; of 1,262 homeowners and homebuyers surveyed by Market Financial Solutions, a small majority of 52% stated that they would like to take advantage of the SDLT holiday but are concerned about their ability to obtain a mortgage.

See our Stamp Duty Land Tax Calculator for a quick and easy way to see how much extra additional buyers would need to budget for.

What Do The Experts Say?

The Society of Licensed Conveyancers (SLC), the Bold Legal Group (BLG) and the Conveyancing Association (CA) are now working together to examine the potential ways in which the home buying process can be improved. They also intend to examine ways to manage the expectations of those currently engaged in the process of home buying and selling. All three organisations issued a joint statement requesting that the existing stamp duty holiday is “extended to avoid further disappointment in the spring”.

They all state that there are several factors currently contributing to delays in the process, and it is important that buyers, sellers, and the estate agents working for them, are aware of the current circumstances and potential limitations of the SDLT relief, and make allowances for them.

Unprecedented Circumstances

Conveyancers are dealing with an unprecedented set of circumstances, many of which put pressure on the natural progression of property transactions. The market is seeing a volume of transactions not experienced since the recession. Many people are re-evaluating where they want to live as a result of the Covid-19 epidemic. Together, the SDLT holiday and the impact of Covid-19 on the legal profession has resulted in conveyancers being pushed to the limit. Not only is this creating a challenge to the many involved with the conveyancing profession, but the dependence on external parties to progress transactions is causing issues to conveyancing experts. Furthermore, restrictions brought in to deal with Covid-19 mean that many local authorities are operating under extreme difficulties. This has affected their ability to conduct searches and provide access to data for personal search companies. 

Many mortgage lenders are experiencing delays in supplying letters proving their intent to lend and valuers are under extreme pressure too. Whilst there are delays with searches, surveys, mortgage offers and pretty much every other aspect of the process, it is more likely that disruptions to the process will happen.

Being able to plan for the current market circumstances is an enormous challenge. Not surprisingly during lockdown, many law firms furloughed many of their staff and there were some redundancies. As local/national restrictions were lifted, firms were faced with the challenge of making workplaces Covid secure which usually meant fewer employees at their place of work.

Here at Conveyancing Expert we believe that buyers should not be denied access to the opportunities made available through the SDLT holiday due to factors outside of their control. Homebuyers should not be victim to the collapse of their property chain due a mortgage application being denied or delayed. If the right action is taken, we should all be able to enjoy the benefits of a sustained UK property market resurgence for the foreseeable future. 

Conveyancing Expert are renowned for delivering an excellent and efficient service. Our goal is to ensure your purchase, sale, re-mortgage or transfer of equity, is completed to the highest standards with the support of our expert conveyancing advice.

Budget 2021: 95% Mortgage Guarantee Scheme To Launch

On 3 March 2021, Chancellor Rishi Sunak announced a new mortgage guarantee scheme for first-time buyers and home movers in his Budget speech. The scheme is to involve the government offering a guarantee to banks to encourage them to offer 95% mortgages to borrowers, helping them buy a home with just a 5% deposit. 

The scheme is set to run from April 2021 to 31st December 2022, with all residential properties priced up to £600,000 eligible. 

For a free conveyancing quote simply fill in your details and we will get back to you to discuss our residential conveyancing fees

What Is A 95% Mortgage?

A 95% mortgage is a loan for 95% of the value of a property. The buyer must save up a 5% deposit to cover the rest. 

So for example, if you wanted to buy a house worth £200,000 and take out a 95% mortgage, you would have to put down £10,000 of your own money and borrow the remaining £190,000.

You may see 95% mortgages described as ‘95% LTV’ mortgages. LTV stands for loan-to-value and simply means the percentage of the property’s value that’s being covered by the mortgage.

Can I Get A 95% Mortgage?

In theory, 95% mortgage deals are available to both first-time buyers and home movers. However, just like with any other mortgage, you will still need to prove that you earn enough to meet the monthly mortgage repayments as well as all your other ongoing expenses. All lenders will still perform a stringent affordability check before considering lending you money. 

Affordability testing Your salary is the starting point in any mortgage application, but it’s not the only factor lenders take into account. They will assess the full range of your income, outgoings and any debt, among other things, when working out whether you can afford monthly repayments. They will also ‘stress test’ your finances, making sure you could still afford the mortgage payments if interest rates were to fluctuate. 

To be in with a chance of qualifying for a 95% mortgage, you must also have a good credit score. You must have a proven history of paying bills, loans and credit cards, rent on time. Registering on the electoral roll is a must and boosts your credit score.  

What If I Am Furloughed?

If you are currently furloughed due to COVID-19, lenders will usually only take your furloughed income into account, though some may be more flexible especially if you can produce a letter from your employer to say they’re paying you 100% of your salary or that you’ll be returning to work on a specific date. 

How Much Can I Borrow?

Theoretically speaking you could borrow up to five times your salary (or combined salaries if buying with another person) with a 95% mortgage. 

For example, if, like in the above example, you had saved a 5% deposit of £10,000 for a £200,000 home, you would usually need a salary of at least £38,000 (or a combined salary of the same amount) to be able to borrow the remaining £190,000, although the actual amount you will be able to borrow will vary depending on the lender and your personal circumstances. 

Some lenders place caps at 4.5 or 4.75 times your  annual income. 

95% Mortgage Rates And Availability 

The impact of the pandemic on the economy over the past year has up until now, made it much harder to get a 95% mortgage. As of  February 2021 there were only three offers available, down from 273 in March 2020. However, the government’s recent announcement that they will be launching a 95% mortgage guarantee scheme has prompted several major banks to launce new deals from April 2021.  

What About Mortgage Rates?

Rates on 95% mortgages are usually around the 0.7%-1% mark, more expensive than 90% deals meaning that If you are able to save a bigger deposit, then you could benefit from far lower monthly repayments. 

There is also a degree of uncertainty over the direction of house prices in the next few months after such a huge surge over recent months; A drop in house prices would make low-deposit deals more risky since borrowers could potentially be left in negative equity. 

How Will This Work For The Lenders?

Lenders stopped offering 95% mortgages as the economic forecast deteriorated during 2020, due to the fact that they are higher risk products.

People with lower deposit have been missing out as banks chose to focus on perceived higher quality loans. However, these new 95% mortgages will be guaranteed by the government, removing the risk from lenders.

Which Lenders Will Offer The 95% Mortgages?

In his budget speech, the Chancellor said that “several of the country’s largest lenders including Lloyds, Natwest, Santander, Barclays and HSBC will be offering these 95% mortgages from next month.”

He also said that “more, including Virgin Money will follow shortly after.”

Ao the above, big names, may have already committed themselves, but some agents remain sceptical about how widespread the uptake will be among lenders:

“Banks have demonstrated a reluctance to lend in this market during the past twelve months, partly due to the sheer volume of business at lower LTVs and partly due to concerns over the outlook for jobs,” said Oliver Knight, head of residential development research at Knight Frank.

“Though that outlook is improving, the success of the scheme will depend on how many lenders take it up, on top of those announced so far, and what pricing they adopt. The government will be hoping the guarantee will significantly stimulate appetite to lend in that space.”

Are There Risks For Buyers?

With the UK housing market uncertain for the coming years, there is some concern that low-deposit mortgage buyers could be at risk of falling into negative equity.

If house prices were to fall, buyers who took out a 95%  LTV mortgage would be more likely to owe more than their house is worth. Negative equity makes it difficult (or impossible) to sell or remortgage a home, proving a risk to new buyers hoping to climb the property ladder

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