The Mindstep Lockdown Relay took place over the weekend with more than 120 people participating including many of the Your Conveyancing Services Team!
Lloyd, Georgia, Kath, Sabina, James, Alex and strongman Ollie all participated in the relay which ran non-stop from Friday 5 pm – Sunday 8 pm, each volunteer completing one hour of exercise, 51 hours in total.
The activities varied from walking, running, dancing, flipping tyres, box jumping, jet washing a patio, DJ’ing and sprints across the Severn Bridge at 5 am. One person achieved 761 burpees in an hour!
The Lockdown Relay aimed to raise awareness of the long-lasting effects COVID -19 has had on mental health and to support suicide prevention research. The event raised an incredible £17,000 for suicide prevention research – over 3x Mindstep’s original target!
Thank you to all those who took part and those who donated via the Just Giving page.
The “Be Kind – We Care” initiative promotes kindness and professional behaviour.
The inspiration behind this initiative derived in the workplace but applies to every situation in life.
It is often easy when we are under pressure or feeling stressed to take frustrations out on others.
A kind and friendly manner is usually more effective in achieving a required outcome.
Aggressive, rude or demeaning comments can have a significant detrimental impact on the recipient and does no credit to you or the organisation you may represent.
Be kind – be professional – we all care about the results – let’s get there together.
Please:
Think before you speak
Control your manner and tone of voice
Never shout or use foul or demeaning language.
We all want to do a good job and achieve great results. We all care!
Please be professional and kind in your dealings with others – every time.
Support within Industry:
LawCare promotes and supports good mental health and wellbeing in the legal community.
Agents Together is a foundation helping to create a healthy estate agency industry, equipped for the future.
Since its establishment in 2004 Charity fundraising has been at the heart of Your Conveyancing Services work ethic and culture. This week, after 16 years of fundraising Your Conveyancing Services reach a huge fundraising milestone of £800,978.37 and still counting!
In 2010 Lloyd established The Conveyancing Foundation to support legal practices with charity fundraising. Companies registered with The Conveyancing Foundation ask their clients if they would like to enter the Free Legal Fee Competition by making a £10 donation to charity. The client is then entered into a monthly Prize Draw, where the winner receives up to £500 towards their Legal Fees.
The Competition has been recognised by royalty with His Royal Highness Prince Charles congratulating the team on their fundraising efforts in 2017.
The Foundation has also received immense support over the years from the Conveyancing Association, the Society of Licensed Conveyancers and Bold Group Members.
Money raised through Your Conveyancing Services and The Conveyancing Foundation has helped support thousands of families in England and Wales over the years.
Ty Hafan, one of the UK’s leading paediatric palliative care charities has been a key benefactor. The Ty Hafan team offer care to children and support for their families throughout Wales in incredibly difficult times. Your Conveyancing Services has donated more than £300,000 over the years to this charity, with Your Conveyancing Services MD Lloyd Davies Appointed as Ty Hafan’s Corporate Ambassador in 2014.
Your Conveyancing Services has also raised over £80,000 for Children with Cancer UK, the leading national children’s charity dedicated to the fight against childhood cancer.
Other brilliant causes include Alzheimer’s Research UK, BBC Children in Need and Mindstep Foundation.
Your Conveyancing Services has hosted and participated in various fundraising events over the years including the Ty Hafan China Trek that raised over £12,000 and Your Conveyancing Services regular dress down days which have raised over £20,000.
Chairman of the Conveyancing Foundation and MD of Your Conveyancing Services, Lloyd Davies:
“Thank you for your hard work and for supporting each other and those less fortunate than us.”
To sign up to The Conveyancing Foundation’s legal fee competition or to make a donation, please contact pr@conveylaw.com.
Lloyd Davies MD of Your Conveyancing Services was approached by Today’s Conveyancer to provide his expert opinion on how conveyancing transactions can be sped up.
Today’s Conveyancer reports:
Transactions already underway in the sector may not complete before the deadline due to hold-ups and delays because of unprecedented pressures on the conveyancing industry – But who in the sector is causing the hold-ups?
There has been a big debate over transaction delays, more recently in the last few weeks, due to the sheer volume of purchases being processed in response to the easing of restrictions after lockdowns, and of course, the stamp duty holiday ending on March 31 next year.
After property sector industry bodies collaborated and sent an open and frank letter to the Chancellor urging him to extend the stamp duty land tax (SDLT) holiday, conveyancing professionals voiced their concerns over the lack of SDLT extension in the Chancellor’s spending review last month.
Rob Hailstone, chief executive of the Bold Legal Group has said that some mortgage lenders are making the current delays in the housebuying process worse as some lenders are struggling under the current pressure of work. He said:
“Conveyancers are finding it difficult to get confirmation that the Certificate of Title (requesting the mortgage money for completion) has been received and all is in order for completion. They are also experiencing difficulty when requesting and receiving redemption figures in good time.
“Some firms won’t now exchange until the CoT has been submitted and it has been acknowledged that there is no problem”
It has been confirmed by one lender that they no longer produce redemption figures in advance of the completion date and that instead they only produce them ‘on the day.’
Hailstone asks:
“How are conveyancers supposed to prepare for completion if they can’t obtain a redemption figure – not even an indicative one – in advance of completion?”
Conveyancers, lenders, surveyors, estate agents and local authorities have been working tirelessly since the Chancellor’s announcement of SDLT holiday – where house buyers are exempt from paying the property tax on the first £500,000. It is due to end on March 31st 2021 but the scheme has caused a huge surge in the housing market.
Hailstone continues:
“This is not a finger pointing exercise, that would be unfair and unwarranted whilst we are in these uncharted waters.
“Conveyancers, surveyors, local authorities and others are all finding it difficult to work efficiently 100 per cent of the time. However, the role of the lender, in issuing offers, processing requests for redemption statements and releasing mortgage funds is vital.”
Conveyancers took to LinkedIn to air their struggles in the last few days with one particular lender, HSBC, one conveyancer said:
“We have all been struggling to get through to them on the phone let us know if [they] get any better!”
Another conveyancer commented:
“Didn’t release our funds today….Phone calls cutting off, hours of waiting times. Awful.”
In the Bank of England’s Money and Credit report, it was revealed that mortgage approvals were at their highest levels in over a decade, detailing that mortgage approvals are at a 13-year high, with an additional £4.3bn secured borrowing in October.
This month, Today’s Conveyancer reported on how lenders were resourcing up for the current mortgage volumes – with the end of the first lockdown seeing a surge in home buying and demand for mortgages. Most staff in lending firms are working from home, apart from the branches, and have been working hard to keep up with the volume of business.
A HSBC UK spokesperson commented on conveyancers struggling to get through to use their services. They said:
“The mortgage market is very buoyant at this time and we are seeing high demand for our mortgages. We are aware that this has caused some service pressures, particularly on our Help Desk for solicitors, and while we have thousands of COTs completing every day without issue, we are continuing to work hard to put measures in place to meet that demand. We are seeing call wait times are falling as a consequence, but we apologise to those who have experienced delays. We have introduced an email acknowledgement on submission of Certificate of Title and also when funds are released, reducing the need for solicitors to ring us and to also provide confidence that the matter will complete.
Recognising that this is a busy time, we would appreciate the support from conveyancers in ensuring they give us 6 days’ notice for release of funds.”
Lloyd Davies, MD of Your Conveyancing Services comments on transaction hold-ups. He said:
“The conveyancing market is incredibly busy at the moment leading into Christmas and there is enormous pressure on all aspects of the conveyancing process and, in particular, lenders are struggling to keep pace with the demands. Conveyancers, more often than not, will not exchange contracts until they are sure that funds will be received from the lender. Conveyancers are often having to spend hours holding on the telephone to lenders to ensure funds are going to be received or redemption statements are reconfirmed.
“Moving forward, lenders need to be using portals to receive and confirm funds requests and to deal with queries. Having to fax or deal with lenders over the phone is archaic in this day and age, especially when these online portal facilities are already available to the lending community.
“The most organised conveyancers are now using the CA ‘Code for Completion’ which allows for an easier moving day experience for clients, with funds being transferred to the conveyancer on the other side the day before completion and being held to order. The clients are then able to move as they would like to on the day of completion, without waiting on funds being received by the other side.
“The current situation will only get worse leading up to the 31st March and the end of the present SDLT holiday. All industry stakeholders are campaigning for an extension to take the heat out of the market, failing which thousands of transactions are likely to miss the deadline due to the current backlog and delays. We also need a buoyant housing market come the spring to restart the economy and the SDLT holiday has certainly moved the property market forward in recent months, with record volumes of property transactions.”
The Conveyancing industry is currently experiencing exponential growth, with Indeed reporting a 130% growth (over 900 roles), in the conveyancing sector since July.
With a reported 21% increase in residential transactions during September compared to August and the continuous rise in demand in the property market in England and Wales, a lack of qualified conveyancers has forced many practices to overstep the maximum level of caseloads being handled by Conveyancers.
Since 2014, the Conveyancing Academy has supported the conveyancing industry by developing staff and training complete novices into skilled and competent Conveyancers within 6 to 12 months through their Conveyancing Courses and Apprenticeship Pathway. The Academy currently collaborates with over 100 companies across England and Wales supporting them with their training needs.
In recent months, The Conveyancing Academy’s online Apprentice Training Programme has grown by a phenomenal 260%, with the number of students increasing from 45 in January 2020 to 165 in November, allowing practices across England and Wales to increase their revenue and caseload capabilities.
The Conveyancing Academy was established in 2014 after Your Conveyancing Services identified a lack of Conveyancers in the industry and lack of practical conveyancing courses covering all elements of hands-on conveyancing training.
The Conveyancing Academy has recently secured Government funding for all new Apprenticeships, with up to up to 110% Government funding available in England and Wales. The new Government Scheme provides for a £2000 incentive for any Apprentice employed under 25 and a £1500 incentive for any Apprentice employed over 25. This incentive is only in place until January 31st, 2021.
The Academy’s Pathway allows Trainees to seamlessly transition from Level 3 Practicing Conveyancer Apprenticeship which is ideal for new and non-qualified Conveyancers, to Level 4 Conveyancing Technician Apprenticeship and finally the Level 6 where they qualify as a regulated Licensed Conveyancer.
Sean McCarthy, Conveyancer, Your Conveyancing Services
“Having the ability to do the course online in my own time is really helping me to achieve my goal of becoming a Licenced Conveyancer. The Level 3 Apprenticeship Diploma has increased my knowledge of more specific areas of conveyancing such as pre-contract enquires, searches, mortgage offers and exchanging contracts. My Tutor is so supportive. She is always there to provide feedback and responds to calls and emails promptly”.
Over the past 6 years Academy Tutors, have delivered over 35,000 hours of training to over 800 trainees across England and Wales. The Academy is accredited and regulated by the Scottish Qualification Authority and the Education and Skills Funding Agency. It is the training organisation of choice for both the Conveyancing Association and the Society of Licensed Conveyancers.
To support your business growth, find out more about Academy Training Courses and available Funding on the Academy website or contact the team on 01633 261295.
Lloyd Davies, Managing Director of Your Conveyancing Services sets realistic expectations with Customers in regards to the Stamp Duty Tax Holiday, while working with key industry stakeholders to put pressure on the Government to extend the Stamp Duty deadline.
Today’s Conveyancer Reports:
With less than 20 weeks to go until the end of the Stamp Duty Land Tax (SDLT) holiday, and with the run-up to Christmas holiday season slowing transactions down, conveyancers are faced with disruptions in the process and managing clients’ expectations.
Recently, Gavin Brazag, founder of The Advisory, a property consultancy firm, believes around 30% of buyers are going to be unable to complete in time to make the most of the holiday. He said:
“Because it takes roughly 21 weeks for house sales in hot markets to find a buyer, accept an offer and complete the legal process, only house sellers that are already on the market – or lucky enough to be in an area where houses are likely to sell fast – will be able to secure a buyer and get their deal over the line before the deadline.
“Everyone else will no doubt face last minute chain collapses as buyers pull out of the deal or try to renegotiate their purchase price downwards.”
At the end of last month, the property industry wrote an open letter to Chancellor Rishi Sunak, imploring him to extend the holiday to help the property market which was previously stifled due to the first UK national lockdown at the beginning of March 2020.
With conveyancers already enduring an unprecedented busy time and the tricky situation of managing client expectations as the deadline looms closer, Today’s Conveyancer asked experts in the industry if they were setting expectations for their clients and asked what they have been telling them in terms of the SDLT deadline.
Pam Sams, partner at Dutton Gregory Solicitors comments. He said:
“We are finding certain Estate Agents in particular talking up the end of the SDLT holiday saying they have to do everything urgently now. We are still several months away from the same coming to an end. Clients always ask how quick can things be done and I always say my record from start to finish is 6 hours but longest was 30 months. Both had very specific facts attached to them as like every human being or creature on this planet each transaction is unique.
A clam head in these turbulent times is needed. Explaining to clients that if they can get their seller or buyer to be ready and have their funds in place everything should go as smoothly as it can. There is no point causing more hysteria than already exists in the market place.
A number of firms I have spoken to recently are refusing to take on new work which results in those who are, such as mine having to price services accordingly to the market in which we are in. Those firms refusing work are unlikely to be remembered favourably by introducers when they need work, and believe as sure as night follows day there will be a day when they need work.
“Explaining to clients that if they want to purchase not to wait with returning their instructions and ID is key. The number of people who still want to wait until their mortgage offer is issued never ceases to amaze me. It causes delay and they get frustrated as generally they cannot see they have caused the same. Keep calm and carry on conveyancing is the only way.”
John Jones, head of conveyancing at BBH Legal Services Limited further comments. He said:
“I attach our COVID19 Transaction Statement. That Statement and below are the messages we are giving to our clients:
“We draw your attention to our ‘BBH COVID19 Transaction Statement’ dated 1st September 2020. In that Statement we make it clear that Transactions are taking longer than normal. This is due to matters outside the control of BBH and directly linked to the impact COVID19 is having on the property market. As a result BBH is unable to guarantee a specific timescale or meet a specific deadline in relation to individual transactions.
In particular, there is no guarantee that a desired completion date required by you either before Christmas 2020 or before the expiry of the SDLT ‘holiday’ (31st March 2021) can be achieved. BBH will work with you to achieve a successful outcome for your transaction but we ask that you plan appropriately, given the nature of the market at present, and be pragmatic about the date you wish to complete upon. BBH will inform you whether your desired completion date is realistic or not.”
Sarah Dwight, conveyancing solicitor also commented, she said:
“Managing clients’ expectations is vital and whereas I would ordinarily be asking them at this time of year whether they wanted to move before Christmas, I am now asking if they are thinking of moving by the 31st March. It sounds ludicrous – but it is important to be sure that the clients understand that there is no magic wand which enables them to move quickly and we are dependent on so many things which are outside of our control. Searches, mortgage offers, chains….. making sure that the client will still want to move if they have to pay the stamp duty is imperative as is making sure that they can afford to move if they have to pay the stamp duty.”
Lloyd Davies, Conveyancing Association Director and Managing Director of Your Conveyancing Services sets realistic expectations with customers in regards to SDLT, while working with key industry stakeholders to put pressure on the Government to extend the Stamp Duty deadline. The email reads:
“We would like to reassure all our clients that in line with the latest government announcements, moving house in Wales or England is still allowed under the government guidelines – which state that you can move house if it is necessary and safe for you to do so. Industry guidance on how to move home safely can be found here. Thank you for your patience during this unprecedented time. Download the Safe Home Moving Guide here.
Additional information on the Welsh lockdown can be found here.
Additional information on the Covid restrictions in place in your area can be found here.
We aim to provide business as usual for all clients, with our team either working from home or in the office. Our offices remain closed to the general public at this time.
Transaction Timelines
Please note that conveyancing timelines have increased across the industry due to the previous lockdown provisions and the resulting backlog of transactions, as well as the significant increase in the volume of transactions. Many property stakeholders, such as Search providers and Mortgage Lenders, as well as Conveyancers, are struggling with the number of transactions they are having to deal with at this time. As a result this may increase your transaction timelines, however we will do our utmost to process your transaction as quickly as possible. Please be patient if we need to manage third party situations which are out of our immediate control.
Christmas Movers
Many of our clients will be looking to move house before Christmas this year. Our dedicated team will do our utmost to help you move to your transaction deadlines. We will be projecting which transactions will complete in time for Christmas at the start of November. Our priority will be to move families and clients into their new homes ready for the festive season.
Stamp Duty Holiday
You will be aware that the Stamp Duty holiday comes to an end on the 31st March 2021. While we will endeavour to complete all required transactions before the deadline, we cannot provide any guarantees as to completion timelines. We are currently working with key industry stakeholders to put pressure on the Government to extend the Stamp Duty deadline.
Thank you for your support and patience during these difficult times.”
Nicola Lebish, Senior Associate and Head of Enfranchisement in the residential department at Birketts LLP further added:
“Along with other residential property practices, we have seen a remarkable increase in instructions since the end of the first lockdown and the Government announced the SDLT holiday.
“Birketts is open over the Christmas period; however, the majority of conveyancing firms will close, as will some search providers and local authorities, and with HMRC and HMLR running at reduced capacity, Christmas is (as ever) likely to be a time when conveyancing transactions cannot be progressed in a meaningful way.
“Across the department we have worked extremely hard to meet our clients’ timescales for completion. With the average transaction taking 16 weeks (and some taking as long as 20 weeks), delays with some local authority searches, delays with valuations for mortgages and with the Christmas season fast approaching, we are now informing clients with new instructions that we may not achieve completion by 31 March 2021. We will, as always, do our utmost to meet our clients’ timescales.
A spokesperson for Jackson Lees talked about how they were setting expectations, they added:
“When the SDLT holiday was announced we made appropriate amendments to our welcome team where fully briefed and our welcome letter to all clients to advise of the provisions, length and limitation of the stamp duty holiday to ensure they had all information available to them.
It is our plan to renew and reaffirm this advice in the new year for any ongoing cases at that time to ensure that we do not fall foul of clients expectations if the current holiday is not extended. This communication is likely to be by way of email to all buyer clients and an updated footer to our emails. Any new cases taken in the new year will be strongly advised that we cannot give any assurances in relation to them being able to complete within the requisite time in order to benefit from the stamp duty holiday”
Jackson Lees have also advised their clients by adding:
“We have been advising them of the scheme and confirming whether they are eligible or not but with the caveat that under the current scheme the transaction must be completed by 31 March 2021.”
Mitesh Lala, residential property solicitor at Higgs & Sons Solicitors said:
“Whatever their circumstances or intentions, managing clients’ expectations underpins our role as conveyancers, but the stamp duty holiday has certainly added a layer of difficulty given the uncertain times we are living in.
“Any transaction can become prone to uncontrollable external factors, but as lawyers we consider it important to ensure that the client is advised of what circumstances might likely prolong the matters. We now make it clear that achieving completion within the stamp duty holiday period is not guaranteed. We would suggest the following may well have an impact:
“The covid-19 pandemic: any changes in the government’s guidelines, whether directly (instructions relating to the property market) or indirectly (guidance relating to health which have a knock-on effect e.g. for clients who might be required to self-isolate) could delay completion past the 31 March “deadline”, with no obvious recourse.
“Lack of responsiveness from sellers, buyers on related sales, search providers, local authorities providing searches, mortgage lenders, surveyors etc – they all play a part in the process but can add to unforeseen delays.
“Changes in bank’s lending criteria due to the pandemic
“Changes in the sellers’/buyers’ circumstances (unemployment/furlough/impact on borrowing) leading to them withdrawing at short notice.
“Clearly, considering the risks, there is every chance a purchase might collapse or be delayed through no fault of the buyer client or their legal representatives. It is important that clients are being advised of this at the outset and are budgeting and prepared for a situation where completion does not take place before 31 March 2021 so to qualify. However, like many other schemes rolled out by the Government, there is a strong chance it will be extended to further stimulate the economy but that should not be relied up. We will watch with interest.”