Key changes reshaping conveyancing in 2022
The property world rarely stands still for long, but recent years have been particularly tumultuous. Here, Joe Pepper, CEO at tmgroup takes a look at the current trends and events keeping property professionals on their toes
Cuts to stamp duty and wider economic concerns
The Chancellor surprised many with a significant range of tax cuts, including changes to SDLT, with the goal of stimulating economic activity and growth. It remains to be seen if that approach will work, but there is already a sense that any incentive gained from the change will be lost in the rising interest rates which are already causing lenders to remove products from the market.
In reality of course, many would argue that it is the supply of housing that holds us back more than demand, and that is a far more challenging issue for the government to resolve, both in terms of its reliance on the building market and the politically-charged nature of localised planning concerns.
Digital AP1 deadline
The HMLR deadline is almost upon us! From November 2022, HM Land Registry will no longer be accepting traditional scanned or PDF copies of AP1s via the HM Land Registry portal – marking the first time in history that the agency has made a digital channel mandatory. Is your firm prepared?
Staff retention challenges
Staff retention remains crucial to conveyancers, particularly in the aftermath of the pandemic where many remain in the office while other sectors have found embracing remote working easier. Some firms are taking creative measures to address these challenges head on, including the adoption of the four-day week, while others are boosting pay and remuneration packages to attract and retain the best talent. With a tight labour market, and a challenge in recruiting and training new talent to the sector, staff retention will be a key factor for firms over the coming months.
Upfront information
It’s no secret that moving house is in the top-three most stressful life events – alongside death and divorce. Yet hope is in sight, with the shift to upfront information gathering momentum. Promising to not only increase certainty and reduce stress for all parties connected across the transaction, the BASPI (Buyers & Sellers Property Information Form) – brought to the market by the Home Buying & Selling Group – expects to reduce transaction times and fall-throughs too! All helping to increase operational efficiency, as well as reduce additional enquires. Is your firm and local property community shifting to an upfront information approach yet?
All of this and more will be discussed in tmgroup’s upcoming research report! Want to have your say? Take part in this survey today…
For the third year running, tmgroup, Conveyancing Data Services (CDS) and mio are inviting property professionals to share their successes and challenges from the year.
In return for their time, all survey participants will be entered into a weekly prize draw for £25, £50 and £100 Amazon vouchers, as well as a grand finale prize draw for either a tech or wellness bundle – both worth over £400.
Click here to take part in the survey – before 12 noon on Friday 18th November 2022 – reflecting on everything from wellbeing initiatives and flexible working offerings, to digital AP1 submission, and more.
