Our News Coverage | April 2023

As we motor into Spring and what should hopefully see a pick up in UK housing activity, the CA has been focused on a number of areas which present benefits for both member firms and their clients.

At the start of the month the CA was helping launch the fourth iteration of the BASPI, working with a large number of trade organisations and other stakeholders to help draw attention to the new version and to hopefully increase take-up of its use.

The provision of upfront information remains a key workstream for the CA, and the regular article from Beth Rudolf in Estate Agent Today this month, highlights the progress that is being made, and the pursuit of digital conveyancing.

At the end of the month, the CA also launched its Building Safety Act and Building Safety (Leasehold Protections) Guidance, which should help firms navigate what is a potentially complex area, given the introduction of the new law.

Finally, we would draw your attention to the CA meetings taking place on the 15^th May which will include the first Lender Engagement workshop, amongst other important and informative sessions.

Full details of all coverage in April can be found below:

 

Trade and representative bodies, including The Conveyancing Association, RICS and SLC, launch fourth iteration of the BASPI

3^rd April

Property Industry Eye

Today’s Conveyancer

The Negotiator

Inside Conveyancing

Legal Futures

Estate Agent Today

Mortgage Introducer

 

Upfront information is here and now – digital conveyancing is next! Regular article from Beth Rudolf

8^th April

Estate Agent Today

 

How to keep you and your clients safe against the threat of mortgage fraud – Regular article from Beth Rudolf

24^th April

Mortgage Solutions

 

‘No conveyancer can be expected to advise on environmental risks of the future’ says Conveyancing Association

25^th April

Mortgage Solutions

 

Conveyancing Association launch new Building Safety Act and Building Safety (Leaseholder Protections) Guidance

26^th April

Mortgage Solutions

Development Finance Today

The Intermediary

Mortgage Finance Gazette

Best Advice

Cherry

Bridging & Commercial

Today’s Conveyancer

Property Reporter

Inside Conveyancing

 

The CA May meetings – a chance to share and learn together

26^th April

CA website

The post Our News Coverage | April 2023 appeared first on The Conveyancing Association.

from The Conveyancing Association https://www.conveyancingassociation.org.uk/our-news-coverage-april-2023/

The CA May meetings – a chance to share and learn together

Despite an extraordinary amount of rain in the last few weeks, Spring is definitely with us, and we are just a few days away from the month of May, which is traditionally a strong period for the housing market.

I’m not sure if there is ever a day/week/month which is not busy for conveyancing firms, and I sincerely hope you are working through strong business volumes and you are overcoming the many challenges that come with working in this sector.

We, of course, at the CA are here to help and support you in those endeavours, especially in areas which can seem particularly complex and in which there are a great deal of myths or misinformation doing the rounds.

In that regard, I wanted to highlight our recently published Guidance document for conveyancing firms which focuses on the new Building Safety Act and Building Safety (Leaseholder Protections) (England).

It’s fair to say there has been a lot of ‘noise’ about this, and from conversations I’ve had, this is in no way an easy area to manage on behalf of clients. Not least because this is a work in progress, the legislation has yet to be tried in court and until it is, there is going to be a level of unknowability about how this might play out in practice.

Hopefully, the Guidance can give you a greater level of insight into this and what you need to consider as a conveyancing firm dealing with such cases. We’ve tried to set out the main issues and dispel some of the myths that have been coming up frequently and it is now available to download from here.

May is a big month for the Association and I want to draw your attention to our series of meetings which take place on the 15^{th of} May – once again kindly hosted by Howden at their offices in London.

These are an important series of meetings not least because we will be holding the CA’s AGM, as well as our Legal Members’ Meeting and also our All-Members’ Meeting.

It is therefore a packed day of sessions, and we would certainly like as many of you as possible to attend.

A big focus for the day, and taking place during our Legal Member meeting, will be our first Lender Engagement Workshop. You’ll recall that one of the big takeaways when we asked member firms what they would like to see more of, was the CA facilitating greater levels of lender engagement and this is one of the first steps in delivering on that.

Meeting delegates will be split into groups to debate various issues, and then we’ll feed back to everyone, but also put specific points via a Panel Q&A which will include representatives from both LMS and the Lender Exchange.

We have a series of questions we’d like to put to member firms about their existing relationships with lenders, what works, what could be better, and where there is an opportunity to communicate and develop the relationship to get better outcomes. And then we’ll have a good honest debate about what we can do in practice to deliver on this.

I also wanted to highlight a workshop session taking place within our All Members’ Meeting entitled, ‘Future Vision for Digital Conveyancing, Material Information and a Consumer Centric Home Moving Process’ where we’ll be discussing recent progress made in this area, what it will mean for conveyancing firms, and how this will really shape the future of the sector.

Anyone who attended our Conference will know just what is at stake here, and we therefore want this to be an outcome-focused workshop that will provide some tangible solutions for firms to deal with all these issues.

There will be much more besides this of course, and this is your chance to learn what we’ve been doing as your trade association, to be made aware of a range of subjects and issues shaping the conveyancing landscape, and of course to network with colleagues and peers to share your collective expertise and knowledge.

You can sign up to attend on the 15^th May by visiting the link here, and we’re all looking forward to bringing together our membership and stakeholders in London next month. See you there.

Nicky Heathcote is Non-Executive Chair at the Conveyancing Association (CA)

 

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from The Conveyancing Association https://www.conveyancingassociation.org.uk/the-ca-may-meetings-a-chance-to-share-and-learn-together/

Conveyancing Association launch new Building Safety Act and Building Safety (Leaseholder Protections) Guidance

The Conveyancing Association (CA) – the leading trade body for the conveyancing industry – has today (26^th April 2023) launched a guidance document for conveyancing firms which addresses The Building Safety Act and Building Safety (Leaseholder Protection) (England) Regulations 2022.

Leaseholder protections outline the need for a Leaseholder Deed of Certificate and Landlord Certificate and apply to buildings at least 11 metres/five storeys, while a new regulatory framework applies to buildings over 18 metres with a special role for the Buildings Safety Regulator.

The Guidance has been created to provide conveyancing firms with details on what the Act and Building Safety Regulations currently contain and what they should consider in light of its enactment into law.

The document covers a number of areas including: what is a relevant building; how to determine height; how to determine the number of storeys; what are the relevant defects covered; who is a qualifying leaseholder; the exception of leaseholder-owned buildings; the Leaseholder Deed of Certificate; the evidence required; leaseholder protection; who else might be responsible; the developer, landlord, superior landlord, or the leaseholders; and the landlord certificate.

Also included in the Guidance is a range of frequently asked questions and answers, plus a list of questions all conveyancing firms should be considering when working on cases with relevant buildings.

The CA has committed to updating the guidance as and when it becomes aware of further changes, given the legislation contained in the Act goes live at different times.

Conveyancing firms can download a copy of the Guidance by visiting the downloads page on the CA website at: https://www.conveyancingassociation.org.uk/downloads/

Beth Rudolf, Director of Delivery at the Conveyancing Association, commented:

“Given the complexity of the Building Safety Act, the Building Safety Regulations and Fire Safety Regulations, we at the CA decided to create this guidance which combines information available on the Gov.uk website as well as from the Department for Levelling Up, Housing and Communities.

“It is designed to provide a precis of what we feel are the relevant parts of the legislation, and hopefully steers conveyancers in the right direction when it comes to carrying out their work for cases which involve relevant buildings.

“That said, it is very much a work in progress, and as the industry gets into the practicalities of dealing with these cases and as we learn more about how this is going to sit within our sector, we will update our Guidance to reflect any changes.

“The normal disclaimers apply, particularly as the legislation has not yet been tested in Court, but we hope this helps set out the main issues and items which conveyancing firms will need to consider and advise clients on, and to dispel some of the myths out there which are making conveyancers’ jobs even harder.”

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from The Conveyancing Association https://www.conveyancingassociation.org.uk/conveyancing-association-launch-new-building-safety-act-and-building-safety-leaseholder-protections-guidance/

Is your firm up to speed with April’s AML changes?

The 2022 Money Laundering and Terrorist Financing (Amendment) (No.2) Regulations, effective from 1 April 2023, will require businesses subject to the MLRs to conduct checks of the register of overseas entities (ROE) at Companies House for dealings with corporate entities.

For dealings with trust entities, businesses subject to the MLRs will have to comply with checks of the trust registration service (TRS) maintained by HM Revenue and Customs (HMRC).

These changes are intended to improve transparency and combat money laundering and terrorist financing, and failure to comply with these requirements could result in significant penalties for businesses. Legal experts are urging UK businesses to pay close attention to these changes and ensure that they are in compliance by the deadline to avoid potential legal and financial consequences.

Whether we like it or not, all of us in the legal profession, including its Regulators, are firmly in the spotlight of public opinion and must be seen to ensure our AML processes are where they need to be. With this added and stringent provisions, our Regulators will be under even greater scrutiny to continue to review compliance amongst firms calling in a variety of documents on a regular basis and those like the SRA will continue to apply pressure through its Thematic Review regime.

So, are you prepared for a Regulatory review? Have you conducted, or had an external Independent AML Audit? Are your Policies, Controls and Procedures in good order? Do you, and more importantly, your staff know your AML risks? What is the new Regulation 18C? What are some of the key issues for 2023?

Legal Eye has put together this comprehensive guide for you to download and use.

What’s inside:

• New legislative requirements for 2023
• SRA Thematic Report on MLCO and MLRO roles
• Independent AML Audits
• Risk assessment key points
• Technology
• Developments in Crypto Currency
• Conclusion
• Your key questions answered.

Download this thorough 27-page AML Update booklet  here

The post Is your firm up to speed with April’s AML changes? appeared first on The Conveyancing Association.

from The Conveyancing Association https://www.conveyancingassociation.org.uk/is-your-firm-up-to-speed-with-aprils-aml-changes/

Can legal case management support your firm through uncertain UK housing market conditions?

The cost-of-living crisis and high mortgage rates we have seen so far this year have inevitably weakened UK market conditions.  The uncertainty in the current housing market is bound to impact important business decisions, especially decisions that implement constructive change within a law practice.  Reports from Nationwide confirming ‘March saw a further decline in annual house price growth, with prices down 3.1% compared with the same month last year,’ should not distract a law firm from wanting to future proof the practice and introduce ease and productivity.

Law firms considering implementing legal case management software should certainly weigh up the benefits of using a new solution and whether the software provider aims to keep law firms compliant, efficient, and profitable.  Reputable conveyancing case management provider, Redbrick Solutions, offer numerous cost-effective benefits including a unique pay as you go business model, meaning firms are only charged on a transactional basis for every active matter.  Additionally, Redbrick’s unique payment method gives firms the ability to pass transaction fees on as a disbursement.  Quotes are not charged for, enabling firms to quickly send out initial client documentation, chase up quotes and capture client details without the risk of being out of pocket should the client not proceed to instruct you.  Redbrick also offer the option of a fixed per user per month fee if you are unable to pass on a transactional fee.

Redbrick provide the assurance of a cost-effective conveyancing case management solution with further additional benefits of frequent upgrades at no cost, plus free support and maintenance.  Redbrick believe in future proofing law firms with a unique business model ensuring clients stay productive and profitable.

James Hadley, Director of KingsGuard Legal, comments:

“Redbrick’s legal case management software is user friendly, easy to navigate, and the Redbrick team go above and beyond.  Redbrick’s support services are exceptional and responsive, so any queries are resolved promptly, and the platform is constantly being developed in keeping with industry changes.”

Remaining profitable is key across all businesses and in the doom and gloom of the current UK housing pressures Nationwide have stated, ‘Conditions should gradually improve if inflation moderates in the coming months as expected, easing pressure on household budgets.’ Implementing constructive change and future proofing your law firm ahead of the upturn in transaction volumes would be wise.

Redbrick clients can also benefit from our partnerships with leading conveyancing panel management providers, TPS and Yourkeys, enabling clients to access additional transactions during quieter periods.

Discover how your firm can manage conveyancing matters digitally, and stay compliant and profitable with Redbrick Solutions conveyancing case management by downloading our brochure or request a software demo.

The post Can legal case management support your firm through uncertain UK housing market conditions? appeared first on The Conveyancing Association.

from The Conveyancing Association https://www.conveyancingassociation.org.uk/can-legal-case-management-support-your-firm-through-uncertain-uk-housing-market-conditions/

How to give an M&A deal the best possible chance of success

As more and more law firms look to merge, acquire departments, or downscale, a robust approach to planning and mitigating risk is critical. Not least because, without adequate due diligence (DD), the hopes and ambitions of those involved in any merger or acquisition can be shattered.

Deals fail due to many reasons, including cultural differences, lack of vision, integration issues, the chemistry of the key players, and other factors. Indeed, according to one source, when it comes to legal M&A, “only 1 in 10 initial conversations create enough interest to advance to formal discussions”. But there are things firms can do to give any potential deals the best possible chances of success, and our number one recommendation would be to preparation, preparation, preparation.

But what does this look like in practice?

Prepare all necessary Law Firm information

There is a plethora of information needed during the M&A process, and it’s vital that firms contemplating an acquisition know what information to ask for in the early stages of the process. There is no point wasting everyone’s valuable time if something that should have been established upfront later comes to light and derails the deal. Likewise, selling firms should establish what documentation they must supply throughout the process and ensure that this information presents them as an attractive merger or acquisition prospect.

For law firms, the M&A process is likely to involve the following documentation:

• File reviews
• Client care documentation & regulatory requirements
• Risk management framework (office manual) & associated policies
• Business registers
• Business plans
• Other compliance requirements (e.g., insurance, etc.)

To give your deal the best chance of success; consider appointing an independent expert to audit this information and highlight any red flags. Doing this will allow you to take corrective action before it becomes problematic.

At Legal Eye, our comprehensive on/off-site M&A compliance audit delves into the detail and ensures that any risks identified during the DD process are spotted and remedied.

We also offer a preparation for sale compliance audit to ensure everything is in order before proceeding with the final deal.

Gather the other necessary information

As well as the standard documents used by law firms, a vast range of other information and factors will affect the M&A process. This includes:

• Whether there is any IP or technology, this includes patents, registered and common law trademarks and service marks, copyrighted products and materials, confidentiality agreements, IP disputes, etc.
• Any existing business contracts (material contracts) and any potential issues relating to these (e.g., contracts that would have a negative impact if terminated)
• Whether there is any current, settled or potential for litigation against the seller
• Any property owned or leased by the firms
• And more.

Get your finances in order

Any firm buying or merging with another business will want to ensure they understand the target firm’s historical, current, and predicted future financial position. As well as helping to determine whether a deal is viable, this data will help to establish the appropriate structure of any contract, a fair price, and whether any guarantees are needed.

Buyers will request access to substantial financial data as part of the M&A due diligence. As such, any firm involved in a merger or acquisition should audit and prepare the necessary information in advance; this includes supporting financial policies and documents.

Checking accounts, ledgers and balances, Legal Eye provides a M&A financial compliance audit that helps law firms to spot and fill any gaps. Please note we do not review tax provisions or give tax advice.

Make sure the vision, culture and personalities fit

Misaligned visions, cultures, and personality clashes are two key reasons why many law firm M&A don’t go ahead. And, of course, they provide good reasons for ending a potential deal without going into too much detail.

While it is only sometimes possible to resolve matters if there is a clash, it is worth establishing whether there’s a strategic fit early on to save time.

Things to consider in relation to this include:

• Service areas
• Clients and approach to acquisition
• Employees (current structure, plans post deal, management teams, levels of engagement etc.)
• The personalities at the top
• Digital capabilities (where the firms operate dramatically differently)
• Approach to environmental issues and CSR

Even when all this is considered and prepared for, there is no 100% guarantee of the deal’s success. But, by being vigilant about the possible pitfalls and going into the process as informed and prepared as possible, the feasibility of the M&A is greatly improved.

The post How to give an M&A deal the best possible chance of success appeared first on The Conveyancing Association.

from The Conveyancing Association https://www.conveyancingassociation.org.uk/how-to-give-an-ma-deal-the-best-possible-chance-of-success/

Helping clients choose their conveyancer

Marketing can lead the proverbial horse to water – but how on earth do you make it drink?

I think the answer is twofold. Data and clients.

I say twofold – in fact both themes are closely interrelated. Data around conveyancing performance is now emerging in a format that clients can understand and compare which is great news. The Conveyancing Map offers firms the chance to give clients an objective insight into their market presence and their operational efficiency. Instead of platitudes around putting clients first, firms can now demonstrate, using objective data, why they should be instructed. For example, evidence of their Market knowledge (e.g. more cases in the area than anyone else), that they are specialists in a particular area (e.g. greatest percentage of leasehold or new build cases) and their operational efficiency (e.g. post completion performances).

The second is clients’ own data. The bombshell that has landed is the new world of client reviews – and this is where I think change will also be driven. Companies like Trustpilot and Review Solicitors are now using data to give an aggregated voice to consumers that has never been heard before and which is proving immensely powerful in all walks of life including legal services. Hearing how former clients have fared is hugely influential for prospective clients unsure of their next steps.

In fact, the conveyancing market could have been designed specifically to maximise the impact of client reviews. Conveyancing is an intangible service that is poorly understood, infrequently used and opaque at the point of engagement. Set against that, Trustpilot’s own research has shown that 92% of consumers read reviews and 90% trust a site more that includes reviews. The company has 55 million reviews and adds 1 million every month. This, together with objective performance data is the new force that conveyancers will be wise to embrace as clients share their experiences of conveyancing.

Without doubt, as new, objective data becomes available and accessible to clients, this heightened transparency will be gratefully received by prospective clients thirsty for differentiators to help them decide where to place their instructions. Firms who embrace this will immediately take a metaphorical step closer to their clients by demonstrating that they appreciate it’s a difficult decision they’re being asked to make and that they want to help. Firms who don’t, can continue to rely on price.

Redbrick clients using Conveyancing Data Services (CDS) can benefit from Conveyancing Map’s invaluable solution. Learn more about how Conveyancing Map can benefit your firm in our webinar on Thursday 20th April 2023 at 11:30am, register your FREE place here.

Richard Hinton, Director at Pitsford Consulting

The post Helping clients choose their conveyancer appeared first on The Conveyancing Association.

from The Conveyancing Association https://www.conveyancingassociation.org.uk/helping-clients-choose-their-conveyancer/