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Showing posts from January, 2015

What to look for when purchasing a property sold through a power of attorney?

Buying a property from a person acting under a Power of Attorney should, according to Michael Riches, Trainee with MJP Conveyancing, pose no issue if all the relevant checks are made by your conveyancer. 
Some people may be concerned that the attorney does not have the right to sell the property; however, an explanation of what an attorney is and what powers they have should calm those concerns.
What is a Power of Attorney
A Power of Attorney is a legal document which allows someone (the Donor) to appoint someone to act on their behalf (the Attorney or Donee) and make decisions for them. These decisions can be in relation to Property and Financial matters or Health and Welfare matters.
There are two types of powers, a General Power of Attorney and a Lasting Power of Attorney (previously known as an Enduring Power of Attorney).
A General Power only lasts while the Donor has mental capacity and may cease to have effect after a set period and will cease to have effect if the Donor loses men…

Norwich - A fine City to buy a property in

The news of Radio One choosing  Norwich as its venue for its Big Weekend in May will undoubtedly help to remind people of the popularity of Norwich as a place to live. 
Based in East Anglia and situated about 20 miles away from some of the very best coastlines in the UK, Norwich continues to grow not only as a top tourist destination but also as an ideal location to establish a home.
So what does Norwich offer?
There is much more to Norwich than Delia Smith and Stephen Fry and a former Premiership football team.  
Norwich bustles with good and varied shops, restaurants and pubs and offers a unique quality of life. 
There is an excellent theatre hosting some of the top shows in the country.
Norwich is also the gateway to the Norfolk Broads. There are  Nature Reserves  and it is also situated close to a number of the top Natural Trust Land/Properties 
Though there is a large selection of restaurants and public houses it would be remiss not to make specific reference to the Last Wine Bar  and …

Will the arrival of the 'Facebook Conveyancer' mark the end of the traditionalist approach?

I understand theideals behind a traditional conveyancer and the need for all conveyancers to act at all times in a professional manner. HoweverI mustquestion whether the demand for a traditional conveyancing service is still as great as it was at one time and indeed sufficient secure longevity in an ever changing and highly competitive market.
A typical traditional conveyancer is someone who would not touch a conveyance unless a fee in excess of £1000 is charged, who operates with a secretary and per perhaps also an assistant, who takes long lunch breaks and who  loves to engage in long meetings and telephone calls with clients.  
He or she will also subscribe to the pigeon post mode of communication.  Receiving a letter placing it in a lovely wooden in tray and then after lunch getting out the dictaphone and dictating a very and long and flowery letter in reply.  The dictation would then sit on the tape until a couple of further long letters joined it when a few days later it would fin…

How many conveyancers give the correct advice on building insurance ?

Do you advise your client on insurance or do you make it clear that you are not an expert on insurance matters and that the client is better talking to an insurance expert?  If you do advise I suspect  you make think differently when  you read through what follows.
In line with current conveyancing practice if you are instructed by the client to check an insurance policy and you agree to do so there is an obligation on you to check the following issues:
Is the amount of cover adequate?Is the sum index linked?Are the risks insured adequate?  Cross referencing perhaps to the result of your environmental search result. Have all particular features  of the property such as a thatched roof been disclosed and are they adequately insured?Is the property attached to an adjoining property, if so does the insurance extend to damage to a neighbouring property where practicable? Does the policy comply with the buyers lender requirements?

Most leasehold properties are cowered by insurance put into ef…

Veyo - A Change in Strategy

It seems the guys at Veyo are now listening to feedback and taking what appears to be a different course with product development.  The news comes following a recent presentation made by Veyo.
The presentation was given by Paul Humphreys Veyo’s Programme Director. Some new and interesting information came to light during the session.  
It was already known that Veyo has a budget of around 10 million pounds but what was not clear was how much of the fund had been expended so far.  Though no figure was disclosed it was revealed that it is estimated the funding will only last until 2017 at which point Veyo will need to be self funding.  It seems they employ 95 people with 25 based in the UK.  There are a staggering 45 developers employed on the project. 
The aim is still to launch in Spring 2015 but there will no integration with CMS until 2016.  Until then the method of data entry will be  manual. 
Despite the indication given before Christmas, Veyo claims it will not compete with other CMS…

Referral Fees - Good or Bad?

There is nothing more entertaining than watching two conveyancing lawyers engaged in an argument over the use of referral fees within the property market.   There are always plenty of sparks and it is clear that feelings around this subject run high.  
So what are referral fees?
They take several different forms.  The most common is the introduction fee.  This involves  for example a solicitor paying an estate  agent for referring a client looking for conveyancing services to that solicitor.  The fee can be anything up to £300.  Another common one is the  marketing fee.  This where a  a solicitor pays an intermediary for a ‘lead’, that is a name and contact number, to enable that solicitor to contact the potential client direct.  Its not just estate agents who refer work on for payment.  Insurance brokers also do it and can receive substantial payments for referring clients to panels of solicitors run by  third parties who also take a payment. 
Referral fees have already been outlawed in…

A call for more transparency over mortgage fees

A campaign designed to put pressure on lenders to provide greater transparency when quoting financial fees and charges has had a degree of success with the Chancellor George Osborne announcing in the delivery of his Autumn Statement plans to make mortgage fees clear. 
Spearheaded by the consumer champion Which the move by the Chancellor came after 45,000 people supported the campaign and a further 3,000 contacting their local MP. 
The Council of Mortgage Lenders has been asked by the Government to investigate and come up with some practical solutions  as well as guidelines to make it easier to compare mortgage fees and the cost of mortgages generally. 
Selecting a mortgage can be quite costly and Which report that a couple with a new £100,000 mortgage could find themselves paying £1503 more over two years because of mortgage fees. 
Which also found that only 3 % of consumers could correctly compare five mortgage deals from cheapest to the most expensive from information currently pre…

Fixed rate mortgage compared with Tracker/Variable rate mortgages

The choice between a fixed rate and tracker mortgage is often a difficult one which is made more problematic by the number of different products currently on offer.
According to Which Compare service fixed rate mortgage deals are proving most popular.  In an article published at the end of 2014 Which reported:
‘A huge 76% of people who filtered mortgage results on the website from the start of September 2014 to the end of November 2014 asked to see fixed rate mortgage deals. This compared to 11% for tracker mortgages and just 2% for discount variable rate mortgage deals’.
So what are these options?
Fixed rate mortgages options
As the name suggests, a fixed rate mortgage has an interest rate that is fixed for an initial term - say 2, 5 or even 10 years. This means your monthly mortgage payment will remain the same over the period, giving you certainty and allowing you to budget for a major item of expenditure. At the end of the fixed rate period, the mortgage usually transfers to the lender…