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tmgroup are offering a free service to customers to find out how much VAT they might be liable for, following the Brabners case on VAT on Electronic Property Searches.

Our Finance Team are able to create a report against each firm’s spending with tmgroup over the last few years – and what rate of VAT they may now be liable to pay to HMRC. This will help firms to understand the full extent of their risk exposure and make appropriate plans in the event that HMRC should send them a bill.

Tony Bobath, Chief Financial Officer (CFO) at tmgroup comments:

“By providing this insight upfront, our customers can turn all of the uncertainty surrounding the Brabners case into a manageable risk that they can financially plan for – if the worst should happen. My team has already provided this insight on request to a number of firms – and it has been gratefully received. We are more than happy to extend this service and help all of our customers gain a better understanding of their risk exposure.”

For more information and to request your firm’s VAT risk report, please contact your Account Manager. 

Tony Bobath

Tony is tmgroup’s Chief Financial Officer and manages the finance team, helping to shape and guide the business strategy.

 

Want to improve your firm? Talk to Clare Yates! She has over 25 years’ experience in the property industry and is more than happy to share what she knows to help you get the best out of your business. 

Here, she explains how training your team to make simple changes - such as avoiding jargon - can help to reduce repeat calls and improve efficiency:

Taking multiple calls from the same customer about the same thing is a waste of everyone’s time – but it can be avoided. 

Try asking your team to be more proactive with these small tweaks to their telephone manner – and make sure that every customer gets the information they need first time around: 

• Ask the customer to find a pen: If your team need to give a long answer to a question or explain a step-by-step process, they should ask the customer to find a pen first, so notes can be taken to refer to later on. 

• Avoid jargon: Every industry has technical terms that they come to understand as “the norm”. Don’t make assumptions! If your team do need to use technical language, ask them to offer an explanation too. 

• Double-check for understanding: A customer may politely agree with a member of your team as they explain something, but it doesn’t mean they are taking it all in. Before hanging up the phone, your team should always ask the customer if they have any questions about what has just been said, or if they would like anything to be repeated. 

• Offer a follow-up email: If your team are explaining something particularly complicated, they could also offer to follow up with a helpful email. You could even share templates with the team to save time. 

• …And actually send that email! In tmgroup’s mystery shop research, we discovered that 55% of firms that promised to send further information via email never followed through with their promise. 

Take a step back…

If you could guarantee that every customer query could be resolved in a single conversation, what else would your team be able to achieve in their day?

With thanks to Clare Yates, Senior Business Development Manager at tmgroup. 

Got a question? Connect with Clare on LinkedIn.

Want to improve your firm? Talk to Clare Yates! She has over 25 years’ experience in the property industry and is more than happy to share what she knows to help you get the best out of your business. 

Here, she explains how your team can create a better working environment, and improve your service experience, by treating every colleague like a customer: 

Working in conveyancing can be stressful, but less so if everyone makes a conscious effort to help each other. Answering the telephone is a great example of how a positive approach to a routine task can make a big difference to everyone’s mood – and the customer experience. 

In a busy office, answering the telephone can feel like a chore and an interruption – and it is all too easy for team members to “pass the buck”. Yet doing so can breed resentment amongst colleagues – especially those who feel frazzled from always being the one that ends up answering the calls. 

Take a step back…

If you asked your team to be more conscious of their own behaviour and think about their colleagues as customers, what do you think they’d do differently? 

Would they develop a fair rota for answering the telephone? Would your customers notice a difference in their service experience?

With thanks to Clare Yates, Senior Business Development Manager at tmgroup. 

Got a question? Connect with Clare on LinkedIn. 

PropTech company, tmgroup, are pleased to announce that they are now a network partner with the Legal Support Network.

In becoming a network partner, tmgroup joins a respected group of suppliers – including LexisNexis and Moneypenny – committed to helping those working in law firm management make informed business decisions. 

Embracing their new partnership, tmgroup will be sharing thought-leadership articles and research with thousands of legal professionals – adding insightful contributions to the LSN.co.uk website.

The tmgroup team are also looking forward to attending exclusive LSN networking events taking place in Bristol, Leeds and London over the next few weeks – and joining leaders from law firms of all different sizes to discuss the latest challenges facing the market. 

Sarah Cox, Director of Client Services at Burlington Media Group:

“We’re always delighted to welcome a new client to our network partner community and seeing tmgroup join us recently has been no exception. The combination of their knowledge, expertise and most importantly commitment to the legal market demonstrates all the values we hold in highest regard. 

Law firms demand the trust and integrity of anyone that they select to work with and in tmgroup we believe they will find a great partnership.  We certainly look forward to that relationship growing into the future.”

You can take a look at tmgroup’s new network partner profile here:

https://www.legalsupportnetwork.co.uk/network-partners/tmgroup

Joe Pepper has joined tmgroup in a new role of Chief Executive Officer (CEO), marking an exciting step for tmgroup as they continue towards their vision of streamlining the property transaction for the benefit of all. 

Commenting on his new position, Joe Pepper said: 

“The potential to bring digitisation solutions to the property market is exciting. The industry is ripe for change and I believe that tmgroup is in a great position to help deliver technology-led solutions to both its current and emerging customer base.”

To compliment Joe Pepper’s new position as CEO, Paul Albone will take on a new focus in the role of Chief Operating Officer (COO). Together, they will deliver the services to support the end-to-end journey of a transaction – and save time for everyone involved in a property transaction. 

Paul Albone, Chief Operating Officer at tmgroup comments: 

“For the past 17 years, tm has been evolving its technology services to try and streamline the property transaction – it’s always been at the heart of everything we do.  We have made great strides forward in 2017 as we extend our footprint into the Estate agent and Consumer elements of a transaction through our new mio offering. I’m delighted Joe is joining us to build upon our achievements to date and drive us towards an even more successful future.”

The Land Registry’s plans to fully digitise their records by 2030 is just one example of how the future is beginning to take shape. As a digital technology business operating in a market that still heavily relies on paper-based processes, tmgroup is well-placed to be a key player in driving the industry forward. 

Joe brings with him a strong track record of delivering new, digitised processes. In his previous role, as Managing Director at EDM Mortgage Support Services, he took the lead on creating a new digital hub to support lenders in making significantly faster lending decisions.

Any updates about known County Council delays can now be found on a live Twitter feed on our tmconvey login page:

https://www.tmgroup.co.uk/TMHome/Account/Login

We will continue to monitor the situation and provide further updates.

There’s no shortage of changes and trends to keep an eye on in 2018. 

Here are 10 things you will definitely hear more about in the months ahead:

1. Blockchain

2017 gave us all a peek into the future of property transactions, after a property in Wiltshire was claimed to be the first to be digitally exchanged online and moved instantly to a live blockchain. Impressively, progressing from initial marketing advert to a verified online exchange in just seven days. 

As the industry continues to experiment with this potentially-revolutionary technology, we’ll hear even more about blockchain in 2018 – for better or for worse. 

[If you haven’t’ already read the “Blockchain: Buying a Property in 60 seconds...” article from John Danahy, Partner at Squire Patton Boggs LLP, we suggest you take a look.]

2. Brexit 

Despite progressing into the second phase of negotiations with the European Union, Brexit will continue to be a point of uncertainty in 2018 and pull us all into another challenging year in the property market.

It is already making its mark on the property market, with predictions that London property prices could fall by another 2% in 2018. So, unless you’re planning on moving to Frankfurt to cash in on the increase in commercial property transactions (thanks to US and Japanese businesses), it’s time to hunker down. 

3. Mining risks and mortgage refusals  

Mining risks and sinkholes repeatedly made the headlines in 2017, with some lenders refusing to secure mortgages against properties in close proximity to mineshafts. This has put conveyancers under increasing pressure to understand the mining risks in their local area. 

Are you making assumptions about your local mining risks? According to recent research, a third of conveyancers are dramatically underestimating the prevalence of non-coal mining risks across the UK – raising concerns that hazards are being overlooked. 

4. The Bank of England’s Rate Rise

When The Bank of England raised its rates for the first time in 10 years from 0.25% to 0.5%, it was a shock to many home movers – especially those who’d never experienced a rise in their mortgage interest rates. 

From experiencing the impact of the 2017 rate rise, to speculating about the date of the next one, there will certainly be plenty to talk about in the New Year.

…And when will we next see a move from the Bank of England? Well, initial speculation has coined August 2018. 

5. Improvements to the home buying and selling process?

With the initial findings expected to be published in January 2018, The Call for Evidence is likely to kick-start some interesting debate about how the property transaction could be cheaper, faster and less stressful. 

Some controversial ideas have already been suggested, from challenging the role of estate agents in making sure every home is ‘sale ready’ and even bringing each chain under the control of one conveyancer. Yet the one thing we can all agree on is that we must find a way to reduce the 20%-30% failure rate of all property transactions – for everyone’s benefit. 

6. Stamp Duty Land Tax (SDLT) 

Changes to Stamp Duty Land Tax (SDLT) can be very disruptive, so make sure you’re prepared for…

• Land Transaction Tax (LTT) replacing SDLT in Wales on 1st April 2018

From 1st April 2018, Land Transaction Tax (LTT) will replace Stamp Duty Land Tax (SDLT) in Wales. Mostly consistent with SDLT, LTT even includes the higher rates of SDLT on second homes that came into effect in April 2016. The new process echoes the Scottish introduction of land and buildings transaction tax (LBTT) in 2015. 

How will it affect you? Not only will conveyancers need to apply LTT fees to properties in Wales, but will need to make a conscious effort to correctly process land tax for properties that straddle the border of England and Wales.

• The SDLT filing and payment window reducing to 14 days

Following a consultation in summer 2016, the government has committed to reduce the SDLT filing and payment window from 30 days to 14 days. 

In response to concerns about the filing limit however, the introduction has been delayed from 2017-18 to 2018-19. There’s no need to worry yet - the exact commencement date will be communicated well ahead of time. Click here for more information.

• The impact of the abolishing SDLT for First Time Buyers

The abolishment of Stamp Duty Land Tax for First Time Buyers – as announced in The Budget – was a good intentioned move to benefit approximately 80% of first-time buyers purchasing properties worth up to £300,000. 

Whilst a great idea in principle, it only makes a small dent in the somewhat larger problem of saving up for a deposit. As 2018 takes hold, we will begin to see whether this new initiative has had any impact on helping First Time Buyers onto the property ladder.

7. General Data Protection Regulations (GDPR)  

Are you ready for 25th May 2018? If you didn’t know already, this is the date that the new General Data Protection Regulations (GDPR) come into effect, bringing a whole host of protective measures for our personal data. 

This will have a noticeable impact on how firms market their services, as well as how they store client and employee data – and time is running out for businesses to prepare. Proactive first steps include understanding exactly what data you hold in your firm and the processes involved in collecting, using, storing and destroying it… Have you started yet? 

8. Cyber crime and fraud 

Cases of cyber crime and fraud have continued to plague firms across the year – and there is no sign of this easing off in 2018. 

According to our own research, over half of conveyancers relied on unsecured emails to communicate sensitive information to their clients in 2017 – leaving clients vulnerable to Friday Afternoon Fraud. 

What information are you giving your clients about cyber crime? Are you communicating safely? Could you be doing more to protect every property transaction? Knowing the answers to these questions is key to maintaining resilience. 

9. Artificial Intelligence (AI)

While we may never see robots carrying out end-to-property transactions, we’re already seeing examples of digitisation in the market, which are shedding new light on the potential of Artificial Intelligence (AI). 

From online SDLT submission to the digitisation of the Land Registry data, an increasing number of services are moving away from traditional paper methods to help improve workflows and drive new levels of efficiency. 

With potential to save even more time for conveyancers, it is highly likely that these services will continue to evolve across 2018. Is it only a matter of time until some of these processes are automated too?

10. Consumer transparency

Due to the discrepancies between fees paid and quality of service (with little consumer awareness of what the average is), The Competition and Markets Authority (CMA) has launched a ‘Policy consultation on transparency’. 

Set to close on 5th January 2018, we’ll hear increasingly more about transparency as the rules consultation in March and the new rules coming into force by the end of the year. 

For those committed to quality service, a shift towards greater visibility should be seen as an opportunity to thrive, with positive ratings promoting your services to new business prospects. 

Simon Wood, Sales Director at tmgroup comments: 

“The industry is set to change rapidly across 2018. Whilst Brexit and the possibility of another rate rise will continue to bring uncertainty to the property market, it is exciting to see plans in motion to make conveyancing quicker and easier for everyone involved in the transaction.”

Simon Wood

Simon joined tmgroup in 2016 as Sales Director for tmconvey. He leads sales and account management teams in helping customers grow their business, drive internal organisational efficiency and manage the risk around property searches.

 

It is no secret that conveyancing is a risky business. While conveyancers are, of course, aware of the full extent of the risks, clients bring their own opinions to the property transaction. 

These views are often based on their personal experience (or lack of) of buying and selling, as well as issues that have made the headlines – and the hearsay of friends and family.

This is why we're interested to know… In your personal experience, what issues are clients typically most concerned about in the property transaction? 

Fracking? Flood risks? Cyber crime?

Take part in our quick poll and have your say : https://www.surveymonkey.co.uk/r/GCNMXGM 

From Chalk in the South East, to Fireclay in Yorkshire, mining risks vary dramatically across the UK. 

Here are some regional facts and figures to help you better understand the ground beneath your client’s doorstep, as well as your own.

East Midlands

Regional Case Study : 

Mine shaft collapse in Castleton : Derbyshire

Watch our Mining Risks : Are you prepared? webinar to find out more.

East of England 

*This is the highest number of sinkhole appearances in the last 24 months across England and Wales. 

Regional case study : 

Hole in Eden Street : Cambridgeshire

Watch our Mining Risks : Are you prepared? webinar to find out more.

North East

Regional case study : 

Gateshead School Mine Shaft : Tyne and Wear

Watch our Mining Risks : Are you prepared? webinar to find out more.

North West

Regional case study : 

Sinkhole in residential Manchester Street : Greater Manchester

Watch our Mining Risks : Are you prepared? webinar to find out more.

South East

Regional case study :

Car swallowed in High Wycombe : Buckinghamshire

Watch our Mining Risks : Are you prepared? webinar to find out more.

South West

Regional case study :

Sinkhole opens in Well road : Somerset

Watch our Mining Risks : Are you prepared? webinar to find out more.

Wales 

Regional case study : 

Man falls down sinkhole : Bridgend

Watch our Mining Risks : Are you prepared? webinar to find out more.

West Midlands

Regional case study :

Huge sinkhole opens up in front of B&B : Staffordshire

Watch our Mining Risks : Are you prepared? webinar to find out more.

Yorkshire & Humber

*This is the highest number of Recorded Coal Mine Entries (Coal Authority) in England and Wales. 

Regional case study : 

Garden mineshaft size of Nelson's Column : West Yorkshire

Watch our Mining Risks : Are you prepared? webinar to find out more.

Our "Mining Risks : Are you prepared?" webinar - featuring Tom Backhouse from Terrafirma, alongside Clare Yates from tmgroup - discusses how new data sets are challenging traditional assumptions about mining risks.

“It’s been a remarkable year in Residential Property, but there is still more to be done.” This was the resounding message at this year’s EG UK Residential Summit in Birmingham, as the panel tackled some of the pertinent issues set to obstruct the forecasted delivery of new build homes into 2018 and beyond.

Only a fifth of the forecasted new homes in 2017 have been delivered

The panels’ vibrant discussions uncovered a sobering fact that only a fifth of the forecasted new homes in 2017 have been delivered – and called for the government to act to release more land, remove cumbersome planning restrictions, support good finance deals for SME builders and fund more social housing projects. 

There is undoubtedly a need to address other incumbent issues too, such as Stamp Duty Land Tax (SDLT) and the impact of “Help to Buy” schemes, which some panellists expressed had over inflated house prices – adding to the problem, not relieving it.

As 2018 takes shape, it will be interesting to see how The Budget announcements will increase activity within the housing market – and how soon the funds will be pushed through to the Local Authorities for building social housing.

Owning your own home may become less of a priority for millennials 

As the disparity between earnings and house prices becomes increasingly greater, I also asked myself “why are we so obsessed with owning our own homes?” The thought-provoking panel traded ideas on changing this landscape and how we could live in the future (when I retire). For example, making way for Build to Rent (BTR) and Modular Living. We do seem to be on the cusp of a significant sea change for our millennials. Possibly, as this will be the only option available to them. 

However, experts said this demographic are not as obsessive about owning their own homes. So, does the future look set for co-living? State of the art buildings with on-site concierge services, cinema rooms, spas and gymnasiums all in one building?

Owning your own home may be less of a priority for millennials and long-term renting doesn’t seem such a bad trade-off… when you have all those luxuries on your doorstep.

All in all, this year’s EG UK Residential Summit in Birmingham has encouraged conveyancers to look to the future of the residential property market with open minds. 

As an industry, I anticipate that we will be striding forwards in solving the key issues in the market and be well on our way to greater house building numbers in 2018, whether that be through Build to Rent (BTR), social housing or private homes.

With thanks to Nicola Wilson-Sanders, Key Account Manager at tmgroup