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Did you know? The SDLT window is reducing from 30 days down to 14 days from 1st March 2019. Don’t panic! There’s still time to get your house in order. 

What’s happening and when?

According to HMRC, the measure reduces the time limit that purchasers have to file a SDLT return and pay the tax due from 30 days to 14 days. The new time limit will apply to transactions with an effective date on or after 1 March 2019. 

The deadline marks the success of digitisation and a faster more efficient way to submit SDLT forms 

This is a positive step forward for conveyancing; reflecting the impact of new technology, digitisation and integration on streamlining the SDLT submission process – and tmgroup is proud to be at the forefront of this innovation. 

As the new payment window is being introduced with a view to improve the efficiency of the SDLT system, the deadline should also encourage even more firms embrace the new technology available to them, and in doing so further standardised the high levels of efficiency many firms have already become accustomed to. 

Many firms simply don’t have visibility of their SDLT returns to know whether they are meeting the deadline or not

This measure will affect approximately 20,000 businesses, including small and micro businesses who are mainly licenced conveyancers and solicitors. Whilst the impact is expected to be minimal, with the majority of returns already filed within 14 days of the transaction, many firms lack the visibility of their processes to fully understand whether they are already meeting the deadline (or not) – ahead of 1st March 2019. 

This uncertainly is likely to be the cause of much of the anxiety experienced in the lead up to 1st March. However, for firms already embracing the latest technology, such as tmconvey’s integrated Post-Completion services, they already have complete visibility and peace of mind of their end-to-end processes – including time stamps and history, and status updates of exactly which SDLT forms are in draft, in process, submitted and returned.

HMRC also anticipates that “on-going costs may include amending systems and/or processes to ensure returns are filed and payments are made within the 14 day deadline”. However, SDLT submission via tmconvey’s Post-Completion service is available free of charge to all customers ordering cases. 

What should I do next?

For those unsure of whether they are meeting the deadline or worried that their current processes may not be up to scratch, there is still time to explore alternative options and save time. 

For more information…

• Take a look at the HMRC website guidance on the upcoming changes.

• Take a look at tmconvey’s Post-Completion services.

• Or request a FREE demo of tmconvey’s Post-Completion services. 

Is "Sales Progression" a dying art?

mio Account Manager Becky Howes takes a look at the truths and challenges of successful sales progression in 2019... 

The challenges of the current market

The high street estate agent faces more challenges than ever. With the time to completion being the longest in my memory at 18 weeks (*1) combined with fall through rates at 31% (*2), the estate agent seems to be working harder for less. 

When I started out in this industry circa. 30 years ago, if my Negotiator team were exceeding a 15% sale cancelation rate they would be getting ear ache in the morning meeting! 

So where did it all go wrong?

Could it be that the requirements of the high street lenders are just taking it too far? A property lawyer told me recently that she worked her way through a 40-point checklist before the file was even presented to the managing partner for sign off! 

Could it be that in a bullish market with optimistic sales prices being achieved over the last couple of years, that surveyors have struggled to find sufficient comparable evidence to justify the figures agreed, resulting in an increased level of down valuations? Just yesterday, a front line Negotiator told me she was trying to hold a deal together with a 20K down valuation on a bog standard town house!

Could it be that the rise of the online agent and pressure on traditional high street agent’s fees has contributed to the decline of the “Art of Sales Progression”? Is it that the appeal of winning more listings outweighs the interest in investing in thorough Sales Progression? 

What is Sales Progression for the unaffiliated?

Sales Progression is communication along the whole chain length and it keeps the deal moving on but is it a nice to have or an essential service? Some may say, “exchange of contracts will happen when it happens” but try telling your vendor that, when the new school term is fast approaching. Try telling that to your valuable new build client at the top of the chain at quarter end!  

I heard a real pearl of a story last week… A local Sales Progressor had been working down a chain as the vendor at the top was keen to exchange. They had a large onliner beneath them. They had been given some sketchy chain details, however due to our hero’s attention to detail and tenacity, she finally realised that this chain belonged to a completely different property being sold on the same street. She spent two hours advising key parties above, of the correct details and the very significant effect this would have on the planned exchange and completion dates. At time of writing, the chain is still holding together but it would have snapped clean in half without her quick actions!   

Your hard working estate agent will tell you that good Sales Progression is essential. Law Society rules prevent lawyers talking to anyone other than either side of a chain, so each chain link has no idea of the requirements, desires and wants of the parties involved – more than a link away. How many times has your client been ready to move with vans booked, only to be advised at the 11th hour that the first time buyer at the bottom has yet to get his mortgage offer? A valuable, time served Sales Progressor will eradicate these issues and keep relevant parties informed, saving abortive work, time and stress. It only takes one good Sales Progressor in a chain to move it on nicely. Abortive work is the thorn in the side of any decent cash flow prediction and should be avoided at all costs. 

Your hard working high street agent could also tell you that this valuable service sets them apart from any inexperienced upstarts, who may be contributing to this extremely high fall through rate. Or if you have an online agent in the chain or a conveyancing factory who have a very different attitude to traditional Sales Progression, it is often up to the vendor and purchaser to progress the sale for themselves. Or the high street agent on either side of their link, to assist and plug the gaps. I am “Gen X” and not a big fan of call centres, and I find waiting on the line to be worse than the “take a ticket” scene from Beetlejuice!

Your hard working conveyancer on the other hand could tell you that the Sales Progressor calls are a constant interruption and a necessary evil. I heard in conversation recently from a property lawyer that on a particular case he had taken 6 calls in the day providing information to different people in the chain! His point was that, without all of those calls, he could have actually got on with the conveyance! 

Another solicitor told me that they make it their business to always take the estate agents calls because at the end of the day the agent is the only player who can work the chain up and down, consequently holding it together. 

So who are these angels in disguise that keep the chains of England together?

Well they could be a dedicated Sales Progression colleague, often Maureen or Jean. Time served, experienced, often part time, dedicated to the role and that role alone.

They could be a centralised service, maybe Lizzie and Jo, who have an open plan space upstairs in the back room and use the clunky CRM and some home-made spreadsheets to put together a picture of the area’s sales pipeline and therefore free up time for the front line sales team to do what they are good at.

They could be a dual role Negotiator called Tim who after working hard to put their sale together is not about to hand it over to Maureen!

Nowadays they could even be outsourced.

So why is it a dying art?

Current challenges mean estate agents are making tough decisions on a daily basis, creating efficiencies across their business or making tough decisions based upon fluctuating profitability. Often the salary line is under scrutiny and a dedicated Sales Progressor becomes a luxury not to be afforded. In a complicated chain, it may only take one decent Sales Progressor to hold it all together, but it is a time consuming and an often complicated step by step process. Saving a chain can consume a whole day, running up and down the chain negotiating a completion date with multiple parties and the costs for this time investment are not shared with all agents. The costs sit with the single traditional high street agent who is desperately trying to get his fee income in before month end. 

Or maybe it is dying because the tacit knowledge of Maureen and Jean simply retires to be replaced with less experienced talent. 

Or the rise of the DIY offering which means that some of the links in the chains of England are basically winging it!

Or despite #proptech being invented at an ever increasing pace, the busy high street agent cannot see the wood for the trees and pick out the new tech that will enhance his Sale Progressor to do their job even more efficiently, saving both time and money.  

Whatever the reason for this high fall through rate and extensive time to exchange of contracts, the current state of Sales Progression has to be a contributing factor. 

Whatever you do to enhance your own Sales Progression, take a look. Effective Sales Progression has got to be the route to getting paid quicker and on more deals.  

Give your Sales Progressor a hug… and a message to property lawyers; Take their calls, you never know when the angel in disguise is going to keep the deal together for you. 

References

*1 https://www.gov.uk/government/statistics/uk-house-price-index-summary-june-2018

*2 https://www.estateagenttoday.co.uk/breaking-news/2019/1/shock-fall-through-figures-show-almost-50-of-sales-collapsing

Reporting into the Chief Commercial Officer, this is a full-time senior position that will give the successful candidate the opportunity to play a key role in the future success of tmgroup.  

The position is focused on the management of a team of field-based account managers who are responsible for a portfolio of approximately 600 law firm accounts, ranging from Residential Conveyancing Specialists through to Magic Circle Law firms.   Spend per account will range from a few thousand pounds per annum up to in excess of £1m.     

The successful candidate will form an integral part of the tmgroup sales and marketing team and will be expected to work effectively with Business Development, Marketing, Product Development and Client Services to ensure that we achieve financial targets and continue to develop the tmconvey and tmconnect conveyancing platform propositions in line with client requirements. 

Applicants must have a track record of managing a successful B2B account management team and retaining and growing high value accounts, ideally in the legal sector.  Strong leadership skills are essential as is a good understanding of the deployment of sales and marketing to deliver growth from existing accounts.   

Key Responsibilities:

• Designing, developing and delivering an effective account management strategy to deliver growth targets.  

• Working collaboratively with Marketing and Business Development to ensure that strategies are aligned to deliver both new business and growth targets. 

• Cascading performance objectives and managing the recruitment, training and reward structure to support the successful delivery of the account management strategy. 

• Ensuring the team works effectively with Client Services to deliver outstanding customer service. 

• Working effectively with colleagues throughout the business to design a programme that ensures the effective management of clients at every stage of the buying cycle. 

• Introducing new accounts and working effectively with Business Development to ensure prospects are converted into clients.

Skills, knowledge and experience required:

Applicants must have: 

• A proven ability to manage a team to deliver growth 

• A proven ability to manage complex key accounts generating in excess of £500k income per annum

• A proven ability to influence at Director / Partner level, preferably within law firms. 

• A robust understanding of the legal services sector and the application of technology within the sector  

• A good understanding and a genuine interest in Residential and Commercial Real Estate

• Strong leadership skills

• Strong commercial acumen as evidenced by an ability to translate customer requirements into product / service delivery  

• A strong professional presence with polished presentation skills

• Superb written and verbal communication skills including prior experience of developing responses to tenders/RFPs.  

External relationships you will be required to manage:

• Directors, Partners and Heads of Department within Law Firms with a heavy focus on Residential Property and Commercial Real Estate 

• Key stakeholders external to tmgroup’s traditional client base. This might include regulators, lenders, property consultants and residential surveyors, estate agents, trade bodies and regulators. 

• tmgroup shareholders 

• tmgroup suppliers 

Internal relationships:

The successful candidate will need to effectively manage multiple internal stakeholders from Executive Directors to Marketing and onto Heads of Product. 

Travel:

Extensive travel within England and Wales will be required.

How to apply:

Please email hr@tmgroup.co.uk with an up-to-date CV and covering letter explaining why you think you could be our Head of Account Management.

We look forward to hearing from you. 

After Thursday 7th February, you’ll notice a new section in your mapping preferences System Settings called ‘Map Data Layers’, which will give your TM Administrator more control over which data layers you see on your mapping. 

How do I update my mapping preferences?

Your TM administrator will be able to update your company preference by following the below steps:

1. Go to ‘System settings’ on the tmconvey Services Dashboard

2. Select ‘System defaults’

3. Select ‘View’

4. Select ‘Mapping defaults’ 

5. If you scroll down, you will see a new section called ‘Map Data Layers’ – and various options to choose from including; 

• Default: Showing Local Authorities and Country Boundary indicators

• Distribution: Showing Local Authorities and Country Boundary indicators, as well as distribution (water, gas and electric companies). 

• Custom: Allowing you to select the data layers you’d like to see from the options on the right-hand side. 

6. Once you have settled on your choice, click ‘Save’. 

Why are we making these changes?

As you may already be aware, more and more mapping data sets relevant to the property sector are becoming publically available from various central and local government organisations. We’ve been listening to our customers and adding them into tmconvey to further improve our mapping experience.

We also know each of our customers has different needs and priorities when it comes to their choice of data layers, so we’ve made our mapping more configurable with our new ‘Map Data Layers’ section. 

If you have any questions or queries, please contact your Account Manager, or get in touch with our friendly Helpdesk team on 0800 840 5571 or email helpdesk@tmgroup.co.uk 

First Title are adding new insurance provisions to their Residential Title Insurance - available from Friday 1st February.

Each of these can only be selected on its own as a standalone policy. They should not be selected alongside other risks as part of a multi-risk quote.

There are 4 new risks:

• Contaminated Land 15 Years - Failed Search (for single residential premises)

• Contaminated Land 15 Years - No Search (for single residential premises)

• Contingent Building Insurance (for a single residential flat or maisonette)

• Environmental No Search (for single residential premises)

If you have any questions or queries, please contact your Account Manager, or get in touch with our friendly Helpdesk team on 0800 840 5571 or email helpdesk@tmgroup.co.uk 

Following on from the addition of the ‘Groundsure Review’ report to tmconvey, we thought you’d like to know that ‘Groundsure Review with Planning Applications’ is now also available to order.

Designed in conjunction with a panel of Property Lawyers, Review offers pragmatic and commercially focused expert insight, deal orientated recommendations and guidance on next steps for high value property transactions, complex industrial sites and redevelopments.

Moving forward, you’ll be able to choose between ‘Groundsure Review’ or ‘Groundsure Review with Planning Applications’ – at no extra cost. Both reports review an extensive list of risks, including ground stability, planning constraints, contaminated land, and flood. The only difference is the addition of planning application information in ‘Groundsure Review with Planning Applications’.

We’ve included a handy comparison table below. 

If you have any questions or queries, please contact your Account Manager, or get in touch with our friendly Helpdesk team on 0800 840 5571 or email helpdesk@tmgroup.co.uk 

Just to make you aware, Groundsure are making a handful of changes to their product suite, taking effect on tmconvey from Monday 11th February. 

You can find a quick summary of the changes here – and more information below. 

Summary

• New Reports; 

o Energy and Transportation 

o Groundsure Con29M

• Enhanced Reports;

o Homebuyers

• Updated; 

o Terms and Conditions

• Withdrawn Reports;

o 7 energy and rail infrastructure data reports 

o Homebuyers Plus 

Additional information

NEW REPORT : Energy and Transportation Report

Individual energy and rail infrastructure data reports being withdrawn

The new ‘Energy and Transportation’ risk report combines all of Groundsure’s energy and rail infrastructure data into one place, including;

• Major transport projects (HS2, Crossrail 1 and 2)

• Safeguarding areas

• Compensation schemes

• Active and historic railways and tunnels

• Existing and proposed energy generation or extraction sites 

Report costs

Residential : £30 + VAT

Commercial For sites <150ha : £60 + VAT

As such, the following residential and commercial reports are being withdrawn;

• Energy Residential Report (GSEnergyR)

• Energy Commercial Report (GSEnergyC)

• Underground Residential Report (GSUnderR)

• Underground Commercial Report (GSUnderC)

• Energy and HS2 report residential (GSEIR)

• Energy and HS2 report commercial (GSEIC)

• HS2 and Crossrail report (GSHS2)

ENHANCED REPORT : Homebuyers

Homebuyers Plus report being withdrawn 

The ‘Homebuyers’ report is being enhanced with all of the additional information currently only available in ‘Homebuyers Plus’, including; 

• Flood risk assessment

• Use of Land Registry polygons

• Improved format and workflow 

• Only relevant data (and fewer pages)

• Clear and practical next steps 

In support of these enhancements, the original ‘Homebuyers Plus’ is being withdrawn and will no longer be available to order on tmconvey. 

How much will it cost?

The enhanced Homebuyers report will be available for £51 +VAT.

UPDATED : Terms and Conditions

Groundsure are making a slight amendment to their Terms and Conditions

This “update” is a single change to the following paragraph (5.5) :

5.5 The Client shall promptly provide to Groundsure full details of any claim or complaint received by the Client concerning a Product (a “Claim”). The Client shall not incur any third party costs in relation to a Claim nor make any admission in respect of a Claim on behalf of Groundsure without the prior written consent of Groundsure.  At the request of Groundsure, the Client shall give to Groundsure or its nominee the exclusive control of such Claim.  The Client will (i) consider and consult with Groundsure in respect of any Claim; (ii)  take reasonable account of Groundsure’s representations in respect of any Claim; (iii)  so far as practicable, not make any settlement in respect of a Claim on terms which would have an unreasonable adverse impact on Groundsure’s reputation; (iv) not make any admission in respect of a Claim on behalf of Groundsure without the prior written consent of Groundsure.  For the avoidance of doubt, nothing in this Condition 5.5 applies to any content, services or report that is not provided by Groundsure to the Client.

NEW REPORT : Groundsure Con29M

An official CON29M coal mining report – licensed by the Law Society

The Groundsure CON29M Official Coal Mining Search answers all of the official questions requested in the Law Society guidance notes 2018, and has additional information should the property fall under the Cheshire Brine Compensation area. The report includes official licensed Coal Authority data, and a comprehensive Coal Search Report Insurance Policy.

Report costs

Residential <15ha : £33 + VAT

Commercial <15ha : £80 + VAT/ 15-50ha : £170 + VAT

If you have any questions or queries, please contact your Account Manager, or get in touch with our friendly Helpdesk team on 0800 840 5571 or email helpdesk@tmgroup.co.uk 

tmgroup are pleased to announce an exclusive partnership with Riliance for the provision of CQS training.  The partnership will allow all tmgroup clients to benefit from a 20% discount on core and update courses.  

tmgroup clients can click here to claim their 20% discount, available against the following courses:

• Core Training – Financial Crime

• 2018 Update Training – Conveyancing Practice

• 2018 Update Training – Risk and Compliance

Emma Vigus, Chief Commercial Officer at tmgroup comments:

“We’re delighted to be working with Riliance.  They offer a great quality product and they share our commitment to innovation and strong customer service.  We know that our clients want more from their search provider so the partnership with Riliance will be the first of several exclusive partnerships that tmgroup will announce in 2019.” 

What courses do I need to do by when?

The Law Society relaunched CQS training in August 2018. This means firms may have different training courses to complete by different dates depending on whether they have just gained accreditation, or whether they have been re-accredited after November 2017.

• Firms with initial accreditation

If a firm has been initially accredited and staff have not completed the ‘Core Training – Financial Crime’ course then they must do that first.

New staff working on CQS accredited matters must also complete the Core Training unless they have completed it at a previous organisation.

• Firms being re-accredited

If a firm has been re-accredited by the CQS office between 1st November 2017 and 31st July 2018, all staff must complete the 2 update courses by 31st January 2019.

If a firm has been re-accredited by the CQS office on or after 1st August 2018, the firm has 6 months from their re-accreditation date to complete the training.

Richard Beech, CEO at Riliance Training Limited comments:

“We are delighted to be working with tmgroup to help provide benefits to customers. The CQS standard is core to the conveyancing sector and Riliance are pleased to provide an easy solution for firms to undertake the mandatory CQS training online. We hope this is the start of other collaborations that will benefit both Riliance and tmgroup customers.”

Claim your 20% discount today

Click here for more information about the new partnership between tmgroup and Riliance – and to claim your 20% discount.  

What if I’m not a tmgroup customer?

If you’d like to find out more about becoming a tmgroup customer and activating this exclusive 20% discount on Reliance core and update courses for CQS training, please get in touch.

About Riliance

Trusted by more than 3,500 regulated businesses across the UK, Riliance is the market leader in risk and compliance management software, training and consultancy services. Law firms, Barristers Chambers, Insurance Brokers, IFA Businesses and large Accountancy Firms all rely on Riliance to ensure firm-wide control and visibility over risk and compliance matters. Riliance can provide expert advice ensuring businesses put in place robust systems and processes to safeguard compliance. The Riliance system is used by firms to gain and maintain quality standards such as, Lexcel & ISO accreditations.

Riliance holds the ISO 27001 certification and is headquartered in Tarporley, Cheshire.

For more information, visit www.riliance.co.uk 

If you have any questions or would like additional information, please contact Riliance on support@riliance.co.uk

tmgroup are inviting residential property specialists to free of charge events in London and Manchester in February to discuss the issues that will continue to affect the residential property market after 29th March. 

Sponsored by Groundsure and hosted by Pen Underwriting and Weightmans, the events will provide the opportunity to hear from guest speakers on a range of topics, including leasehold reform, financial crime and digital property transactions.  

Speakers include; Beth Rudolf from The Conveyancing Association, Edward Donne from Howden Insurance Brokers, Andrea Cohen from Weightmans, and Matt Smith, Editor of Future Housing.

• London: 7th February 2019 (3.45pm - 7.00pm)

Arthur J Gallagher, 67 Lombard Street, London, EC3V 9LJ

Click here to register for London :

http://web.tmgroup.co.uk/cn/an9um/regLondon  

• Manchester: 27th February 2019 (3.45pm - 7.00pm)

Weightmans, No 1 Spinningfields, Hardman Square, Manchester, M3 3EB

Click here to register for Manchester : 

http://web.tmgroup.co.uk/cn/an9um/backManchester 

For more information, please contact Hannah Dukes at marketing@tmgroup.co.uk 

As you may already be aware, Ordnance Survey enhanced their mapping in late 2018. Applying the use of more realistic colour, as well as symbols, this has resulted in clearer boundaries and therefore better context for the mapping information displayed. For example, clearly distinguishing (by colour) where a ‘green’ field meets a ‘blue’ river, as well as where the river’s ‘brown’ mud banks start and finish.

To make sure our customers benefit from these latest improvements, we are automatically applying these changes to all mapping across tmconvey – after 10th January 2019. However, we have also updated our TM administrator permissions, so you can revert to the original look and feel, if you would prefer.

How do I update my mapping preferences?

Your TM administrator will be able to update your company preference by following the below steps:

1. Go to ‘System settings’ on the tmconvey Services Dashboard

2. Select ‘System defaults’

3. Select ‘View’

4. Select ‘Mapping defaults’

5. Select ‘Select map style’ 

6. You will see 2 maps side by side. This is your ‘current style’ and your ‘selected style’. You can then select from the bullet point list of different styles, changing them until you find one that suits. Please note, there are 5 different styles of map:

o Original 

o Standard (highlights the buildings rather than the background) 

o Outdoors (highlights the background rather than the buildings)

o Light (map with predominantly beige and grey colouring)

o Backdrop (map with lighter shades of colours)

7. Once you have settled on your choice, click ‘Save’. 

Please note, we’ve also updated our Case Plans, so they’ll be printed and saved in whichever mapping style you’ve selected under ‘System Settings’. 

If you have any questions or queries, please contact your Account Manager, or get in touch with our friendly Helpdesk team on 0800 840 5571 or email helpdesk@tmgroup.co.uk