Terrafirma price changes – Coming 1st January 2021 Terrafirma are making price changes to their CON29M, Ground Report and Coal Extra report – effective from 1st January 2021. The changes are summarised in the table below - for 0-15 ha: Report New RRP (ex. VAT) Change CON29M (Residential) £38.00 +£5.00 Ground Report (Residential) £55.00 +£5.00 Ground Report (Commercial) £100.00 +£10.00 Coal Extra (Residential) £33.00 -£3.00 Coal Extra (Commercial) £85.00 +£15.00 If you have any questions, please get in touch with your Client Relationship Manager, or our Client Services team on 0800 840 5571 or helpdesk@tmgroup.co.ukTweet 24. November 2020 11:55 Megan Comments (0)
Property Searches Scotland celebrates win in the Scottish Legal Awards 2020 Property Searches Scotland, part of the tmgroup family, are pleased to announce that they have won ‘Support Team of the Year’ at the 17th Annual Scottish Legal Awards; recognising the best performing individuals, teams and firms in the Scottish legal profession. Over 250 guests watched the national awards celebration online, after the live event was cancelled due to the pandemic, so the Property Searches Scotland team were in good company as 18 awards were presented to high-achieving individuals and teams. These included; the highly regarded Lawyer of the Year Award being presented to Iain Smith of Keegan Smith; Aegon Asset Management (formerly Kames Capital) taking home the award for In House Team of the Year; and MacRoberts collecting the award for Corporate and Commercial Team of the Year. Michael Tolland, Commercial Director of Property Searches Scotland commented; “We are absolutely delighted to receive this prestigious award. One of our core principles since our launch in 2012 has been to seek to provide our customers with the most exceptional service possible. This has been evidenced by our outstanding customer retention rates and our recurring annual growth in market share. We are thrilled that this success has now been formally recognised through this award. This award would not have been possible without the diligence and professionalism of the entire Property Searches Scotland team, and the support of our valued customers, and we are proud to receive this accolade on their behalf.” The awards were presided over by a large expert judging panel, chaired by Shonaig Macpherson, and she commented; “It’s testament to the high regard in which these awards are held, that again this year there has been a record-breaking number of entries. Thank you to all the finalists for their forbearance and understanding as we present these awards after a necessary delay in the schedule this year. Congratulations to all the winners and thank you to our sponsors whose continuous support in this new digital format has been very much welcomed.” The awards also raised funds for two charities, It’s Good 2 Give and LawScot Foundation. For more information about Property Searches Scotland click here. You can also find out more about the Scottish Legal Awards and see the full list of winners here. Tweet 12. November 2020 14:40 Megan Comments (0)
Paper-based processes making residential property easy target for money launderers In a recent tm:tv session, tmgroup’s CEO Joe Pepper explored how and why the residential property market continues to be a money laundering target. Joined by Simon Wilkinson, Board Member of Propertymark (NAEA), Olly Thornton-Berry, Co-Founder & MD of Thirdfort Limited, James Liffen, Partner and Head of Mishcon de Reya's Residential Property team, and Andrew Kimpton, Mortgage & Protection Adviser, Just Mortgages, the panel discussed how issues surrounding inconsistency, lack of regulation, and reliance on paper-based processes need to be addressed to help the industry move forward. You can watch the full session here. £4.5 billion is laundered through residential property every year Money laundering continues to be a huge challenge, with £4.5 billion of “dirty money” estimated to have gone through the residential property last year, and some believing the actual figure is closer to £30 billion. Why is this such a problem? Looking at the bigger picture, money laundering activity typically passes funds to terrorist groups, drug dealers, and other unsavoury characters. Yet there are also terrifying, direct consequences for property professionals too, with jail time and unlimited fines at stake for those (even unintentionally) finding themselves involved in such activity. However, we’re beginning to see changes for the better, as Simon Wilkinson, Owner of the Wilkinson Partnership and Board Member of Propertymark (NAEA) comments: “Beyond the introduction of the 5th and 6th AML Directives, heavy fines and high profile cases have come into play. HMRC have also been doing more audits over the last few years, so property professionals are taking AML practices far more seriously. Unfortunately, we’re still seeing a handful of ‘rogue’ agents not following proper practices and leaving themselves open to sanctions, which will be a question of when they get prosecuted – not if.” Manual processes leave gaping holes for criminals to take advantage of Why is residential property so attractive to money launderers? Quite simply, it enables a quick and easy way to “clean” hundreds of thousands of pounds in a single transaction. Coupled with many law firms, estate agents, and mortgage brokers still using older, manual methods to complete AML due diligence, this provides huge motivation for criminals to develop new and increasingly sophisticated methods to outsmart “the human eye”. In a world where fake bank statements, ID documents and utility bills can be bought online for as little as £5, the industry needs to take a long hard look at how it is practicing AML due diligence, as Simon Wilkinson, Board Member of Propertymark (NAEA) continues: “Part of the problem is the lack of regulation across the industry resulting in poor practices being rife. This is evident in the latest research from the SLC and SRA as, at the end of last year, a series of random surveys from the SLC found that two-thirds of firms were non-compliant with their AML rules, whilst the SRA found that 65% were just using a boilerplate template for their AML due diligence.” Artificial Intelligence and facial recognition technology can help detect fraud Fortunately, innovative technology providers are rising to the challenge and solutions are now available that use Artificial Intelligence, facial recognition technology, and more, to verify identity documents and source of funds – saving time and reducing risk, as Olly Thornton-Berry, Co-Founder & MD of Thirdfort Limited comments: “It’s very easy for a fraudster to change an ID to a new address to outsmart a simple database check. However, when this is layered with Artificial Intelligence that can detect whether a document is real or fake, and facial recognition technology to prove that an individual is who they say they are, it suddenly becomes a lot harder for criminals to succeed.” The pandemic-led surge in remote-working practices has helped to boost the adoption rates of technology-led AML checks too, as James Liffen, Partner and Head of Mishcon de Reya's Residential Property team comments: “Since lockdown began, we’ve had to bring in practices we didn’t even think were available, such as companies doing online verification checks for us. While we were always very thorough and comfortable we were doing a good job, digital solutions now offer us that extra layer of protection. It’s proved a fantastic opportunity to see how technology will be vital moving forward. Even when we go back to the office, we’ll be using it.” Digital collaboration will be key to stamping out money laundering Moving forward, it’s clear the time has come for property professionals to “go digital” in order to better protect their businesses and their clients from money laundering activity, and put a stop on the billions of pounds of “dirty money” flowing through the residential property market each year. As consumers become increasingly tech-savvy, it’s equally important that the industry moves away from the manual time-consuming processes and duplication of effort we are currently seeing. The industry also needs to consider practical solutions as to how multiple providers can all work together to deliver a joined up, time-saving and secure solution to everyone involved, as Andrew Kimpton, Mortgage & Protection Adviser, Just Mortgages comments: “As more solutions come to market, I think we’ll need to adopt a system similar to how we all currently work with credit reference agencies, allowing various property professionals to work with their choice of provider, but still receive the same information.” Individual providers also need to consider how they communicate and collaborate with industry partners to enable this, as Joe Pepper, CEO at tmgroup comments: “Collaboration across the industry is key to success and building solutions with open APIs will help to facilitate this, so we are increasingly able to join solutions together to not only make things better for property professionals and consumers, but make it harder for criminals to succeed.” Want to find out more? Watch the full “Dirty Money in the Property Market” tm:tv session here.Tweet 2. November 2020 15:56 Megan Comments (0)
Do you know your password? We will be updating some of our security settings on 1st December where you will be required to re-enter your password. If you do not know your password, please ensure you follow the forgot password process to reset it. Tweet 1. November 2020 13:49 Megan Comments (0)
Thirdfort Offer Terms and Conditions Offer: New clients to can have up to 25 IDChecks at no charge. Qualifying client: A client who is new to the Thirdfort ID checks service (with tmgroup or otherwise). Offer Criteria: - Qualifying Client must place their 1st IDCheck order in tmConvey on or before Thursday 31 December 2020 to qualify for the offer.- Qualifying Client is entitled to up to 25 IDChecks at no charge (to be refunded after purchase).- The 25 IDCheck orders must be placed on or before Sunday 31 January 2021 to be included in the offer.- A single IDCheck is an order per individual person being checked. i.e. Where Mr and Mrs are both having an IDCheck undertaken on the same case, this would count as two IDChecks.- The clients will be refunded in full, for any qualifying orders sometime between 1 and 5 February 2021. Please contact your Account Manager if you have any further questions. Tweet 1. November 2020 08:49 Megan Comments (0)
When did you last order an Argyll Site Solutions Highways Report? Designed for residential and commercial conveyancing transactions – up to 15 hectares – the Argyll Site Solutions Highways Report is available to order on tmconvey. • Turnaround time: Typical turnaround time of just 16 days • Price: Residential: £130 Plus VAT • Price: Commercial: £140 Plus VAT What's included? The report includes data sourced from the relevant County Council & Local Authorities across England & Wales and provides information relating to: • Road Adoption Status • Footpath Adoption Status • Verge Adoption Status • Traffic Schemes & Orders • Scheduled Roadworks • Existing Rights of Way • Proposed or Amended • Rights of Way It’s also backed by £10m professional indemnity cover. Why is a Highways report so important? For every transaction, it is critical to investigate the adoption status of roads surrounding a site. Failure to identify flaws in the adoption status (confirming maintenance responsibility) can cause delays to the transaction as well as pose a risk to the purchaser’s future plans for the site. In addition, it is important to consider what impact proposed changes to on-street parking, waiting and loading restrictions and road improvement schemes could have the use of the site. For more information, click here to see a sample report, and register for this free webinar ‘SiteSolutions Highways: Reducing Highways Delays’ on Tuesday 24th November 2020: 11:00am-11:30am. Click here to register.Tweet 27. October 2020 11:04 Megan Comments (0)
New Coal reports – from Landmark Landmark will be launching two new coal reports on 30th October. If you would like to order these new reports, please talk to your Client Relationship Manager about enabling them on tmconvey. More details below: • Landmark Coal - price £35 +VAT per report Landmark’s new regulated coal mining report is suitable for all residential property due diligence in the UK. It provides property lawyers and residential conveyancers with a detailed assessment regarding environmental or ground stability hazards resulting from past, current or future underground or opencast mining activities. It also includes information relating to subsidence claims, mine entry points, surface hazards and mining geology that may impact a property. Click here to see a sample report Click here to find out more • Landmark CON29M - price £35 +VAT per report Landmark’s new Law Society approved, and accredited official CON29M report provides cost-effective access to property-specific information relating to past, current and future underground and surface coal mining activities. It satisfies the requirements of the conveyancing handbook, with analysis clearly presented in a simple way and includes a professional opinion as standard by experienced Minerals Surveyors, with practical next steps. Click here to see a sample report Click here to find out more For more information, talk to your Client Relationship Manager, or sign up to this free 30 minute webinar by Landmark: Thu, Nov 19, 2020 11:00 AM - 11:30 AM GMTTweet 26. October 2020 17:14 Megan Comments (0)
We will get there... Interview with Kate Faulkner Emma Vigus, Managing Director of mio in conversation with Kate Faulkner, Chair of the Home Buying and Selling Group (HBSG). What key initiatives are the HBSG currently working on? The HBSG is producing regular pan-industry guidance to help professionals and consumers with the home moving process during the Covid-19 pandemic. This is proving invaluable in the face of continued uncertainty. We recently issued the Home Buying and Selling Group Industry Pledge, supported by the Housing Minister. It explains what each profession involved in the home moving process needs to do and when, to ensure as much information as possible is provided upfront. It’s not perfect but it’s a good start to helping to reduce the pressure for everyone without placing any new obligations on the professions involved. Aligned with the Industry Pledge, we continue to work on the Buyers and Sellers Property Information Form (BASPI) which summarises all the information that’s required on a property due to be listed. We are focusing on working out how best to deploy it and ensure that as much of the data can, where possible, be populated with validated information from trusted sources. With the increased availability of good quality information on properties, we’ve also launched the Property Logbook Working Party. This is a particularly important initiative so it’s great to see the providers of Logbooks working together to explore how the concept can be developed to help speed up transactions and deter fall-throughs. Another item we have been doing a lot of work on is Leasehold, looking at several areas, including reducing the time and cost of procuring a Management Pack for a Leasehold property. We’re also particularly keen on helping Agents abide by the Consumer Protection from Unfair Trading Regulations (CPRs) which stipulate that Agents much disclose facts such as tenure and term remaining under the Lease within the property listing. The requirement has been in place for over a year, but our informal research suggests that many Agents aren’t complying. We have also set up a new working group focused on Digital Identity with the aim of reducing friction and delays in the home buying and selling process by enabling a consumer to have their identity verified once and then share the verification with other relevant parties to a transaction. This is aligned with a Government initiative on Digital Identity which involves the Government working with different industries to make Digital Identity easier for everyone and, to ensure it’s fit for purpose. Finally, we’re investigating how we can use the introduction of the Regulation of Property Agents (ROPA) framework to better educate the professions involved in the home moving process, on the needs of consumers. The majority of professionals are technically very well trained but, they don’t necessarily understand the consumer. I don’t think the Government see regulation as a ‘game changer.’ However, I think it’s the single biggest improvement the Government could deliver for consumers, particularly for tenants and for the great firms in the industry who deserve regulation to remove the less scrupulous operators. What one change do you think the residential property industry should focus on to ensure long-term survival post lock-down? I have two changes… 1. Protecting the interests of tenants is really important. Nobody should be allowed to advertise a property that’s unsafe so I’m keen to see the introduction of Property Logbooks and MOTs and increased regulation. 2. We must keep talking to each other. The output from the HBSG has proved what we can deliver when we all work together, and the time is right to make changes. 34% of transactions fall through and transaction times are at 20+ weeks which is bad for business and for consumers. We know everyone is trying to do the right thing by the consumer, within their operational silo, but the industry has to collaborate so we’re all aligned and to reduce the friction that occurs between professions, as a consumer moves through the home moving process. The residential property industry demonstrated agility during the pandemic. How can it be improved? The pandemic has allowed the residential property industry to prove its agility, and, for that, it should hold its head up high. That progress will encourage us to continue embracing change, but we cannot keep greeting recommendations, for change, with tidal waves of, ‘we can’t do that.’ Criticism is not a bad thing, but we need more people to tell us what they like, rather than dislike. The HBSG is all about collaboration. How do we continue to encourage collaboration across the residential property industry? Regulators and Trade Bodies have to look at what they do through the eyes of the consumer and ensure that the home moving process works across the professions. Aligned with my belief is the importance of increased regulation, we have to stop bad practice in the industry. It creates barriers between the professions involved which leads to pent up frustration and blocks collaboration. Consumers should also have the right to complain about someone’s work where that professional’s involvement in a transaction has resulted in a transaction falling through. That should apply irrespective of whether the consumer has engaged that individual. Finally, I’d love to see regional versions of the HBSG being established with representatives from across the residential property industry. What recent examples of delivering collaboration would you like to celebrate? The Conveyancing Task Force – they’ve done a huge amount of work to ensure that if there’s an issue like the Pandemic, they can work effectively and quickly to make a change; ensure that everyone understands why the change is needed and that the change is applied. Your role at the HBSG must be really challenging; what keeps you motivated? There are amazing people working in the residential property industry and those people want to see change, but it needs to be co-ordinated. The HBSG is an organisation that co-ordinate efforts and because of the strength of the pan industry relationships that we’ve built, we’re committed to acting in the best interests of consumers. I love moving home and I want everyone to enjoy the process as much as I do. We have an amazing market and it is in our gift to make massive changes. We will get there!Tweet 22. October 2020 15:00 Megan Comments (0)
10 ways you can improve your resilience – for the benefit of you and your team At a recent Women in Residential Property (WiRP) session on 7th October 2020, women from across the property industry met to talk about resilience and the steps we can all take to improve our mental health in these unprecedented times. The session was run in support of Ella’s Charity, supporting victims of trafficking, and you can make a donation here. Hosted by WiRP Chair Emma Vigus (also MD of mio), guest speakers Alison Beech and Kelly Forrester shared their life experiences of where they’ve had to build and draw on their personal resilience to bounce back from life changing events. Here are just some of the tips they shared: 1. You have to look after yourself first and foremost to effectively manage those around you On a plane, in event of emergency, the advice is always to put your mask on first. The same applies to day to day life. We all need to look after ourselves properly to be able to effectively support those around us, whether that’s our families, friends, or colleagues. 2. Remember, you can only be responsible for you – you can’t control how others react It’s all too easy to get sucked into other people’s problems that are outside of our control, or to wish you could change how other people are reacting to a situation. It’s important to remember that while we can support those around us, we can’t be responsible for how they are thinking and feeling, as everyone is reacting to situations based on their own life experiences. Taking a step back and appreciating this can help us to manage the emotional burden of a situation and lead with a clearer head. 3. We are only limited by the stories we tell ourselves If you think you can or you think you can’t, you probably are right. If you want to feel more in control of a situation or positive about things, you need to change your internal narrative. Take a long hard look at the influences around you. Cut out what isn’t serving you, rethink the stories you tell yourself, and drop the victim status. If you start thinking you “can” and surround yourself with positive ideas and even a positive mantra, your mindset and strength of internal resilience will follow. 4. We’re all trying to make sense of things that don’t make sense Give yourself a break. We’re all trying to make sense of things that don’t make sense – and it’s emotionally draining. We were all thrown into this situation with no notice and continue to live in an unpredictable world with no real idea of when the next lockdown might be and how it might affect our families and businesses. As business women hard-wired to be looking for solutions, it can be frustrating to be grappling with this lack of information and still trying to find a solution. Take a step back and focus on what’s in your immediate control – instead of trying to make sense of the world. 5. Be resourceful and think outside the box It’s a cliché, but if there was ever a time to think outside the box, it’s now. Be resourceful and encourage your teams and others around you to do the same. The world is changing and we all have a part to play in reshaping the world around us. Coronavirus has called time on needing a frank conversation about lessons we can learn around productivity and performance management. What inefficient processes and underperforming staff has your business been carrying? 6. Stop using the phrase “the new normal” “The new normal” is banded around a lot nowadays, but it doesn’t reflect the complexity of the changes around us – or how really (when you think about it) every day is different, a new opportunity to be shaped by the food and water we consume and the circumstances we find ourselves. We are adapting and evolving every day – it wasn’t just an overnight shift of “before” and “after”. After all, the rate and pace of change may differ, change is a constant in life, as it always has been. 7. Think about what YOU can work on So much is outside of our control right now, but equally so much is inside our control. As a business woman you can develop the skills you need to better manage your team - from innovation, curiosity, and how effectively you collaborate, to resourcefulness, compassion and authenticity. Does every business leader have these qualities right now? No. Can everyone develop them? Yes. 8. Remember to do things that help you relax across your day If lockdown has taught us anything, it’s that fresh air is so important. You can also help yourself feel better and better manage the stresses around you by joining a meditation group, reducing your alcohol intake (if you need to), asking yourself if you are using technology mindfully, and more! 9. Know when to stop So many people fall into the trap of trying to be strong for too long that they eventually break. It’s easy to do when you’re emotional invested in your business and everything you’ve worked so hard for, but it’s important to recognise when it is time to stop – and to remember that just because you are closing a chapter in your life, you’ll still have all of those skills and ambition to apply to your next venture when you’ve given yourself the time to look after you. 10. Share your truths and don’t be afraid to ask for help It’s so important to ask for help and realise that you aren’t the only person who is struggling or having a hard time. When we’ve survived a life changing situation and bounced back from it, it’s equally important that we share our truths, and help others see that it’s ok to fail. By sharing our stories, we’re helping others to feel and learn from them. Tweet 19. October 2020 12:06 Megan Comments (0)
Covid is reshaping where the private property sector will build next At a recent tm:tv session, a panel of property professionals shared their views on the challenges facing the continuing survival of the new build market during the global pandemic. Private housing sector was one of the worst affected sectors The property market has faced many hurdles recently, Brexit created a lot of uncertainty within the market stalling new development projects. January 2020 then saw a positive uplift within the New Build market, but as projects began to get back on track COVID-19 hit. “Private housing sector was one of the worst affected sectors due to temporary closure of sites, with lockdown restrictions being lifted reopening of sites have been slow as developers had to ensure man power was reduced to adhere to the new social distancing measures that were put in place.” Commented Allan Willan Economic Director, Glenigans. The current state of the market should not be taken for granted but instead seen as a rebound, transactions bounced back in Q3 and mortgage approvals up on this time last year, driven by short term concern of extended lockdown and wanting green space to hand. However, longer term, we’re going to see trends in lifestyle changes post-covid. Fewer and longer commutes really going to reshape the property market and change the face of commuter towns. All of this in short term will feed into price inflation. This will also likely be affected by general weakening in the housing market forecast in 2021 due to rise in unemployment and weakened economic growth as well as the temporary withdrawal of the stamp duty relaxation. Lack of affordable homes is a major challenge for New Developments The Government whitepaper outlined its views on changes to the planning system, however there is currently still a push against developments due to lack of affordable homes coming forward. This is a big problem that needs to be addressed. “I think the fixing of this issue is going to come through mainly housing associations delivering these developments rather than the private sector.” said Dominic Woodward, Tri Core Developments. The whitepaper is set to announce removing affordable provisions from private development for sub 40-50 dwellings. This would then fall on the Housing Associations to provide this housing. From a commercial perspective, this change would benefit smaller developments in terms of return on investment, as sometimes it is not commercially viable for smaller sites to provide this type of housing. “The bigger picture is that we are trying to unlock the delivery of large plots of land for various developments across all of the tenures with a wider range of deliverers rather than having a few large housebuilders” commented Lord Taylor of Goss Moor. What will make the new build market a success? “Real success comes from balancing the number of houses with the quality of houses without the adverse environmental impact. Success is still waiting for us in the future. We cannot say we have achieved success in the past few years. If there had been success then we wouldn’t have a comprehensive White Paper aiming to rewrite the planning system” Tim Taylor, Foot Anstey. Click here to watch the full sessionTweet 12. October 2020 16:13 Megan Comments (0)