tm blog

Crossrail data will soon be available on tmconvey, marking the latest in a series of new data layers added across 2019. 

Once enabled, you’ll be able to select ‘Crossrail’ from your mapping data layers and see the proposed Crossrail stations, as well as the route – clearly displayed in pink (where the track runs through a tunnel) and blue (where the track runs over the surface). 

You can also click on a station or section of the line to create a pop-up box – including location information and type (e.g. tunnel). Please note, where there is more than one section of the line in a specific area, you’ll see 2 pop-up information boxes.

You’ll also notice a link to the Crossrail site, which opens up a new tab showing you an engineering drawing of that section of the line, so you can see it in relation to the other buildings around it. 

How do I turn on this new data layer?

If you would like to turn on this new data layer, your TM administrator will need 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 the new ‘Crossrail route’.  

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

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

With nearly 2 decades of experience in the search industry, Chief Operating Officer (COO) at tmgroup, Paul Albone, looks back at some of the key events and challenges that have shaped the search industry. 

2004

IT challenges were a common barrier to helping property professionals make the most of the technological advancements available 

For those of us “of a certain age”, we remember a time before the internet (and certainly the bandwidth of ADSL) and when a phone was just that – a phone! I have colleagues who used to visit client offices to perform user training and were met with a shared 56k dial up modem and the characteristic boing-boing when a connection to the internet had been established.

I say that to set some context as to the IT challenges that were faced when trying to deliver content rich mapping to conveyancers using the ‘new’ OS MasterMap™, which tmgroup launched back in 2004. This was some 6 months before Google Maps existed and 8 years before Apple launched their mapping product.  

Back then, tmgroup was operating as one of three NLIS channels, which, via the NLIS Hub, was trying to connect the 350+ Local Authorities and other data providers as the first steps towards e-Conveyancing. 

It wasn’t an easy ride. I particularly remember having to manage an increase in order rejection rates after launching our mapping, as Local Authorities complained that they were using up too much coloured ink on their printers when trying to process the orders – eventually resulting in us having to revert back to a black and white map with a ‘red line’ property boundary.

2005

Bowing only to mandated change led to relatively slow levels of progress in the property search space – and prompted the creation of OSCRE

With 30 years of IT and Development experience behind me, I have been surprised by the relatively slow levels of progress in the property search space, which does rise to the challenges of mandated change – but otherwise accepts a status quo. 

Back in 2005, I got involved in the PISCES (now OSCRE) organisation, which was addressing the need to create standards so that property-related information could be exchanged between businesses. 

I was lucky enough to chair the working group, which was looking at property searches, and together we managed to create some standards for the messages needed to order, deliver, query and chase property searches. These are still in use today by many conveyancing and property search data providers.  

2007-2010

The advent of HIPS acted as a catalyst for change and created high levels of operational efficiency with integrated ordering

Forced change can often act as a catalyst for achieving IT projects quickly, and this was certainly the case with the advent of HIPS. Through a 48-hour session, a new standard was adopted by all the major organisations, which allowed the ‘new’ HIP providers to order bundles of searches via B2B integration and XML data.  

Of course, this created high levels of operational efficiency, but also had its own challenges. I remember one tmgroup client who performed a software release only for me to get a call the following morning.  The code they had released was not ‘listening’ to the return message correctly and so had got stuck in a loop and they had ordered over 3,000 LR OC1 orders in the space of 15 minutes. By the time they called me, these had all been ordered and returned at a cost of £3 per order! 

2011

The cost of mortgage fraud was estimated at £1 billion – and many lenders reviewed their criteria for securing charges on a title  

In January 2011, the National Fraud Authority published its second annual fraud indicator, which estimated the cost of mortgage fraud in the UK to be £1 billion. A third of this was estimated to be conveyancer-led fraud! 

These facts led most lenders to review the criteria with which conveyancers could act for the lender on securing the charge on the title. During this time, tmgroup worked with lenders to understand their decision criteria and how this could be monitored and alerts created when criteria changed. We called this platform ‘TM Secure’. Not only did it look at the risk profiling of the law firm through datasets provided by people like Experian, but also looked to control the delivery of the mortgage offer and other steps of the process in a secure and robust fashion.

2015

Breaking down silos and introducing collaboration saw the birth of the digital customer journey

Integrated ordering continues to be a focus within the search industry and is enabling the change from paper documents to PDF versions and now more recently to ‘data’ payloads. By providing the data, it is possible to develop systems that can make decisions on the search results and create alerts to users where investigation and follow up actions are needed.

Since 2015, there has been an increased focus on collaboration and the digital journey of the consumer. We are seeing the emergence of portals, which provide a window into the transaction for the homemover and aim to create higher levels of transparency. Our tmconnect platform does exactly that in order to join up the estate agent, conveyancer and consumer with a single view of the case.  

Add to that the ability to ‘message’ the professionals involved with a home purchase and fill in documents online, and we are finally beginning to break down the silos and increase the collaborative feel of the transaction.

2017

Improving the home buying and selling process has been high on the industry’s agenda throughout my career 

There have been several attempts at home buying reform since the early 2000s, initially led by the Land Registry and their e-conveyancing programme.  This was followed by an industry-led group badged as the eHomebuyingForum, and then the Law Society-led Veyo project. Bringing us up to the present day, where we are currently in the grips of a Government-led programme to ‘Improve the home buying and selling process’.  

The quantity of attempts demonstrates that there is a reasonable understanding that the home moving experience in England and Wales is not what it might be. Yet it has not been possible to deliver on many of the goals of making the process, quicker, cheaper and more transparent – in other words, delivering high levels of efficiency leading to increased levels of certainty.

All too often, the failed attempts at achieving these lofty goals have been due to a siloed approach to single stakeholders and a lack of traction within their core market. However, change is beginning to happen – led by an increased appetite to invest in and adopt technology from multiple stakeholders across a transaction.

2019

Estate agents and conveyancers are beginning to put the homemover at the heart of their digital customer journeys

We are beginning to see an almost joined up approach between estate agents and conveyancers, who are both putting the homemover at the heart of their own customer journeys – and digital ones at that. 

Upfront information (no, not HIPs) appears to be a focus for many estate agency groups too. This is very promising, because if we can break down some of the trust barriers between the estate agents and the conveyancers, then the sharing of this information is eminently achievable.

As we head towards 2020 and beyond, I am encouraged by the industry’s openness for change. In the property search space, this is leading to the delivery of property ‘data’ and refined data leading to decision informing actions. If we couple this ability and appetite with the innovative solutions being created, I really do feel we are finally in the advent of change.

We are no longer in the world of shared dial up modems, and we all embrace technology in our everyday lives. As a technologist at heart, and a software developer of the past, I am finally encouraged that change is happening and the last 20 years have not gone to waste!

Ordering searches is business as usual for property teams as they perform their due diligence and progress transactions to completion, yet the data their reports draw upon can tell us so much more. 

Here Groundsure take an in-depth look at available search data and reveal 20 facts you probably didn’t already know about the UK property market – including just how many properties are within 1km of the HS2 development.  

1. There are 560,677 dwellings within the UK that have a ‘Medium’ or ‘High' level of flooding from rivers and seas – and 10.25% of these may experience difficulties obtaining flood insurance for their property.  

2. Landowner permission is no longer required if oil and gas drilling takes place below 300m.

3. Towns ending in “wych” or “wich” tend to be associated with salt: Droitwich in Worcestershire, as well as Middlewich, Nantwich, Northwich and Leftwich in Cheshire are all known for their salt production.

4. Only approximately 259 postcodes in England fall within both the CON29M Coal Reporting Area and the Cheshire Brine Compensation Area.

5. 2,433,869 properties are within 1km of the HS2 development and every mile of track costs £403m!

6. The average insurance claim for a flood event is £28,000 yet only 6% of homeowners take steps to protect their property. By comparison, the average fire claim is £7,300 and 80% of homeowners protect against it, whilst the average claim for burglary is £1,000 and 54% of homeowners take precautionary steps. 

7. A Facebook photo once rumbled a false claim on a TA6 Property Information Form!

In 2012, the garden of a property in Newcastle flooded. In 2014, a couple purchased the property for £750,000. When they received the TA6 Property Information Form, which is completed by the seller, question 7 “Has any part of the property (whether buildings or surrounding garden or land) ever been flooded?” the sellers had answered “No”. The purchase successfully completed and the new owners moved into the property. In 2015, the garden then flooded twice, as did the basement of the property. The new owners then pursued legal against their vendors for “rescission on the sale contract” and to support their claim, discovered a photograph on their vendors Facebook page from July 2012 showing the back garden flooded. Whilst it is extremely rare to use the TA6 form as evidence, this goes to show that if a dedicated flood or environmental search had been purchased, the purchasers would have been fully aware that their property was at an incredibly localised flood risk. 

8. The average cost of cleaning up contaminated land is £250,000 per acre, meaning the average contaminated household plot would cost £15,000.

9. It wasn’t until 2000 that a CON29M report became a mandatory search undertaken by solicitors when acting for clients purchasing properties in former coal mining areas. 

10. 600 datasets amassing over 16 terabytes (yes, terabytes!) of data power the full suite of Groundsure reports and help conveyancers better inform their clients about environmental risks – including data on contaminated land, flooding, ground stability, current and historical land use, and transportation.

11. It wasn’t until 2000 when the introduction of Part 2A legislation came into effect, followed quickly by the 2001 Warning Cards, that it was recommended that conveyancers screen against contaminated land risk in order to perform their due diligence. The Flood Practice Note of 2013 and the Contaminated Land Practice Note of 2014 further cemented the need for environmental searches in land and property transactions.

12. In 2018, there was a 400% increase (versus 2017) in insurance claims due to natural ground subsidence. This is thought to be mainly due to the long hot and very dry summer – and not because of several million people jumping up and down when England finally won a penalty shootout.

13. 11% of the UK is either licensed or offered for oil and gas exploration.

14. Around 619,000 hectares of land in England and Wales were formerly covered by a wide range of industrial uses. 

15. Around 1.2 billion journeys are made on the London Underground each year and 55% of the network is above ground.

16. The biggest cause of natural ground subsidence insurance claims is due to shrink-swell clay soils as they expand and contract due to moisture changes.

17. 11% of the UK is occupied by the coalfield – with over 7 million properties within this area.

18. Groundsure holds a collection of over 3 million Historical Land Use records derived from OS Mapping, dating from as early as the 1840s. 

19. There are 7,781 onshore turbines in 1,991 projects in the UK.

20. An average fracking site is around 2ha in size, compared to 1,450ha for a wind farm, and 924ha for a solar farm.

On 8th May 2019, Future Climate Info (FCI) are making some changes to their commercial reports to help speed up transactions - particularly those with a Retail purpose.

‘FCI Standard Commercial’ and ‘FCI Premium Commercial’ are being withdrawn – and are being replaced with the following new reports: ‘FCI Retail’ and ‘FCI Commercial’.

You can find more information about these new reports below:

NEW FCI Retail report 

Price: £75 + VAT 

The FCI Retail Report is available for smaller retail properties - up to 0.25 hectares.

It includes remediation warranty and is also supported by £5 million professional indemnity cover.

It interrogates flood, environmental and ground stability datasets. 

• Flood

Analyses the impacts from key risks listed by The Law Society including Flooding from Rivers, The Sea, and Surface Water Flooding, Groundwater Flooding Susceptibility, Historic Flooding,  Flood Insurability, Flood Storage Areas, and nearby Surface  Water Features.

• Environmental

Analyses the impacts from key risks including Artificial Ground, Contaminated Land Insurability, Contaminated Land Register Entries  and Notices, Current Industrial Land Uses, Environmental Permits,  Petrol Stations, Landfill Sites Past and Present, Telecommunications  Transmitters, Potentially Contaminated Land from Past Industrial Land  Uses, Pollution Incidents, Air Quality, Potentially In-Filled Land, Pylons and Electricity  Lines, Radon Gas, Regulated Environmental Processes, and Surface  Dangers or Hazards.

• Ground Stability

Analyses the impacts from key risks including Subsidence, nearby  Ball Clay Mining Areas, Brine Compensation Areas, China Clay Mining  Areas,Coal Mining Areas, Geohazards such as Clay Shrinkage,  Landslips, Landslides and Sink Holes, Limestone Mining Areas, Past  Mining Hazards in Minerals other than coal, Modified Ground, Natural  Cavities, Potentially In-filled Land and Tin Mining Areas.

Click here to see a sample report

NEW FCI Commercial report

Price: From £100 + VAT

The FCI Commercial Report is aimed at other commercial and industrial units. Available in size brackets ranging from 0-15, 15-50 and 50-150 hectares. 

It is backed by £10 million professional indemnity cover and comes with expert support from FCI’s Risk Team.

It contains all of the information from the Retail report and also includes data on Energy & infrastructure such as wind farms, shale gas exploration, and HS2.

• Energy & Infrastructure

Analyses the impacts from key risks including Carbon Capture and Storage, Coal Bed Methane Extraction, Crossrail, Current and Future Hydropower Installations, Gas Recovery from Mines, HS2, Licensed Oil, Gas, and Shale Gas Exploration and Extraction, Major Energy, Environmental, and Transport Infrastructure, Power Stations, Solar Farms,Underground Coal Gasification and Wind Farms.

Click here to see a sample report

If you have any questions, please contact our Helpdesk on 0800 840 5571 or email helpdesk@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 

We’ve added visibility of Commercial Corporate Ownership Data (CCOD) and Overseas Corporate Ownership Data (OCOD) to tmconvey’s Map Search – available from 7th December 2018.

What is the Commercial & Corporate Ownership Data (CCOD)? 

Commercial and Corporate Ownership Data contains more than 3.3 million title records of freehold and leasehold property in England and Wales.  

CCOD is a subset of the Land register containing data describing registered titles relating to land and property where the registered legal owner is a non-private individual and is not a charity or an overseas company.

What is the Overseas Companies Ownership Data (OCOD)? 

Overseas Companies Ownership Data contains approximately 100,000 title records, which describes titles registered to an overseas company (a company incorporated outside the UK).

How do I access these new datasets on tmconvey’s Map Search?

When CCOD or OCOD information is available against a title, a message will appear on the left-hand side of the screen, letting you know that the title has UK and/or Overseas commercial interests. 

You can then click on the available link, and Map Search will produce a summary of the information held against that title – including title details, proprietor name, company registration number and proprietorship category. 

What else can I do with these new data sets?

• Print or save to PDF

When viewing the summary of CCOD or OCOD, you will also have the option to print and/ or generate a PDF for your records. 

Please be aware, these data sets are regularly updated and so the information is subject to change. As a useful reminder, we’ll automatically add a “generated date” to every statement that is printed or saved to PDF.  

• Link directly through to the Companies House website

In a CCOD record with a company registration number, you’ll notice that the number will be hyperlinked, so you can click directly through to the relevant record on the Companies House website (where available) and do a brief look-up on company information, if you need to. 

Please note, this hyperlink is also carried through to the PDF version of the summary statement, so you can also access Companies House from there.

You can find more information about our latest Map Search enhancements here and here. 

Ahead of the new price transparency rules coming into effect on 6th December 2018, we asked the industry “Will the new rules change conveyancing for the better?”. 

We received an overwhelming response, with many saying they were confident that the new rules “make good business sense”, and should create competitive advantages for firms that promote the quality of their services alongside their prices. Yet there was a note of caution, that those who focus too heavily on price alone, risk a race to the bottom – and losing out. 

Want to find out what the regulators, media professionals, industry consultants and partners, and legal professionals have to say? Take a look… 

What do the regulators think? 

“Better information is good for clients and, if done well, can help firms too.”

Stephen Ward, Director of Strategy and External Relations, Council for Licensed Conveyancers (CLC)

“Potential clients might rely on word-of-mouth, referrals, or online searches to choose their conveyancer. However a buyer or seller starts their search, our new requirements will help them make an informed choice. 

We want CLC firms to succeed and we believe that providing clear information to customers makes good business sense. The changes provide CLC Practices with new opportunities to create a competitive advantage as they focus on service and quality and not just price. 

While our requirements set out what firms must do, we know that all CLC Practices are different, so we are giving them flexibility to comply with the rules in the way that best suits their business and their clients.

Better information is good for clients and, if done well, can help firms too. We are urging the firms we regulate to take a good hard look at how they position themselves in the market and to potential clients. Identifying, developing, and communicating their differences and the value they add will help potential clients know what their business offers – and why they should choose them over the competition. The changes can be a catalyst for this, but it will be up to firms to make the best advantage of them.”

“Being more transparent may give conveyancing providers a real competitive advantage.”

Chris Handford, Director of Regulatory Policy, Solicitors Regulation Authority (SRA)

“Buying a house is the biggest and most complex financial transaction most people will make during their lives, but for many, finding the information they need to help them choose a legal professional to work with can be a hugely frustrating challenge. Time and again, users of legal services highlight price and quality as the two most important factors they consider and look for information on when choosing a provider.

That there is an appetite to shop around is clear, an SRA survey of 1,000 recent homebuyers found that two-thirds spent more than an hour researching providers. Yet only 15% were able to track down easy-to-understand information on what firms may charge them. Our new transparency rules seek to address this by asking firms to publish both prices and accessible information on the services and people that sit behind these. 

Not only is this approach good for consumers, but in a highly competitive market being more transparent may give conveyancing providers a real competitive advantage in winning new business. At the very least, publishing prices should help debunk public misconceptions that professional legal services are more expensive than they really are. Our research suggests that people think legal costs are as much as 22% higher than is actually the case.”

“The new rules will allow consumers to compare ‘apples with apples’, and increase accessibility to conveyancing providers.”

Beth Rudolf, Director of Delivery, Conveyancing Association (CA)

“We, at the CA, certainly believe the new transparency rules will deliver a number of benefits providing far greater certainty for consumers that the charges they pay will match the transaction as it has been described to them. 

The benefits, as we see them, include the fact the consumer will now be made aware of any referral fee that is applicable in the case, they’ll effectively be able to compare ‘apples with apples’ when it comes to the service on offer, and that as a result this will encourage them to buy on service rather than on a perception of what is the cheapest. 

In a general sense, we believe it will improve the process for consumers wishing to find out about the costs of conveyancing, and it will also increase the accessibility of conveyancing providers, given that consumers have found it frustratingly difficult to ascertain the true costs involved because these have not been accessible from, for example, the firm’s website. Following the introduction of these new rules next month, it will be up to the regulators to take a robust view in enforcing failures to comply and providing full cost transparency, so that consumers are not lulled into £99 ‘deals’ only to find that their final bill is closer to £1,500.”

What do legal professionals think?

"Comparison websites will not help, because a client will only be able to search against firms who pay to be on the site."

Michelle Garlick, Partner and head of the Compli team at Weightmans LLP.

Compli advises lawyers on regulation, risk and compliance 

"I remain to be convinced. In most cases a meaningful fee quote is the result of a two-way process formulated on the basis of information received from clients regarding the work required, the timescales involved and consideration of the personnel required to complete the work.

The provision of the required information on a firm’s website is unlikely to be meaningful in the absence of this process. If done properly, it could provide more of an opportunity for firms to showcase their expertise and reputation (not just focus on price). It could also raise clients’ awareness of what is involved in a property transaction and thus help to better manage clients’ expectations, but there is a risk that too much information or a long list of caveats/exclusions either becomes meaningless or more confusing for consumers. 

The danger is that there could be a race to the bottom which in turn could lead to falling standards and increased complaints. Comparison websites will not help here either because a client will only be able to search against firms who pay to be on the site."

“Price transparency only risks making the industry even more price competitive, driving down fees and consequently service.”

Suman Dally, Partner, Shoosmiths LLP

“Whilst I understand the intention, I do feel the requirement for price transparency has caused confusion and created a further distraction in an industry which has far more pressing issues around modernisation and digitalisation of the conveyancing process. 

Conveyancers generally already provide clients with a comprehensive illustration of fees and anticipated expenses but, as every transaction and clients’ needs are unique and unknown at the point of instruction, additional fees can never be quantified by either client or lawyer at the point of instruction. 

Other professions do not seem to have this need for ‘standard’ disclosure of fees if, for example, we compare ourselves to accountants. Price transparency only risks making the industry even more price competitive, driving down fees and consequently service for under-valued and complex work in an ever more demanding consumer market – something which many conveyancers are not yet geared to offer. Low margins have already driven expert people out of residential conveyancing, which has resulted in a skills shortage, inevitably contributing to slower transactions. 

Price transparency will not fix the current challenges with the conveyancing industry. As conveyancers, we need to be more consumer aware in our dealings with clients, and be more inward looking. We need to review our processes and procedures and invest in technology to offer consumers better, digital access to information, to enhance the home buying process – something price transparency will not change. Price is also only one metric to enable consumers to make an informed choice. Fee transparency in isolation does not enable clients to make informed choices based upon the capability of the firm being considered, its service or claims record.”

“It’s a fine line between providing enough helpful information and overwhelming the reader.”

Megan Jenkins, Professional Support Lawyer, Shakespeare Martineau LLP

“Information is power and helping the public and small businesses to understand the legal services that protect their own interests is unquestionably a good idea. Many people only use lawyers a few times in their lives and so are not familiar with the issues and options. We are all busy, so moving the initial explanation of services onto lawyers’ websites should help more lawyer-client relationships start well.  

Understanding what is involved in a service before buying helps potential clients to judge what is offered. There are many kinds of legal providers, and different approaches will suit different people. The problem for lawyers is the complexity of a legal process is hard to explain clearly, especially before we know much about a client’s circumstances. 

It’s a fine line between providing enough helpful information and overwhelming the reader. Big differences between matters may not be obvious to someone outside the legal sector. All the same, this is a positive step and I hope that these changes will inform consumers so they can choose a suitable level of service and the right professionals to help them.”

“The new rules should help with enquiry conversions from clients.”

Rebecca Swain, Partner and Head of Residential Conveyancing, Thomson Snell & Passmore LLP

“I am fully in favour of providing clients with full costs transparency at the outset of a transaction and we have been doing so for as long as I can remember. The new rules require us to publish pricing details on our website; however there are a host of variables that will affect a transaction, which makes it almost impossible to provide an accurate fixed price without discussing the transaction with our clients first.   

It is important that clients consider what is covered in the base fee quote provided. Some law firms will include items as part of their standard retainer (for example acting for a lender on a purchase, processing SDLT returns etc…) whilst others will list separate charges for handling these.  This needs to be made very clear to enable the potential client to make their choice on a full like-for-like basis.

Decisions should also not be based on price alone. It is important to establish the level of service to be offered and the qualification and experience of the person(s) handling the transaction. Both can have a significant impact on the transaction and how it progresses.

The new rules will enable clients to view general details of the charging structure of a firm, which in return should help with enquiry conversions. However, I am still a firm believer in picking up the telephone to discuss a new transaction.  Only then can you be guaranteed an accurate initial quote and an indication of service.”

What do media professionals, and industry consultants and partners think?

“The younger generation (your clients one day) are looking for 24/7 access and immediate responses.”

Rob Hailstone, CEO, Bold Legal Group (BLG)

“The new Pricing and Transparency rules, very few want them and most will think they will drive legal fees down. I go to a lot of conferences and seminars and watch a lot of webinars (part of the job) and I don’t believe that has to be the case. I have even read (and have available) a Counsel’s Opinion on the rules. The question is, do you want to do the bare minimum to comply or use your website and the rules as an opportunity to try to win more, well paid work?

As much as the next person, I sometimes question change for changes sake, but when it is inevitable I try to embrace it and, to be honest, use it (as a businessman) to my advantage. My advice is, look at all the possible solutions and then make your decision. However, don’t forget, that the younger generation (your clients one day) are looking for 24/7 access and immediate responses. Maybe you should provide them with what they want?”

“We mustn’t lose sight of the fact that this isn’t just about price – otherwise we risk a race to the bottom which benefits no one.” 

Joe Pepper, CEO, tmgroup

“Providing the consumer with all the information to make informed choices around which service proposition best meets their needs is clearly something that all professionals within the property transaction marketplace should be aiming for. It is something that we at tmgroup have been championing for some time through our technology platforms.

It is important however that we don’t lose sight of the fact that this isn’t just about price, but that it more crucially is around the holistic service proposition, otherwise we risk a race to the bottom which doesn’t benefit either the consumer or the industry. A cheap service that makes mistakes, incurs unnecessary disbursements, and delays the transaction to the point where it risks falling through is not a good outcome for anybody. 

We have been working closely with our conveyancing partners to develop ways of delivering transparency around the actual service, which I believe will ultimately represent the step forward in consumer experience that the regulators and the industry are both seeking to deliver.”

“The best will use it as a chance to explain what they do and flesh out the value a good law firm adds.”

Eduardo Reyes, Commissioning and Features Editor, The Law Society Gazette

“Is the market only working if people are shopping around for the best deal? Competition authorities and modern professional regulators certainly think so, and law firms and clients are therefore invited to ignore the fact that economists have known since the 1930s… that markets actually never work so straightforwardly. 

I’ve spoken to firms as they prepare to publish price information. They range from firms that already have a conveyancing fees ‘calculator’ on their website, to those whose high-end part of the market is not especially price-sensitive. All those firms have to find ways to include caveats to the quotes given – there is a tension between the regulator view that this is a ‘commoditised’ service, and the reality that no two transactions are the same. 

The worst examples give a quote that’s hard to ‘read’ the component parts of if you’re not a legal or property professional, and attach caveats that sound more like a warning. The best examples use it as a chance to explain what they do – to flesh out the value a good law firm adds, and the fact this is an individual service. 

If all firms met the standard of those who have done it best, would clients shop around more? Probably not, but it’s still a good thing to do. 

 “Firms will open up an online channel that could increase contact and improve market share”

Craig Campbell, Product Director – tmconnect, tmgroup

“Firms should see publishing prices as a real business development opportunity to engage with consumers and help them to understand the value of the firm’s proposition, and not purely a compliance issue. Instead of the traditional methods of phone calls or face-to-face visits, home movers are now seeking digital channels to find quotes online in the evenings and on the weekends, when they are not at work. 

By publishing price information online, firms will open up an online channel that could help them benefit from increased contact and improved market share in an increasingly competitive market.

When clients feel looked after and have a good experience, they are more likely to go back to the firm for other work, from generating a quote all the way through to the completion of the work, being able to improve efficiency in the firm and communicate via multiple channels.”

“The benefits will stand or fall based on the up-front case made by introducers and conveyancers for the value they represent”

Richard Hinton, Director, Pitsford Consulting Ltd

“I think the new price transparency rules will change conveyancing for the better, and I think in time firms will come to welcome their introduction for three principal reasons:

1. They are being nudged into line with how the market increasingly wants to engage with mainstream private client services. Those that embrace it most fully will see the best results. Firms that adopt a "what can we get away with?" approach either already serve niche markets, or will simply widen the competitive gap between them and their professional peers who do embrace these changes.

2. The benefits to clients of paying referral fees will stand or fall based on the up-front case made by introducers and conveyancers for the value they represent. I don't think it'll be enough to say "we're passing on a marketing cost that we incur" if there isn't a discernible client benefit to go with it.

3. Price transparency is encouraging firms to look for more service and performance data that contextualises price. This has hitherto largely been ignored, but this new catalyst is already bringing forward innovative datasets from bodies such as HMLR and Trustpilot, which is improving the range of comparable data. Firms that argue strongly that price isn't an accurate measure of the value they supply can now make the wider case using solutions like ours.“ 

“Managing online reputations and reviews will be a crucial part of a firm’s marketing considerations moving forward.”

Chris Harris, Managing Director of Lawyer Checker and the Practical Vision Network

“Although many within the legal sector are reticent about the upcoming changes to price and service transparency, it should make it easier for consumers to make informed decisions on their buying choices.

It will become imperative for conveyancers to consider how they will demonstrate their added value and expertise to the client. Those that fail to consider the services they offer and why their price is justified because of their experience will result in an inevitable race to the bottom by focusing their attention on the competitive price they can offer. Managing online reputations and reviews will be a crucial part of a firm’s marketing considerations moving forward.

Businesses that implement the relevant changes effectively, and carefully consider the unique selling point they offer their potential clients, should create: a competitive market, offer better value and service for money and decrease consumer complaints.”

What do you think about the new transparency rules?

Got an opinion you’d like to share? Tweet us @TM_Property

It’s that time of year again… The return of Philip Hammond and the red box. So what’s in store for the housing market? Fighting for position with Brexit, it was touch and go as to whether it would even make it onto the agenda – but thankfully it did.

As always, the question will be “is it enough?”. tmgroup’s Chief Financial Officer, Tony Bobath, takes a look…

Stamp duty relief is being extended for first time buyers
On Monday, the Chancellor of the Exchequer announced that he was planning to build on the momentum developed amongst first time buyers by extending the stamp duty relief to shared ownership properties with a value of up to £500,000, with the relief being applied retrospectively to the end of last year.

This should provide a nice boost to first time buyers using the more flexible ownership schemes now in place, particularly in regions where property is more expensive.

More money available for the Housing Infrastructure Fund
A further £500m is being made available for the Housing Infrastructure Fund, aiming to get more new homes built in the areas of greatest demand as the Chancellor is pushing to increase the supply of homes, in particular starter homes and social housing.
Anything that helps unlock land for development and gets houses being built is good news, so again this investment is to be welcomed.

Other points
The Chancellor made reference to a number of other points in his speech or immediately in the debate that followed, which have a direct impact upon the housing market. He wants to consult on stamp duty for overseas buyers, the Help to Buy Scheme will be extended out to 2023, small land medium housebuilders will be able to call on additional bank guarantees to give them greater confidence, and he is reviewing the tax relief applied to rental income where the owner is in shared occupancy with the tenant.

He also has tried to address “austerity” by making the working population feel a little bit better off, particularly in Middle England, through significant increases in personal allowances.

So there are some changes which will help the housing market. However, one budget was never going to change the fortunes of a market that is so shaped by consumer confidence; and never could this be truer than today where we are faced with the huge uncertainties presented by Brexit. Maybe we will think differently in 12 months’ time assuming we land smoothly from the divorce from our European partners and have another nice boost to the housing market and are all feeling a little bit better off with further consumer stimuli.


About tmgroup  

As a leading IT solutions provider, tmgroup are the experts in innovative solutions that enable simplification and automation across the breadth of the property transaction. tmgroup’s customers extend to conveyancing solicitors, mortgage lenders, estate agents and developers.   

Key services:   

> tmconvey : Property searches are an integral part of tmconvey, along with insurance and risk  management tools. With its simple, integrated design, it cuts the time and effort it takes to complete the conveyancing transaction.    

> tmconnect : tmconnect is a cloud based transactional hub, providing a joined up workflow for  estate agents, mortgage lenders and conveyancers to access and share transactions securely.

> tmcore : tmcore is an online property data hub for local authorities and other search providers,  linking conveyancers to local authorities for faster land data without incurring unnecessary fees or being bound by complicated systems. 

> tmconvey Premium : tmconvey Premium is a specialist service for commercial real estate  lawyers. Benefits include Premium Terms & Conditions, up to £20 million PI cover per claim, and a managed portfolio service.   

> Property Searches Scotland : Property Searches Scotland are part of the tmgroup family and from our offices in Glasgow we offer a full range of property searches for residential, commercial and remortgage  conveyancing across all of Scotland's 32 council areas.  

> mio:  mio is a sales progression and communication tool created by property experts for property experts. It speeds transactions forward, reduces fall-through rates, and helps estate agents win more business.

The company has 140 employees and is headquartered in Swindon – and has recently achieved ISO 27001 accreditation.

tmgroup have also acquired a majority share in Conveyancing Data Services (CDS) – a conveyancing search provider with over 100 years' combined experience within the property search market.

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

If you have any questions or would like additional information or interviews, please contact Megan Jones on megan.jones@tmgroup.co.uk

Terrafirma have advised us that they will be making some changes to their pricing on 1st September 2018. 

This includes price increases for a select number of site size bandings on their Coal Extra reports, as well as the introduction of a new site size banding for their Assess reports. 

These changes will be applied automatically to any orders made on tmconvey on or after 1st September.

You can find the full details in the table below: 

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

The Law Society is making some important new changes with respect to Mining and Natural Ground Perils which will be covered in the soon to be released 25th Edition of its Conveyancing Handbook. 

Mining and ground report specialist, Terrafirma, is launching a three-part coffee-break webinar series to ensure that you have all of the relevant information at your fingertips. 

Starting on Tuesday 11th September and led by Terrafirma CEO, Tom Backhouse, they will be no more than 15 minutes in length and are designed to give you all of the necessary information including what the changes are, how they impact you and what the benefits are to you and your clients.  

Please register your interest and attendance for each webinar via the following links. A download of the webinar will be made available to pre-registered attendees following each event.

Part 1 : Important Changes to The Law Society Conveyancing Law Handbook

Time : 11am (BST) 

Date : Tuesday 11th September 2018

Click here to register

2. Introducing the Ground Report 

Time : 11am (BST)

Date : Thursday 13th September 2018

Click here to register

3. The Ground Report, a Step-by-Step Overview 

Time : 11am BST

Date : Tuesday 18 September 2018

Click here to register

After registering, you will receive a confirmation email containing information about joining the webinar.

Please note you can also include this webinar attendance in your Annual Compliance Declaration to the SRA.