tm blog

Conveyancers will soon be able to reduce the number of requisitions their firm receives with the arrival of Post-Completion services on tmconvey - from 30th April 2018.

Designed to diminish the chance of manual error, this newest addition to the tmconvey platform will help conveyancers rise to the increasing pressure from Land Registry and HMRC to submit their SDLT and AP1 forms more efficiently. 

Validation and error checking helps users get it right first time

Easy to navigate, electronic SDLT and AP1 submission forms enable every user to progress quickly by only showing the questions that need to be answered. Whilst the online SDLT calculator makes it easy for even the newest members of a team to pay Stamp Duty Land Tax fees with confidence.

To reduce the chance of mistakes, the SDLT and AP1 submission forms come with built in validation and error checking. Accompanied by clear summary pages, users can also jump to any section that requires their attention.

Prepopulated fields make it quick and easy to submit SDLT and AP1 forms

As tmgroup are an approved software partner of HMRC and Land Registry, the SDLT and AP1 forms are always up to date, and submitted directly to them – without incurring any delays or additional costs.

By being fully integrated with tmconvey, users can process their SDLT and AP1 submissions without wasting timing logging in and out of multiple websites. Users also benefit from shared information and prepopulated fields across their SDLT and AP1 submission forms, as well as their cases – reducing the chore of double entry and saving time.

Automated audit trails provide improved visibility and proof of compliance 

With clear time stamps and status updates within tmconvey, automated audit trails enable Heads of Department to track every SDLT and AP1 submission status across their team – and even multiple offices – for improved visibility and proof of compliance. 

Users can also login and reply to requisitions – without having to check their emails. Whilst ‘impending cancellation date’ reminders prompt to close an unanswered requisition and complete AP1 submissions, so they don’t waste time resubmitting. 

Jane Towner, Customer Experience Director at tmgroup comments: 

“With lenders reviewing AP1 submission times, and the SDLT filing and payment window set to reduce to 14 days later this year, the latest evolution for tmconvey will make it easier for firms to maintain a good reputation in the market. We’re looking forward to launching AP1 submission and offering full post-completion services to our customers.”

Post-Completion services COMING SOON to tmconvey 

Complementing the existing SDLT submission service, new AP1 submission will be available on tmconvey from April 2018.

If you would like to request a demo, please get in touch.

The number of house sales falling through pre-completion during the first quarter of 2018 reached its highest level for a decade – with slow sales progression being blamed as a key contributing factor. 

The fall-through rate from 1st January to the end of March 2018 hit 38.8%, according to Quick Move Now, a quick buy firm, which has monitored fall-throughs for many years. This marks a further increase on the 34.9% of fall-throughs seen in Q1 of 2017.

Slow sales progression is being highlighted as a key factor in the sheer volume of unsuccessful property sales, as Quick Move Now says “46% were attributed to the buyer changing their mind or the seller feeling that the sale was not progressing quickly enough”. 

Additional factors attributed to the high fall-through rate include: 

> 23% fell through because either the buyer or seller wanted to renegotiate after the initial deal had been agreed.

> More than 10% fell through because the property survey highlighted issues that caused the buyer to pull out of the sale.

> 11.5% of sales fell through because the buyer was unable to secure sufficient funding from their mortgage provider.

> 8% of failed house sales were the victim of a collapsed property chain.

Jon Horton, Product Director – mio, comments: 

“46% of all fall-throughs being attributed to slow sales progression is alarmingly high, however we all know that poor communication jeopardizes a buyer’s position. 

PropTech companies, such as tmgroup, are rising to the challenge to help agents and their customers by developing technology that connects the transactional parties together – such as the mio app fast-becoming the customers’ choice to see the progress of their home move, as well as send and receive messages with their agent at their convenience. 

The success of this is already being seen in the pilot of our mio solution, which has not only helped estate agents to win more business, but has helped to raise the bar in terms of sales progression and customer engagement throughout the transaction."

Housing Secretary Sajid Javid has announced new measures to help improve the home buying and selling process in the UK; demonstrating a proactive response to the ‘Call for Evidence’ consultation, which closed in December 2017.  

tmgroup have welcomed the announcement, but accept there will be some scepticism. In particular around the newly-proposed voluntary reservation agreements and how much difference these new agreements will make to fall-through rates – especially as they overlook some of the other factors that can also destabilise the property chain.

Reservations agreements will only go so far in preventing sales from falling through

Echoing the process already in place in the Scottish property market, where homemovers are tied in once they have made an offer, the introduction of voluntary reservation agreements are expected to help “prevent sales falling through and crack down on gazumping”.

Whilst this should help to alter the mind set of those entering into the transaction, as well as make the property chain more resilient, voluntary reservation agreements will not offer a complete solution to the problem – even in cases where everyone in the chain has signed up. 

Lack of communication and visible progression could still give homemovers “cold feet” – and compromise the sale

This is because voluntary reservation agreements won’t address the other challenges that contribute to almost a third of all property transactions falling through before they reach completion – such as a lack of communication and visible progression between the consumer, estate agent and conveyancer. 

Even with a reservation agreement in place, this vital missing piece could still contribute to homemovers getting “cold feet” and rethinking their transaction.  

The exact consequences of someone with a reservation agreement pulling out of a transaction are yet to be known, as the initiative still needs to undergo a period of behavioural insight research and a trial, and so it will still be some time before the industry has a firm grasp of how strictly these agreements will be upheld – and how much of a difference they will make. 

PropTech companies are also making great strides to address challenges in the home buying and selling process 

Whatever the future holds for voluntary reservation agreements, it is positive to see such an initiative (alongside several others) in motion to try and address the challenges facing the home buying and selling process. 

It is also exciting to see new government measures complementing the pioneering strides PropTech companies are already taking to address the challenges in the property chain – such as tmgroup’s mio solution, which improves communication across homemovers, estate agents and conveyancers by offering complete visibility across the chain. 

With so many changes underway, 2018 is certainly shaping up to be a memorable year. Perhaps even revolutionary. 

Joe Pepper, CEO at tmgroup comments:

“The technology exists to make the property transaction smoother, safer and more transparent than ever before. Yet the average time to complete has grown by over 30% in the last decade – with poor communication being the number one cause of all complaints to the Property Ombudsman in the UK.  

Virtually all services can be completed from mobile phones in seconds, from paying for car parking, to taking out a loan from your bank.  The property transaction has been managed through a series of service-level agreements for years, but by bringing all the professionals together with the consumer in one secure online data room, the opportunity for a much faster and safer service becomes truly compelling.”

The Board of CDS are excited to announce that as of 1st April a majority shareholding in their company has been acquired by property technology firm tmgroup for an undisclosed sum.  

Both CDS and tmgroup are committed to saving time for those working in the property sector, and  are looking forward to working together to create even more efficiencies and cost savings for property  professionals. They  also  bring  a  wealth  of  industry  knowledge  and experience to their new relationship.    

Paul Albone – Chief Operating Officer for tmgroup and incoming CDS Chairman comments:  

“I have known the CDS principals for many years and have been impressed with the brand and proposition they have created. This investment is a natural extension of the close working relationship we have developed and I look forward to enabling further collaboration and business growth of both  brands.”  

Since 1999, PropTech company tmgroup have been innovating and saving time for their customers, delivering on their vision to streamline the property transaction for the benefit of all. Working with  legal firms of all sizes, estate agents, lenders and developers, they help address business challenges, create more efficient processes and make the day‐to‐day tasks easier.  

This long‐standing commitment to the property sector is matched by CDS, a Conveyancing Search  Provider supplying all the necessary information required for a property transaction. With excess of 100 years' combined experience within the property search market, CDS deliver a reliable, fast and accurate service, alongside good communication, flexibility and a great customer experience.  

Following tmgroup’s majority share acquisition of CDS, both businesses will continue to operate as  separate companies to offer an unparalleled range of property‐related services to Conveyancers across England and Wales, as well as Scotland through tmgroup’s already well‐established Property Searches Scotland business, based in Glasgow.     

Matthew Joy – Sales and Marketing Director for CDS comments:  

‘The countless synergies between our two companies made this acquisition as uncomplicated and  elementary as any deal in our industry.    

Our individual strengths, as companies, complement each other entirely and will continue to be the  focus of our efforts moving forward.  

I'm also very pleased to say that this new partnership strengthens CDS and tmgroup's positions as  market leaders in the conveyancing sector.’    

Joe Pepper – Chief Executive Officer for tmgroup comments:  

“CDS  has  developed  an  outstanding  reputation  for  delivering  personal  search  services  in  the  Conveyancing market, and this acquisition makes perfect strategic sense for both parties, as well as  sending out a strong signal for our ongoing investment in the UK Property Search marketplace.    

tmgroup will support the existing CDS management  team to  grow the business even  further,  supported by our wider group and our ongoing investment in a best‐in‐breed technical capability.”    

The two companies will remain aligned in their current approach of utilising the right levels of  technical support and human touch to provide the very best in customer service to the Conveyancing industry.    

Coupled with the best methods of collating and delivering the most accurate, up to date information  and data available to its customers, tmgroup and CDS will now represent an even greater force moving forward.  

To Contact:    

Conveyancing Data Services : 0118 9690839 info@conveyancingdata.com    

tmgroup : 0844 249 9200 helpdesk@tmgroup.co.uk     

About CDS  

Conveyancing Data Services Ltd is a leading supplier of conveyancing searches to the property industry in England and Wales. Formed in 2010 by a management team, with a wealth of knowledge in the industry already, the company used its ethos of providing excellent customer  service to quickly build a strong and loyal client base.    

CDS are one of only a few companies of its type to employ a nationwide network of search agents for the compilation and supply of organically produced Local Authority and Water and  Drainage search reports to its customers.

The company employs 85 members of staff based all over England and Wales and at its main offices in Reading, Berkshire.  

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, 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  offer a full range of property searches for residential, commercial and remortgage conveyancing across all of Scotland's 32 council areas.    

The company has 140 employees and is headquartered in Swindon.

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

From 1st April 2018, Land Transaction Tax (LTT) will be replacing Stamp Duty Land Tax (SDLT) in Wales. 

Land Transaction Tax (LTT) submission COMING SOON to tmconvey

To ensure everything is up and running for 1st April 2018, the Welsh Government have chosen to focus their resources on delivering their new direct system for general customer registration. 

Therefore, they will not be in a position to offer system integration with any third parties (including tmconvey) from 1st April 2018. 

However, we’re pleased to say we’re part of a select group of providers working closely with the new Welsh Revenue Authority and actively engaging in a number of workshops with them, as they develop their integration capabilities. 

This means we’ll be one of the first to be able to offer Land Transaction Tax (LTT) integration– and look forward to updating you as and when Land Transaction Tax (LTT) submission is available on tmconvey.

LTT submission will initially only be available through the new Welsh Revenue Authority

As Land Transaction Tax (LTT) submission will initially only be available through the new Welsh Revenue Authority, established to collect and manage Welsh taxes, you won’t be able to electronically submit your tax forms for properties in Wales through any third parties (including tmconvey) until further notice.

However, in the meantime, we’re making some changes to tmconvey to help you through this transition period; 

Instead, when you enter a Welsh postcode into tmconvey, you’ll be alerted that you’ll need to process a LTT submission – instead of an SDLT submission – and be advised to complete your submission directly through the new Welsh Revenue Authority. 

(You’ll also notice a new field on the tmconvey case dashboard, asking you to state which country the property is in.)

Have you registered with the Welsh Revenue Authority yet?

If you haven’t already registered with the new Welsh Revenue Authority to pay Land Transaction Tax (LTT), please visit this website and complete the registration process as soon as possible. 

At the moment, our SDLT calculator will not reflect the new Land Transaction Tax (LTT) price bandings

Please note, the new Land Transaction Tax (LTT) price bandings are not the same as the current Stamp Duty Land Tax (SDLT) bandings – and our SDLT calculator on tmconvey should not be used to perform these calculations for the time being. 

For more information about Land Transaction Tax (LTT) and the changes coming into effect on 1st April 2018, you can visit the new Welsh Revenue Authority’s website here. 

If you have any questions, please contact your Account Manager, or our Helpdesk team on 0844 249 9200 or email helpdesk@tmgroup.co.uk

IMPORTANT: 

• From 1st April 2018, you will not be able to electronically submit your Land Transaction Tax (LTT) forms for properties in Wales through any third parties (including tmconvey) until further notice. 

• SDLT submission for English properties will continue as normal on tmconvey. 

• Please make sure you have registered with the new Welsh Revenue Authority, so you will be able to pay Land Transaction Tax (LTT) for Welsh properties. 

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

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

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

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

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

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

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

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

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

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

Commenting on his new position, Joe Pepper said: 

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

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

Paul Albone, Chief Operating Officer at tmgroup comments: 

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

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

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

Housing was a much-anticipated point on the agenda, as Philip Hammond announced the budget for 2017. Following the earlier revelation of plans to build 300,000 new homes a year, many were keen to hear how this could be delivered, and some even took to Twitter to express their scepticism – given that this figure hasn’t peaked beyond 225,000 in the last decade.

Fragmented land will be assembled into “ready-to-go” sites for developers 

One of the most innovative propositions was the £1.1bn Land Assembly Fund, which will assemble fragmented pieces of land into “ready-to-go” sites for developers – and help to make good use of the less attractive pockets of land already available.  

This initiative will be supported by a variety of other measures including; a £1.5bn boost to the existing £3bn Home Building Fund for loans to SME housebuilders, a £630m of grant funding for remediation and infrastructure works on small and stalled sites, and a new consultation into speeding up the planning process. In a further move, housing associations will be reclassified as private bodies to allow their £70bn debt to be removed from the government's balance sheet and for more affordable homes to be built. 

Initiatives were also announced to help free up existing housing stock, including new legislation to give local authorities the power to charge a 100% council tax premium on empty properties – in a bid to encourage empty properties to be sold on and not left vacant when so many people need them.

Abolishing Stamp Duty would be a great help - if first-time buyers didn’t also need a large deposit 

While no one was expecting a “single magic bullet” to the housing crisis, one of the biggest surprises was the confirmation of the abolishment of Stamp Duty for first-time buyers. This is intended to benefit approximately 80% of first-time buyers purchasing properties worth up to £300,000 – as they will no longer need to find the additional funds needed to pay tax. This will also apply to the first £300,000 of the purchase price of properties up to £500,000.

This is a great idea in principle and would certainly be a boost to first-time buyers… If Stamp Duty was the only cost attached to buying their first home. The harsh reality is that the deposit is the biggest barrier to those hoping to get their foot on the property ladder – and the latest Budget announcement does little to change this.

With figures from the Office of National Statistics (ONS) confirming that the average deposit for a first-time buyer is £49,639, even a £5,000 Stamp Duty saving against a £300,000 property is a small consolation. 

This WILL be a boost to those “almost there” with saving their deposit

First-time buyers who are “almost there” with saving their deposit will benefit the most from this new initiative, as this decrease in the overall cost might encourage them to kick-start the house buying process a few months sooner than planned. 

It will also be a pleasant surprise for those due to complete in the next few days, who will be able to put that bit more towards furnishing their new homes. However, for those still faced with the mammoth task of raising the thousands of pounds needed to get their deposit together, the small discount is likely to do little to support their cause.

It is reassuring to see the housing crisis high on the government’s agenda 

Despite the mixed reviews, it is reassuring to see the housing crisis high on the government’s agenda and some new practical ideas for bringing positive change to the market in the immediate future – only time will tell how well these ideas will fare in the months ahead. 

Imagine being told that you only have 15 minutes to pack a bag and leave your family home. That’s the reality residents of Ripon, North Yorkshire, faced back in 2016 when a sinkhole opened up and swallowed their garages, outhouses and even their garden plants. All in all, 10 houses were evacuated and it took 46 months to rebuild their gardens – and their lives. 

That was just one of the many cases explored in the new 3-part TV documentary series “Sinkholes”, which aired this week on Channel 5, revealing the true extent of sinkhole devastation. Additional cases included yet another sinkhole (35ft deep!) in Ripon that had split a house in two, as well as a housing estate in Hemel Hempstead that had been evacuated when a sinkhole not only damaged houses and roads, but damaged pipes and threated a gas leak explosion! 

While these incidents are barely comprehendible, they are superseded by the devastation routinely experienced in Florida, where sinkholes have been known to swallow entire houses in less than 30 minutes – and even cost lives. 

The ground is simply dissolving beneath these homes 

So what is causing all of these problems? Although thousands of miles apart, Florida and Ripon have one thing in common : The ground beneath their homes is made of a substance that dissolves in acid rain. For Florida, this is Limestone. For Ripon, Gypsum. 

Over time, water trickles underground, dissolving the rock and creating caverns. When the weight above them gets too much, the ground collapses into the void creating holes on the surface that take anything and everything down with them. 

The fear of the unknown is what’s really keeping people awake at night

While these cases certainly make for scary reading, the fear of the unknown is even harder to live with – especially for residents of Ripon and Florida who know it is a question of ‘where’ and not ‘if’ another sinkhole will open up in their neighbourhood. 

Fortunately, The British Geological Survey are working extensively in areas such as Ripon to map a true picture of the land beneath the ground. Similar bodies in America are making good use of technology and data too, to help ensure that new houses won’t be built in areas of high risk.  

Terrafirma have also released new interactive mapping tools to make it easier for the general public and their conveyancers to see the full extent of the risks beneath their door steps – simply by adding in their postcode. 

You can try it here: 

Find out more about sinkholes 

To try Terrafirma’s full range of interactive tools and find out what’s going on beneath your doorstep, please visit : https://www.terrafirmasearch.co.uk/understand-the-ground/ 

You can also tune into the rest of the Channel 5 “Sinkholes” series on Mondays at 8pm : http://www.radiotimes.com/tv-programme/e/fzn9yf/sinkholes-buried-underground--s1-e1-sinkholes-buried-underground/  

As our Risky Business Roadshow continues, Sarah Percy from Shopper Anonymous explains why speed of response can make all the difference when clients are shopping around for their solicitor:

“Only 35% of law firms respond to a new client web enquiry within 4 hours. In the days of the millennial and “on the go” internet access, everyone is looking for an instant response. 

By waiting for more than 4 hours, you are handing the advantage to your competitors – and they could get in and create a great first impression before you!

Ensure you have a process that responds immediately to all new enquiries, ideally by phone to make it personal. This will also give you the opportunity to outline the benefits of choosing your firm over others.”

Join us for our Risky Business Roadshow to find out more

Sarah Percy will be part of our guest speaker line-up at our Risky Business Roadshow events this November, which will explore how firms can better protect, prepare and promote their businesses. 

Click here to see our full list of dates and locations