March 2018
By Eddie Goldsmith, partner at GWlegal
The property market is ever-changing and increasingly unpredictable. The rules and regulations regarding many specialist property transactions have become more complex in recent times. Tax changes are seeing many - landlords, for instance - seek different avenues to make profit. Interest rates could be set to increase up to two times this year. And then there is Brexit, casting uncertainty over this all.
In this heated market (and in which more complex transactions such as company buy-to-let and remortgage are all the rage) it has never been more important that brokers encourage their clients to choose a conveyancer who is hot on the heels of the evolving property sector.
What this means is your town’s local solicitor, while no doubt knowledgeable in many other areas, may not be the best choice when it comes to property matters. Indeed, recent research by conveyancing software company InfoTrack found that almost half (43%) of home movers used specialist conveyancing in favour of their local solicitor last year, up from 27% in the preceding three years. Meanwhile, according to the Intermediary Mortgage Lenders Association, specialist lending has increased by 19% per year since 2009.
Let’s use an example. If, for instance, a firm acts for a company on a buy-to-let purchase and that firm doesn’t register the charge in favour of the lender within 21 days of the date of the charge, then that charge will be void against any administrator of the company. This would be a serious defect that could materially affect the lender’s security. A firm that doesn’t specialise in buy-to-let could easily miss this. There are similarly complex and confusing regulations regarding company buy-to-let, remortgage and houses in multiple occupation.
Just as you wouldn’t ask a plumber to paint your house, you shouldn’t ask a solicitor who is not a specialist residential conveyancer to complete your property transaction for you.
To stay competitive, firms must also keep modernity on their minds at all times. Clients and brokers demand modern services, such as our GWlive case management system which enables brokers to open cases online in just a few easy clicks and follow their progress. Brokers can also access our specific specialist services, such as our recently relaunched BTL Expert Toolkit.
However, having this technology in place is not enough. Firms must make robust effort to continually improve their technological offerings, with the help no doubt of a talented in-house IT team or specialist (although usually more expensive) outside help. In the aforementioned research findings, a main contributing factor why clients choose specialists over local conveyancers was the ease in which they could compare the solicitors’ services and obtain quotes online. For this reason, among others, when GWlegal rebranded as such (formerly Goldsmith Williams) in 2017, we revamped our website and social media presence in a more client-friendly manner.
Nowadays we are continually reminded that 21st-century clients require 21st-century service.