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Showing posts from May, 2013

Santander : Ahead of the Q

Santander have became the first bank to add the Q Policy to the acceptable warranty schemes listed in it’s Part 2s of the CML Handbook. The Q Policy is no ordinary warranty scheme. In fact it is a an alternative to the traditional 10-year warranty scheme. In essence it is  New Build property insurance for latent defects. More information of the Q Policy can be found here . There is still a quality assurance element to the scheme as before issuing the policy as the company guarantees developers and builders  that they will provide a minimum of eight site visits during the build phase. Key features for the The Q Policy for Residential Properties include : Insurance Product offering Lifetime Property Cover 6-month Developer Liability Period Single point of recovery for Policyholders - they deal with Q direct from Day One of cover Minimum of 8 inspections per plot Loss of Deposit Cover available Snagging Service available Cover automatically included fo...

The problem with the race to be the cheapest conveyancer is that you might win.

As the big name brands barge their way into the legal sector they will seek to squeeze every penny out of every client. Can the smaller firms compete? Of course they can as long as they don't compete on price alone. Some firms in an effort to compete can extort workers to show up and work harder for less, in order to underbid a competitor. You might make a few more bucks for now, but not for long and not with pride. Another firm or conveyancing broker will always find a way to be cheaper or more brutal than you. When I was completing my articles (yes I am showing my age as it was pre-’training contracts’) the senior partner would tell me every so often ‘push up you prices...don't be scared’. It was wise advice and regrettably not always adhered to by me. What the senior partner was telling me back then was that the race to the top makes more sense. The race to the top is focused on quality and respect and dignity and guts and innovation and sustainability ...

A post completion nightmare - difficulties with a restriction

It is not unusual in a dealing with leasehold transaction to be faced with a restriction on the title in favor of a management company. Many leases for new developments in the 80s and 90’s imposed obligations on a management company formed by the residents of to ensure that responsibility for the upkeep and management of the block. More often than not this resulted in a restriction on the leasehold titles along the following lines: “RESTRICTION: No disposition of the registered estate (other than a charge) by the proprietor of the registered estate is to be registered without a certificate signed on behalf of ABC Management Company of [address] by a director, its secretary or its conveyancer that the provisions of clause 5 of the Lease dated [ ] 1995 referred to in the charges register have been complied with.” Hundreds of thousands of titles (including freehold - where there is a management estate) have a similar restriction. The pressure to supply lenders ...

Leasehold conveyancing - When are service charge costs incurred?

Earlier this month Court of Appeal handed down its judgment in OM Property Management Limited v Burr ([2013] EWCA Civ 479) on an appeal from a decision of the Upper Tribunal (Lands Chamber) dated 26th January 2012. At the heart of the appeal was the consideration as at what point in time service charge costs are incurred under Section 20B of the Landlord and Tenant Act 1985. Section 20B of the said Act provides that service charges are not recoverable if the landlord does not demand payment, or notify the leaseholder that a payment will be due, within 18 months of the service charge costs being incurred. Mr Burr owned a flat on the Royal Eastwood Park in Redhill. Royal Eastwood Park is a substantial estate, with communal facilities which include a leisure center and swimming pool, the latter heated by gas. OM Property Management Ltd, the management company, recovered the cost of the gas through the service charge. When OM began managing the estate in April 200...

Marketing conveyancing : saying it backwards

When it comes to marketing conveyancing services to the public the same old blurb is rolled out over and over again about about how moving home is one of the most stressful events and how choosing your firm can make all the difference. Other common messages include how cheap and fast your firm is and that clients need not attend your offices.. If what you're saying is obvious, it's entirely possible that no one is going to eagerly keep reading. If the website copy you've written is merely posturing or bragging, better to not say it at all. . Consider the alternative. Say the opposite. That your conveyancing isn't right for everyone. That your service might be overpriced. That you don't want clients who can't come in and see you. And then tell them why. Many potential clients would love to know how you're going to wriggle out of that. And along the way, if your story is a good one, they might even give your firm a go.          ...

What Harvard has to say about making a conveyancing practice truly great

If only we knew the secret of success for creating a great business. Almost no one provides scientifically credible answers to every business leader’s basic questions about superior performance: Which companies are worth studying? What sets them apart? How can we follow their examples? Dont read on if you are fixated in your belief that solicitors are a profession rather than a business. Harvard Business School, frustrated by the lack of rigorous research, recently undertook a statistical study of thousands of companies, and eventually identified several hundred among them that have done well enough for a long enough period of time to qualify as truly exceptional. This pattern matching exercise revealed something startling: The many and diverse choices that made certain companies great were consistent with just three seemingly elementary rules: 1. Better before cheaper—in other words, compete on differentiators other than price. 2. Revenue before cost—that is, prior...