About Conveyancing

Author: Simon Seaton

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Simon Seaton is a former UK solicitor and a director of Lexsure. He has assisted hundreds of law firms, from small practices to firms ranked in the top 500, with compliance needs spanning SRA requirements, mortgage lender instructions, CQS and anti-money laundering. His AML experience includes developing policies, procedures and systems, and conducting independent audits of firms’ policies, controls and procedures. He has also delivered hundreds of webinars and seminars for lawyers and mortgage lenders on compliance, conveyancing risk and AML. Over the years, Simon has liaised on AML and risk management matters with organisations including UK Finance, the Bank of England, the Metropolitan Police, the National Crime Agency and the Financial Conduct Authority, as well as major mortgage lenders and professional indemnity insurers.

  • Possible Conveyancing implications as a result of the next general election

    If you are looking at one of government schemes such as HomeBuy Direct, be aware that if the Tories take power the deals may change. Let’s look at the conveyancing general election implications.

    The Conservatives have also said they will raise the stamp duty threshold, due to drop to £125,000 in January, to £250,000, freeing nine out of ten first-time buyers from the duty

    Key Areas of Potential Impact

    1. Government Support Schemes and Shared Equity

    Buyers relying on current initiatives such as HomeBuy Direct should exercise caution.

    • Policy Risk: Should the Conservatives gain power, existing Labour-led homebuyer assistance programs are likely to be restructured, defunded, or phased out in favor of alternative market-led incentives.

    • Conveyancing Consideration: Solicitors managing transactions dependent on shared-equity funding should track prospective completion dates closely. Delays in conveyancing could result in buyers missing deadlines for current funding grants if policy shifts occur mid-transaction.

    2. Stamp Duty Land Tax (SDLT) Thresholds

    Stamp duty remains one of the most visible financial levers in residential property policy.

    • Proposed Threshold Changes: The current temporary £175,000 threshold is scheduled to drop back to £125,000 in January. However, the Conservative platform includes a commitment to increase the starting threshold for Stamp Duty Land Tax to £250,000.

    • Market Impact: A £250,000 threshold would effectively free nine out of ten first-time buyers from paying stamp duty altogether, lowering upfront purchasing costs significantly.

    • Conveyancing Consideration: Buyers around the £125,000–£250,000 range may delay exchange or completion in anticipation of a potential duty cut, while conveyancers will need to carefully structure completion dates to maximise tax savings for their clients.

    3. Administrative and Process Reforms (HIPs)

    The conveyancing process itself may see structural changes depending on election outcomes.

    • Home Information Packs (HIPs): Opposition leaders have consistently voiced skepticism regarding the administrative burden of Home Information Packs. A change in government could bring rapid review or outright abolition of HIP obligations, altering pre-market documentation requirements for sellers.

    What Conveyancers and Clients Should Do Now

    • Review Transaction Timelines: For buyers reliant on HomeBuy Direct, conveyancers should aim to finalise contracts and secure funding approvals well ahead of any potential transition period.

    • Structure Tax Advice: Ensure purchasers are fully briefed on the impending January threshold expiration versus potential post-election tax cuts so they can plan their finances accordingly.

    • Stay Agile: Firms should prepare their internal systems and policy templates for rapid adjustments in case of sudden changes to statutory documentation, property tax rates, or government equity schemes.

    Note: This article was originally published in 2009 and covers policy considerations surrounding historical general election proposals

  • HIPs to go within weeks

    The Conservatives intend to scrap Home Information Packs is not news. Grant Shapps has been saying this has been saying it to the trade press. The fact that he has suggested that this will be done in a “in a matter of weeks” after coming to power will catch the public and stakeholders in the property industry by surprise.

    In an interview with The Times – carried in several other National papers – Shapps says that abolishing HIPs would be his first initiative, should the Conservatives win the election.

    The assurance follows claims by many estate agents that the packs are adversely affecting the housing market, as would be sellers regard the cost of HIPs as a disincentive at a time when homeowners are already reluctant to move.

    Shapps said: “House prices are rising because supply is restricted. HIPs have not helped. The main priority is to scrap them. They are easy to suspend and there are emergency powers we can use to do so. This can happen very quickly. HIPs will be gone in a matter of weeks.”