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Buyers not keen to seek a conveyancing solicitor in April to buy a property

By Residential Department | Published: May 12,2012

It has been reported that the number of newly agreed house sales fell during April, indicating that the end of the stamp duty holiday has discouraged first time buyers from beginning the residential conveyancing process.

The Royal Institution of Chartered Surveyors (RICS) has stated that 19% of surveyors have reported price falls as opposed to rises, and 17% believe that prices are set to drop further.

Peter Bolton King, RICS housing spokesman, said, “Renewed concerns over the economy and talk of a double-dip recession dominating the headlines in recent weeks may well have served to undermine consumer confidence.

“What’s more, the continuing lack of affordable mortgage finance is still hindering many first-time buyers who cannot afford to get a foot on the property ladder.”

Although the number of houses being put on the market is being described as “stable”, lenders and estate agents have expressed concerns that the end of stamp duty holiday meant that a number of house sales, which would have otherwise taken place over the year, were squeezed into March instead.

If you are searching for a property property conveyancing solicitor in London or elsewhere in the UK, Healys may be able to help you.

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UCIS professional negligence a hot topic

By Professional Negligence Department | Published: May 9,2012

Unregulated collective investment schemes (UCIS) have been a source of controversy for some time, with many investors allegedly becoming the victims of financial advisor professional negligence – advisors secretly benefiting from large commissions usually being the chief complaint.

One problem with such alleged financial advisor professional negligence is that investors, having trusted in the expertise of a professional, are often unaware of the full and often dubious nature of their investment.

The Financial Services Authority has warned us about UCIS negligence before, primarily mis-selling and mis-promotion, both of which can lead to investors taking risks they otherwise would have sought to avoid.

It would be easy to underestimate just how big an impact misrepresented financial advice and services can have on people’s lives. Often it is a question of life-savings, retirement funds or inheritance plans being at stake.

Although the FSA say that generally they would not recommend a UCIS for investors, some would say that the schemes have their place. One investment specialist comments, “UCIS funds can provide proper diversification within a client’s portfolio as long as the correct procedures are adhered to and can play a role as equally important as regulated funds.”

Yes, “correct procedure” is the key, and for all those unscrupulous UCIS providers it is also worth remembering that financial advisor professional negligence schemes have their place too – there can be consequences.

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Knightsbridge double garage has asking price of half a million pounds

By Residential Department | Published: May 4,2012

It is a widely known fact, especially amongst those keen to begin the residential conveyancing process, that central London offers some of the most expensive properties in the UK.

However, according to recent reports, homes are not the only properties which are being sold at high prices. An estate agent has put a garage on the market for just over half a million pounds.

The freehold double garage has been described as “moments away from Harrods”, guaranteeing a keen shopper a permanent parking space. With an asking price of £525,000 the property works out at approximately £1,500 per square foot.

An associate at the estate agent based in Knightsbridge has stated that the garage is likely to appeal to residents in the area who lack a garage of their own and are forced to pay hefty fees to use a private underground car park.

The estate agent maintains confidence that it will only be a matter of time before the garage is sold “because of the rarity of having a double garage on a freehold in this area”.

If you are considering buying a home in the capital, a conveyancing solicitor from Healys may be able to help you.

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Lawyer negligence claim

By Mike Page | Published: May 4,2012

Perhaps the biggest professional negligence story this week concerns Newcastle Airport, which is currently engaged in a lawyer negligence claim relating to two multi-million pound bonuses which were paid to two executives.

In 2006 the two executives, having taken advice from the law firm, helped negotiate a £377 million mortgage deal with the Royal Bank of Scotland, and received a cool £8.5 million between them for their combined efforts in the refinancing deal.

However, Newcastle International Airport is now making a lawyer negligence claim against the law firm, Eversheds, and is aiming to recover around £5 million. The airport alleges that by advising the acceptance of such a huge bonus, the law firm was in breach of its duty.

Although the deal was negotiated six years ago, details of the bonuses took much longer to come to light, which is why the lawyer negligence claims are only now reaching the courts.

“Clearly while the trial is ongoing there’s little we can say by way of comment,” commented the defendant.

“However, while we’re very disappointed that this issue has reached the courts, we’re confident of the strength of our argument.”

The claim certainly is interesting and is difficult to gauge from the outside, the next three weeks of courtroom drama could make for fascinating reading.

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Properties in recession-stricken Detroit cost as little as $500

By Residential Department | Published: May 2,2012

According to recent reports, many young people in the UK are struggling to afford a deposit to put down on a property. Instead, they are being forced into rented homes and are consequently unable to take their first steps on the residential conveyancing process.

However, one US city has been having the opposite problem and property prices have hit an astonishing low as the area struggles in a terrible recession.

Detroit was once the fifth biggest city in Northern America and was renowned for its booming car manufacturing industry, but the city’s population, which was 1.8 million 50 years ago, has now shrunk to an estimated 700,000.

Abandoned properties are being put on the market for as little as $500, and a buyer would be able to purchase a boarded up, three-bedroom detached bungalow for just $3,000.

These homes seem especially affordable when compared to properties in America’s most expensive city, San Francisco. The average cost per square foot of property in Detroit is $62.45, whereas the same amount of property in San Francisco averages at $420.99.

The shocking variations in price mean that renters in San Francisco may be able to purchase a house in Detroit for the same cost as a month’s rent.

If you are buying a home and searching for a conveyancing solicitor in London or elsewhere in the UK, a solicitor from Healys may be able to help you.

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Sir Paul says we must go for the grind in marriage to avoid divorce

By Family Department | Published: Apr 30,2012

Senior High Court judge Sir Paul Coleridge of the family division has again gone on record, this time while being interviewed on BBC Radio 4′s Today programme by John Humphreys, to talk about what he perceives to be the destructive effect on British society of divorce and family breakdown.

Sir Paul deems marriage to be the “gold standard” in relationships and has said that, as an expert in the field of relationship breakdown, as experienced by the family judiciary, he would consider it irresponsible to remain quiet when he sees the damage wrought by our society’s attitude to relationships and the ease with which we, as a nation, seek divorce.

He labelled his speaking out on the issue as a “health campaign”, attempting to lay out the facts about family breakdown in a “non-preachy, non didactic way” so that people can make up their own minds about the impact that divorce and family breakdown has on the greater society.

John Humphrys put it to Sir Paul that, as a nation, our circumstances have changed – we live longer, we are generally wealthier, and the stigma of divorce has gone – so that whereas our forebears suffered in painful and difficult marriages, without a way out, we now say “why should I suffer” and we seek out a divorce solicitor.

Yet, Sir Paul continued that he felt it was his duty to “articulate… not preach” about the benefits of “long-term, stable marriage” as being better for everyone in the end and decried the so-called “Hollywood approach” to relationships which promotes the finding of the one ideal person who will make you divinely happy.

He added that anyone who has been in a long-term relationship will know they are difficult and there is no other way to achieve a “qualitatively good” relationship than to keep “grinding away at it”, and it is only by these means that we will “end up with a product that it’s really worthwhile having”.

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Financial advisor negligence claim for elderly couple

By Professional Negligence Department | Published: Apr 30,2012

For many of us the only reward we get for years spent at the occupational grindstone is peace of mind and financial security in later life. Imagine then, the trauma of working all your life to build up this security only to have it snatched away from you because of financial advisor negligence just as you enter your sunset years.

This situation is alarmingly common and, sadly for many, comes at just a time when they have neither the energy or the health to fight a professional negligence claim .

However, a simple call to a good and understanding professional negligence lawyer can really make the difference to those in dire financial straits. Although financial advisor negligence claims are a complex business, first-class legal representation can be the boon wronged parties need, providing both the energy and the impetus to ensure justice.

Just this week an elderly couple in Ireland secured a €1.25 million judgement against an accountant, a financial adviser and a property development firm whose combined negligence resulted in the couple losing the entirety of their live savings.

After being advised to invest in a midlands property development scheme which became, in the judge’s words, “utterly worthless”, the couple decided to pursue all possible channels for redress.

The judge described the case as “a tragedy” brought about by “negligence… of a high order”.

Even more alarming is that many similar cases of financial advisor negligence go unreported and unlitigated.

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Mediation not yet the solution say divorce solicitors

By Family Department | Published: Apr 23,2012

As firmly predicted by many divorce solicitors, the upcoming changes to legal aid funding are already appearing to be having a negative effect, and the instigation of a mediation scheme has largely been ineffective for many divorcing couples.

A Resolution poll of more than 6,500 family lawyers revealed that requirements for couples to seek mediation meetings and advice before filing for divorce are not being heeded and 78% of the family lawyers polled said courts were not checking to ensure that divorcing couples were investigating the merits of mediation.

The Government has stated that it wants more couples to stay out of the courtroom and to settle divorce settlement issues through negotiation.

However, although “mediation assessment and information meetings” were introduced in April 2010, while well-off couples appear to be using the scheme, those with fewer means are merely going into the court system without full legal advice and representation. This is apparently already causing a log jam because, so The Law Society Gazette says, their lack of knowledge regarding the family law legal process means that cases are taking twice as long to complete.

With the full effect of the family law legal aid reforms due to be felt fully in April 2013, divorce solicitors and family law practitioners are warning that a two-tier divorce system will soon be prevalent where only the wealthy have access to professional and expert family law advice and arbitration services, and those without representation will suffer during divorce settlement negotiations.

As a result, further calls are being made for the introduction of “no-fault divorces”, as it is believed that a starting point of confrontation and adversarial blame mongering appears to only compound problems of negativity among spouses.

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Young renters are struggling to raise the funds to buy a home

By Residential Department | Published: Apr 20,2012

Calls on the Government regarding the residential conveyancing process have been renewed amid fears that future generations are being priced out of the housing market.

The head of the UK’s largest estate agent, Countrywide, has raised concerns that the country could become a nation of renters after a survey commissioned by the company revealed that nearly half of 18-to-34-year-olds were struggling to raise enough money for a deposit.

The survey gathered information from 6,000 people and showed that of those who were not moving home, 16% said this was because they would not be able to manage mortgage repayments, 21% were unable to afford a deposit and 16% blamed additional moving costs such as stamp duty.

Grenville Turner, chief executive of Countrywide, said, “We are at a crossroads for home ownership, where we could see the next generation becoming a nation of renters without the right intervention from government.

“Based on current levels of activity, the average home owner moves house once every 25 years as opposed to [historically] once every 12 years. These levels are unsustainable and we call for further support as a strong, vibrant, housing market contributes to GDP growth and will dramatically improve the economy.”

A number of estate agents have recently voiced concerns that the end of the stamp duty holiday last month may discourage many first-time buyers from seeking a conveyancing solicitor in London or elsewhere in the country in order to purchase a property.

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Professional negligence claim chaos at Rangers FC

By Professional Negligence Department | Published: Apr 19,2012

It’s not often I’ve had opportunity to feel sorry for Ally McCoist – in the time I’ve so far spent my adult life trawling through professional negligence claim material, he’s won dozens of football trophies, become Rangers FC’s all-time record scorer, starred in a film and been a cheeky success with countless women.

But, in a cruel twist of fate, it is now, in a sense, professional negligence claims that have come to haunt Mr McCoist.

In any other circumstance, you would expect the sight of Ally McCoist in the Rangers dugout to be the prelude to an inevitable golden era for the club, but as it is the football management novice is afflicted by uncertainty caused by the club’s legal and financial position.

McCoist explained how the situation has impacted the day-to-day aspects of his job.

“I can’t put a date in my diary, I can’t book opponents for pre-season games and I don’t know what players we will have,” he said.

In the latest legal development surrounding the club, it has been announced that law firm Collyer Bristow will seek to defend a professional negligence claim made by administrators of the club. The claim relates to the firm’s role in brokering the doomed takeover of Craig Whyte.

A spokesperson with the firm commented, “As expected, late yesterday evening (16 April) Collyer Bristow received detailed particulars of the claim on behalf of the administrators’ Duff & Phelps. A significant proportion of the damages claimed by the administrators (in excess of £25m) relate to claims for ‘consequential loss’, which we believe to be highly speculative.

“As we have previously stated, it is our intention to contest all claims brought by the administrators in the strongest possible terms and this remains our position.”

Although it is too early to speculate on the outcome of the action, it is worth considering the position Mr McCoist finds himself in. If indeed, negligence did occur, it amply demonstrates how negligent solicitors can bring even the most outlandishly successful to their knees.

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