Matrix Legal

Some progress but too slow for our liking. We're behind compared to other countries, as listed in the article. Important to get it right but also to move swiftly.

This is a good move. Please do take part in the consultation: https://www.lawcom.gov.uk/project/leaseho ld-enfranchisement/

In 2018, 27% of buyers will get help from friends or family to purchase property, up from 25% last year.
On the plus side mortgage lending approvals have also gone up.

This is a good analysis of the current woes but also the future potential of our High Streets.

Home prices in the UK have outpaced wages growth.
The Office of National Statistics reported a 4.5% rise in average home prices to ¬£225,000 in 2017, almost twice as expensive as in 1997 and nearly eight times average earnings. The National House Building Council also reported a 23% fall in the number of homes registered to be built in London ‚Äď a post-GFC low. Housebuilder Taylor Wimpey said the Beast from the East made it too cold to lay bricks in early 2018, damaging sales.
https://www.independent.co.uk/…/uk-hous e-prices-average-ear…

Yet another timely, if sad, reminder that there remains high risks in conveyancing. Ensure you are dealing with conveyancers who are leading on the latest security & risk mitigation measures.
Read our blog on this: http://www.matrix-legal.com/…/a-test-of -our-clients-funds-s…
https://www-telegraph-co-uk.cdn.ampprojec t.org/…/lost-…/amp/

"Sales activity in the London property market is near historic lows and this had a significant impact on our overall performance in 2017.
Looking ahead, we expect trading conditions to remain challenging during 2018, and our current sales pipeline is below where it was this time last year."

The rise of the Legal Machines.

An end-of-year edition of a regular benchmarking survey confirms Conveyancing work falls for the first time in six years
https://goo.gl/PASG98

Mayor of London's Brexit Analysis - Not Good News for Construction Sector
The Greater London Authority published their report - Preparing for Brexit (see link below) which analyses the economic impact of Brexit on London.
The report looks at several sectors, including construction. It also looks at various Brexit options, including a 'soft' or 'hard' Brexit and comparing them to the scenario of staying put, i.e. remaining within the EU.
... In summary, some of the predictions in the report on the construction sector state:
- will be among the hardest hit by labour shortages, especially in London, because of its reliance on less-skilled labour from other EU countries
- likely to be affected by trade issues, as 64% of building materials are imported from the EU, and 63% re-exported to the EU
- may suffer significantly from reduced access to finance & investment. The report estimates a fall of up to EUR852M of investment in the sector by 2030
Read more here: https://goo.gl/FjeJj1
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Requirement to Register Overseas Beneficial Ownership of Property in 2021.
HM Government announced a register will be implemented by early 2021, which will record owners of overseas companies buying property in the UK.
Once live, it would be the first public register of its kind in the world that will require overseas companies that own or buy property to provide details of their ultimate owners.
... The aim is to reduce criminals using shell companies to buy properties in the UK to launder illegally obtained money. It should also make it easier for law enforcement agencies to track criminal funds and take action.
The register will also provide HM Government with greater transparency on overseas companies seeking public contracts. In light of the Carillion disaster, one has to view such benefit with some doubt.
The register will affect finance lenders lending funds secured on property located in the UK if the borrowing overseas company fails to comply with the new registration requirements. A note on the register will prevent registration of security against the property where the overseas company borrower has not complied with the registration requirements.
Yet more regulation and administrative red tape to be complied with.
Read more here: https://goo.gl/xBMZHR
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Interesting development.
https://www.legalfutures.co.uk/…/govern ment-direct-leasehol…

A great way to end 2017 when you get this email from clients for exchanging contract on the last working day of the year (for most law firms).
"Hi Viola,
This is fantastic news!
... Thank you very much for all of your support and efforts to get this over the line, your service has been phenomenal.
Have a great break and a Merry Christmas and Happy New Year.
All the best.
Gareth & Sasha"
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The London School of Economics and the Family Building Society published a joint report today: 'A taxing question: is stamp duty land tax suffocating the housing market?'
The report highlights some important facts, some of which include:
- Stamp Duty Land Tax is contributing to the UK‚Äôs dysfunctional property market, particularly in London and the South East... - The report, reveals that most of the tax take is from buyers of typical family homes and would be downsizers - Revenues from SDLT have been rising steadily since the financial crisis of 2008 and last year the tax raised over ¬£8 billion for the Treasury, whilst housing transactions remain weak - Mark Bogard, Chief Executive of the Family Building Society said: ‚ÄúThe government should recognise that the housing market is a shambles and that supply simply isn‚Äôt meeting an ever growing demand. Without some serious reform of Stamp Duty and recognition that the Help To Buy scheme does not tackle the issue of helping older home owners downsize, ordinary families will continue to shoulder a heavy tax burden while continuing to face a serious shortage of appropriate housing supply. It‚Äôs time for the Government to make a real difference, to a real problem!‚ÄĚ - Professor Christine Whitehead, Emeritus Professor of Housing Economics, commented: ‚ÄúStamp duty is an increasingly heavy tax on housing transactions ‚Äď which is gumming up the housing market. A small increase in council tax would bring in just as much revenue and would significantly reduce housing market distortions especially in London and the South East.‚ÄĚ
The report reveals that:
‚ÄĘ Potential downsizers can‚Äôt buy something that costs the same as their original house without spending large amounts of money on tax - but can stay where they are for nothing.
‚ÄĘ Families that want more space decide instead to extend properties rather than pay a new tax.
‚ÄĘ Stamp duty is an impediment to social mobility. Why move for a job that might not last, or may be just a short-term career stepping stone, and incur huge expense? Or, if they do move jobs, many people end up with longer commutes, with the resulting stress on the transport network and themselves.
‚ÄĘ In a survey of its customers by the Family Building Society, which has a well established reputation for lending to older borrowers, found that SDLT is now the second most important factor taken into account when considering downsizing - ten years ago respondents saw it as much less significant.
Download the report here: http://familybuildingsociety.co.uk/nmsru‚ Ķ/saveasdialog.aspx‚Ķ
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Interesting data from the US. The UK will no doubt share some similarities.

Interesting news. We're a fan of Artificial Intelligence so looking forward to the future of legal practice, complemented by Artificial Intelligence.

HM Land Registry applications reveals monthly fall in numbers.
The latest transaction data for England and Wales revealed a monthly fall in the number of applications completed by HM Land Registry (HMLR).
https://goo.gl/SxqKci

Good luck!

A huge thank you to Tariq and the excellent team at Matrix Legal! We are now living in SW19! We couldn’t believe how smoothly things went, even now after we have moved in.

Your prompt and insightful advice, at various points of the process has really made a difference. Even with a chain of 5 parties, you were always a step ahead. You coordinated every part of the chain to ensure that progress was always flowing and that we were always kept in the loop.

We honestly could not be happier. Now comes the hard part ‚Äď unpacking boxes! You don‚Äôt offer any services for that do you??!

Good luck!

A huge thank you to Tariq and the excellent team at Matrix Legal! We are now living in SW19! We couldn’t believe how smoothly things went, even now after we have moved in.

Your prompt and insightful advice, at various points of the process has really made a difference. Even with a chain of 5 parties, you were always a step ahead. You coordinated every part of the chain to ensure that progress was always flowing and that we were always kept in the loop.

We honestly could not be happier. Now comes the hard part ‚Äď unpacking boxes! You don‚Äôt offer any services for that do you??!