Law Society release their end of year cybersecurity review

The Law Society has published an end of year review on cybersecurity, highlighting the key issues faced in 2017 as well as those to bear in mind for the year ahead.

Written by Peter Wright, the article highlights the growth of ransomware, the upcoming GDPR as well as practical steps that firms should take.

Ransomware and risk

Regardless of the sector, ransomware is a risk when large aspects of your business are based online. Even more so when the data stored is highly sensitive.

As Wright highlights, whilst the risk of being targeted has always been a problem, mainstream media reports and high-profile cases have led to it appearing more prominently in the public eye of late, boosting the awareness of its impact.

Awareness is something that’s naturally followed by action, with businesses and law firms alike developing more stringent protection strategies where risk management is concerned. More attention is being paid to the implementation of firm-wide protection practices as well as the recognition that cybersecurity is far more than just an ‘IT issue’.

However, whilst the importance of these preventative steps are not to be overlooked, it’s not just businesses which have taken action in regard to fraud.

On the other side of the screen, criminals are continuing to develop their own methods of online attack. By harnessing new technology and using new ways to target firms, fraudsters are able to seek out the smallest of vulnerability and use it to their own advantage.

Preventative steps

Whilst stopping fraudsters from targeting a firm is not something that you can be controlled, adopting an effective risk management strategy can help to protect client’s money should an attack take place, as well as preventing systems from being infiltrated in the first place.

Rather than being something that’s addressed as an afterthought, highlighting the importance of cybersecurity should ideally form part of initial training. As Wright states, clarifying that it’s important from an early stage makes it clear that it’s a priority, as well as ensuring that all employees know what’s expected when it comes to prevention of risk. When acknowledging that the majority of breaches are due to a lack of best practice understanding, the need for this kind of training becomes even more significant.

What’s next?

Wright also goes on to highlight the importance of training in a preparatory sense, forming an important foundation for the upcoming GDPR implementation next year. The General Data Protection Regulation requires firms to demonstrate compliance in the event of a breach or when being assessed by the Information Commissioner’s Office as well as the Solicitors Regulation Authority.

Where the GDPR is concerned, whilst the steps each firm needs to take will be different, Wright makes it clear that it’s always important to establish existing vulnerabilities. This forms a good starting point regardless of the strength of current processes.

Although the ICO wants to see that firms have actively taken notice of the GDPR, this does not mean it requires high cost procedures to be implemented. Rather, the regulator wants to be assured that the steps a firm has taken toward compliance are both reasonable and proportionate.

The Law Society blog can be found here.

LPL LAWYERS AND VALUECONVEYANCER.CO.UK

http://www.lpropertylawyers.co.uk/about-us/

WWW.VALUECONVEYANCER.CO.UK

Who we are

Based in central Manchester, LPL are a team of talented people that strive to deliver quality in the conveyancing arena. We come to work every day because we love what we do and our people have all been recruited with our mission in mind — to exceed your expectations.
LPL has been designed to create a fresh approach to the delivery of conveyancing services. LPL are a division of Read Roper & Read Solicitors who have provided legal services to the public since 1875.
We have been awarded the Law Society’s Conveyancing Quality Scheme (CQS), an accreditation which recognises the country’s leading Conveyancers & we are on all major lender panels.

What we do

LPL specialise in conveyancing so whether you’re buying, selling or re-mortgaging, our law firm would like to engage with you every step of the way by providing jargon free legal advice. Our legal services are available to customers based in England & Wales and we are regulated by the Solicitors Regulatory Authority.
With state of the art IT capabilities, and our exceptional workforce, LPL are committed to delivering on our service level agreements.

Why we do it

That’s simple. We exist to deliver a law practice that exceeds your expectations by providing a stress free and more enjoyable experience. It isn’t enough to just be your legal representative; we want to share your journey.

LP PROPERTY LAWYERS

http://www.lpropertylawyers.co.uk/

would recommend your service to anyone

W Kennett

Who we are

Based in central Manchester, LPL are a team of talented people that strive to deliver quality in the conveyancing arena. We come to work every day because we love what we do and our people have all been recruited with our mission in mind — to exceed your expectations.
LPL has been designed to create a fresh approach to the delivery of conveyancing services. LPL are a division of Read Roper & Read Solicitors who have provided legal services to the public since 1875.
We have been awarded the Law Society’s Conveyancing Quality Scheme (CQS), an accreditation which recognises the country’s leading Conveyancers & we are on all major lender panels.

What we do

LPL specialise in conveyancing so whether you’re buying, selling or re-mortgaging, our law firm would like to engage with you every step of the way by providing jargon free legal advice. Our legal services are available to customers based in England & Wales and we are regulated by the Solicitors Regulatory Authority.
With state of the art IT capabilities, and our exceptional workforce, LPL are committed to delivering on our service level agreements.

Why we do it

That’s simple. We exist to deliver a law practice that exceeds your expectations by providing a stress free and more enjoyable experience. It isn’t enough to just be your legal representative; we want to share your journey.

How the Maths Doesn’t Add Up For Aspiring First-Time Buyers

• Majority of aspiring first-time buyers expect to spend between £100,000 and £150,000 on their first home (34%) – providing them with a ‘one in 20’ chance (18%) of finding a home within their price bracket.

• However, most aspiring first time buyers underestimate how much their mortgage repayments will cost a month – with calculations up to 64% wide of the mark – equating to hundreds of pounds a month.

• 28% of aspiring first time buyers admit to never having thought about how owning a home could help them top up their pension in old age.

  The majority of aspiring first-time buyers ‘wildly’ underestimate how much their first home will cost, research by My Home Move, the UK’s leading provider of mover conveyancing services, has found.
  A fifth (21%) of aspiring first-time buyers wish to spend up to £100,000 on their first home; while a third (34%) plan to buy a home costing between £100,000 and £150,000. Of those in the lower price range, the majority wish to spend around £350 a month on their mortgage, with those in the £100,000 to £150,000 bracket expecting their mortgage to cost in the region £550 each month.
  However, in both instances the aspiring buyers’ maths could leave them thousands of pounds a year worse off. According to My Home Move’s research, a home costing £100,000 commands a mortgage of £450 a month (28% more than expected), while a property worth £150,000 costs £676 a month in repayments, 23% more than the aspiring first time buyer’s calculations, when they purchase with 5% deposit. (See Chart one)
  

  Commenting on these findings Doug Crawford said:

  “As we know from our research, the majority of aspiring first time buyers (88%) are currently in rented accommodation, and as such their prime comparison for a mortgage payment is the amount they pay in rent each month. According to industry figures the average rent outside of London and the South East hovers close to £600 a month* – suggesting that most aspiring first time buyers want a like-for-like swap in monthly out goings, or even a saving.”
  The only exception comes when a buyer finds a property for £125,000, as their expectations regarding monthly mortgage repayments and the reality aligns at around £550 – however this leaves them with only a 1% chance of finding a home at this price, according to price paid data for 2016 (HMLR).
  The financial problems begin to intensify as property prices rise. For example, those looking to spend between £150,000 and £200,000 on a first home would have to pay between £676 and £900 a month in mortgage repayments, to cover the 95% loan-to-value. However despite the increase in property value, most aspiring first time buyers still expect their mortgage to cost around £550 a month;  with only 7% of those surveyed accurately calculating their mortgage repayment.
  Continuing Doug Crawford said, “With 10 house-hunters chasing after each available property**, we’d strongly recommend aspiring first time buyers check their figures and have their mortgage agreed in principle as soon as possible. This will enable them the very best chance possible of securing their first home, putting them one-step ahead of other speculative house-hunters.”
  My Home Move surveyed 1,000 aspiring first-time buyers across the UK to discover their views on getting on the property ladder, including issues of affordability. When asked if they saw buying a property as part of their future pension, over a quarter (28%) of respondents admitted to never having thought about it before; while nearly 10% expected their pension to be sufficient, without the need to top it up from the sale of their future home.
  For further information on My Home Move and its multi-award winning conveyancing services, please visit www.myhomemove.com
  
  Kindly shared by My Home Move

   

   

New platform saves conveyancers even more time

A provider of technical solutions for conveyancers, tmgroup, has recently launched a new platform to further streamline the process for professionals.
The platform from tmgroup also includes integrated Stamp Duty Land Tax (SDLT) submission, enabling conveyancers to calculate and submit the tax in a simplified online form.
By listening to feedback and opinions from their customers, tmgroup developed the new platform in response to the absence of technological solutions within some areas of the conveyancing sector. Although electronic processes are becoming more of a feature within all areas of legal practice, the conveyancing sector in particular has recognised the use of technology to be effective in streamlining the process for consumers.
Providing a clear and tailored experience is the key aim behind the release of the tmconvey platform, according to Managing Director, Paul Albone. Highlighting the flexibility of the system, he said that the main goals of the platform were to provide choice for their users, stating “the workflow of the system adapts to our user’s changing needs. As and when even more new service integrations become available, we will enable them on the dashboard and they will link seamlessly to any established case already on the system.”
Although taking just over a year to develop, the system is based on 15 years’ worth of knowledge and experience, with expertise from across the business and the industry contributing to its design. Mr Albone mentioned that the experience of the company has been fundamental in developing the new platform.
“Our aim is to provide a solution which enables the conveyancer to control how they perform a conveyancing transaction. We are looking to deliver control and configuration, and provide that choice to the conveyancer. People have long considered tmgroup to be a search company and historically this is certainly true, however, we believe that the market is now also ready to consider more complete IT Services and we are now in a position to deliver the most robust solution – as we have done with the search offering over the last 15 years.”
As well as supporting customers with a simplified layout and navigation, the integrated services within tmconvey allow processes to be completed in a single location. This aims to reduce the time taken for conveyancing processes to be completed, as well as the need for users to visit numerous sites.
Despite the already impressive process and design of the platform, Mr Albone highlights that tmconvey will be an ongoing project which will utilise new technologies as they emerge within the market.
“It’s never finished – it will continue to evolve as the market changes. The way the platform has been built means that we are able to quickly integrate new services as and when they become available in the market.”
Mr Albone also commented on the vast changes which are happening within the industry. Largely due to the increase in availability of data, he predicted the developments which the conveyancing process would experience and how technology would contribute.
“I think the vast quantities of PDFs that we live our lives around at the moment will become a thing of the past and we will be ingesting data from multiple sources, providing information to the conveyancer by interpreting that data and then making sure that the risks and due diligence of the transaction are covered off and that the client is informed using digital tools, or portals as everyone calls them. Really, let’s begin to break down the silos between Estate Agent, Conveyancer, Lender and Valuer, and provide the consumer with a digital experience within the transaction, just as they receive from the many Property Portals whilst they are prospecting.”
As opposed to viewing it as a hindrance, Mr Albone stressed that technology should be embraced, rather than be shied away from. He stated that this is especially the case where it can allow processes to be simplified and create a better experience for all involved.
“Technology should be seen as an enabler. Delivered correctly, it will save time and probably most importantly create a consistency of process. This, in turn, should lead to higher levels of certainty and increased customer satisfaction.”

Property demand heads North

Spring prices have received a dose of positivity last month, despite the year-on-year growth slipping to just 2.6%.
February’s price increases show a traditional seasonal lift, with the overall trend pointing towards reduced price growth on an annual basis. Inflation has grown following the pounds’ falling value, meaning that in real terms, the capital values on the whole are not increasing at all. In several regions, however, there is significant growth, over and above the current rate of inflation.
Although most apparent in the East of England, East Midlands, North West and South West, vendor confidence levels remain high across the majority of regions. Despite high prices and oversupply in London and the South East causing the slowdown to continue, the outlying areas are providing housing market figures with the greatest support.
In the East of England, prices have grown by 9.6%; the greatest increase for any region over the last year. In light of affordability constraints and comparatively minimal rental returns, however, the rate of price growth appears unsustainable. Within this region, supply is growing and will in the coming months, lead to downward pressure on prices.
Within the property market, the Midlands and the North are on track to have a positive 2017. Prices are increasing at a sustainable level and supply is not growing. As well as this, rental yields are reasonably good in comparison to the overbought South East and London. Ultimately, this will mean the balance of Private Rented Sector investment will be tipped in their favour.
During Spring, prices will typically experience a boost. As Q1 of 2017 nears its end, and the annual trend of declining prices continues, the UK property market looks set to face a year of high inflation paired with minimal growth. During March last year (2016), the yearly rate for house price growth reached 7.9%; today’s figure is just 2.6%.

Boost for sole practitioners as HSBC raises conveyancing threshold

early five years after the Law Society successfully campaigned for HSBC to expand its conveyancing panel to include all firms accredited under Chancery Lane’s specialist kitemark, the High Street lender has raised the mortgage threshold for sole practitioners who can act for the bank and borrowers.
HSBC has announced that it will increase the loan threshold imposed on sole practitioners registered under the Society’s Conveyancing Quality Scheme (CQS) from £150,000 to £350,000.
HSBC’s head of secured lending, Tracie Pearce, said the bank’s decision would provider ‘greater choice and flexibility’ for customers and cut homebuying costs.
The Society welcomed the change, which came into force today. Robert Bourns, president, said: ‘The CQS accreditation marks a solicitor’s commitment to maintaining the highest standard of skill and service, and the value solicitors bring to an often complex deal.
‘HSBC’s decision shows that those dealing with conveyancers know that when a solicitor is CQS-accredited they can be relied upon to be at the top of their game. It is a welcome change that will benefit both solicitors and their clients.’
In 2012 HSBC agreed to amend its conveyancing approach to enable all CQS-accredited solicitors to act for HSBC and its mortgage customers, following a four-month campaign by the Society. CQS-accredited sole practitioners were able to handle all cases with mortgage values up to £150,000.
Previously only firms on HSBC’s managed panel of conveyancers were able to act for the borrower and lender, with all other firms able to act for the borrower only.
Under HSBC’s conveyancing system, those applying for a HSBC mortgage have three options when seeking a solicitor or licensed conveyancer. They can choose:

• A solicitor firm or licensed conveyancer on its managed panel;
• A CQS-accredited solicitor firm or licensed conveyancer who can act for the homebuyer and the lender; or
• A solicitor or licensed conveyancer who is able to act for the mortgagor but not HSBC, which would cost £295 including VAT in addition to the chosen firm’s fees.

The Sole Practitioners Group was 'delighted' with HSBC's announcement. Chair Kemi Mosaku said: 'Everyone should have access to independent legal advice from a solicitor of their choice and, of course, we welcome any initiative on the part of lenders which widens consumer choice.
'Obtaining CQS accreditation requires solicitors to have stringent procedures in place and the public and indeed banks can thus rest assured that they are getting advice from experts.'
Mosaku urged other lenders to follow suit by increasing mortgage lending limits in the same way.

Ombudsman warns of dangers from ‘conveyancing factories’

Conveyancing factories’ pose a potential risk for housebuyers, the chief ombudsman warns today, saying he is braced for more complaints about services.
A report, ‘Losing the Plot – residential conveyancing complaints and their causes’, says that despite the fall in house sales, residential conveyancing accounted for 17.5% of the 7,500 complaints handled by the ombudsman’s office in the past year, making it the second most complained-about area of law after family.
Adam Sampson, the ombudsman, says: ‘I want to show lawyers the emotional consequences of poor service, which can be devastating, in the hope that we can reduce the amount of complaints in this area.’
The report says that with the drop in volume of work, lawyers should be giving priority to quality. ‘In a market where business is already on the wane, they should be doing everything they can to preserve and enhance their reputations.’
However, the report says that poor-quality legal services are making homebuying more stressful.
Fees higher than the amount quoted, delays and a failure to provide adequate advice or follow instructions are the most common reasons for complaint.
Sampson says the ‘increasingly commoditised automated and competitive’ conveyancing market has resulted in traditional high street firms evolving or being displaced into ‘conveyancing factories’.
Services provided by such operations, where transactions can be handled online or where prices can be fixed from the outset under ‘fixed fee’ or ‘no-move, no-fee’ agreements, come in for particular criticism.
The report acknowledges that such innovative services can be helpful, but warns they are ‘not without risk’. It voices concern that by focusing exclusively on volume, some firms risk failing to provide a reasonable service.
With the arrival of alternative business structures, which allow non-lawyers to manage law firms, the ombudsman says ‘we are bracing ourselves for an increase in automated transactions and fixed-price deals’, which ‘may mean more residential conveyancing complaints’.
Law Society chief executive Desmond Hudson said the volume of complaints should be put in perspective. 'There are, on average, more than 675,000 property transactions a year. We are talking about 1,300 complaints on conveyancing to the LeO in a year. My point is that the vast majority of solicitors do a good job when it comes to conveyancing.
'However, there is clearly more that can be done to improve the whole conveyancing process from the consumer’s point of view. This is a challenge that those involved in the conveyancing process need to look at, not only those that are subject to the ombudsman’s complaints process - solicitors. We will be working with our Conveyancing Quality Scheme members to improve service standards.'