Conveyancing Market Shifts
The conveyancing market is shifting. Over the past few years the Southern Conveyancers were placed next to the high demand Southern Property Developers stock.
They provided a nominated, preferred route for Southern Developers to keep control of their New Build Sales, albeit not as independent as it should be for their Buyers.
Now with leasehold issues coming to the market, that decision for Developers to push Buyers to use their Solicitors will now prove to be an issue.
To make matters worse the sales momentum for Southern Developers is reducing and the much needed pre sales from Investors is no longer a certainty. The Investor market is shifting.
What will happen Now
The southern Conveyancing firms will need to act fast as their cost base will be too high without the certainty of local New Build sales.
They may consider taking conveyancing work on at a lower rate to supplement their base line work. A difficult choice as that can cause issues with their existing Clients that are willing to pay their standard fees.
Some Southern Solicitors are already merging or opening up an office in the North.
Logically this situation is forcing all Solicitors to spread their financial risk, which can only long term strengthen their position.
Southern Property Developers
Southern property Developers need to act fast to lock down their stock with firm Buyers. Some have advised that Stamp Duty will be paid. Sounds good. Massive mistake. Under the CML (Council of Mortgage Lenders) rules that will need to be noted and the property will be valued at the market price minus the stamp duty. This impacts what the lender will lend and the Developer will be left with the Buyer having to walk away as the Buyer will not get the funding that they had hoped for.
Non disclosure of the Stamp Duty Gift isn't an option
Southern Developers need a Sales action Plan
We Help You Too Ltd has the sales software to provide control for Developers to use at a nominal cost. This provides Developers with a controlled way of sending stock to new sales outlets. The Homebuyer panel provides the impartiality for the new Buyers and Investors. A win win as Buyers have conveyancing choice and Developers can keep control of their Sales.
Buyers - Thinking Ahead
If you are Buying New Build then please do be careful on the value of incentives being provided.
This may cause an issue with your Mortgage Lender.
The best scenario is that you try and get your white goods included and maybe a discount on the advertised price.
Negotiate hard as fast exchanges for the Developer gives them certainty that a sale will proceed.
New Build Investors Buyers and New Build Homebuyers can compare quotes online from the national Homebuyer panel without entering any personal details.
When ready they can take a quote away and schedule a call to discuss their conveyance.
Please do call on 0345 463 7664
If you need that supporting, helping hand to find your independent Conveyancer.
