A large commercial law firm will ditch its client account in favour of a third-party managed account (TPMA) by the end of the year, a leading payment processor has predicted.
Rightmove says the number of homes stuck in what it calls “the legal log jam” is at its highest for over five years.
Properties are taking longer to get from sales agreed to exchange, Rightmove said this morning.
Chancellor, Sajid Javid, has dismissed a front page story run by The Times that he is considering a change to Stamp Duty by switching the payment from buyers to sellers.
Ongoing problems are beginning to seriously impact the housing market as leaseholders wait for months to update leases prior to putting properties on the market.
A sales progression tool is urging property professionals and consumers alike to do more to speed up typical transaction times, and claims that on average the exchange of contracts takes 166 days – equivalent to 5.3 months.