Some uncertainties are hovering around the real estate of the UK; market gurus are expecting a correction but not a crash. Property price is expected to grow by 8.9% commutatively in the next five years, but before that happens, 2023 could be a stopper. It is forecasted that 2023 property price is expected to plunge by 6%. Some real estate agents presume the decline to be sharper, around 20 to 30%, due to imminent recession, high inflation, and cost of living issues. But not all areas are expected to witness this property price plunge uniformly. The expected fall is around 4% around London and 8% around Wales.
Growing housing demand
But the good news is the growing demand for housing; the assessed shortfall is around 610,000in the next five years. If there is no sharp decline in unemployment, the impact of the recession and other macroeconomic factors on the housing industry will be mild. As per UK property news, the market will be for opportunistic buyers and slightly biased sellers. The opportunistic buyers consisting of around 25% of total deals, would not be willing to pay the asked price, while the sellers would not entertain hefty discounts. This dynamic will not facilitate smooth property deals, and the number of transactions may decrease.
Difference between solicitor and licensed conveyancer
Property transactions are always a stressful experience, and it becomes more when buyers and sellers do not agree to a price amicably. The situation worsens if the appointed solicitor is not proficient enough to carry out the deal and peruse both parties. Before you step into a conveyance procedure, the difference between a solicitor and a licensed conveyancer must be noted. The job profiles of both professionals are identical, facilitating the legal work necessary to complete the sale deed. The knowledge of the field is the distinctive factor; a solicitor is a qualified lawyer with inclusive knowledge of the legal framework. The individual can deal with various intricate legal issues. A solicitor is a member of governing body Solicitors Regulation Authority (SRA) competent to offer extensive legal services.
The Council of Licensed Conveyancers (CLC)
Whereas a licensed conveyancer is knowledgeable about property dealing but not well versed with other aspects of legality and governed by the Council of Licensed Conveyancers (CLC). If you are not satisfied with their service, you can lodge a complaint against them in the appropriate legal cell, but the process is daunting. Both a solicitor and licensed conveyancer must adhere to the stipulated code of conduct or protocols prescribed by the governing bodies. If you feel there is a breach of trust conducted by a conveyancer or lawyer, you can raise the issue, and the accused is likely to receive a penalty according to their misconduct.
You can learn about organizations established to protect consumer rights in the conveyance process go through the UK property news. The first step regarding grievance is to inform the law firm so they can avail the opportunity to amend the service. Every firm has its own way away to deal with customer grievances. Generally, there is a complaint manager, typically a partner of the firm. You must note down the name and contact number of the complaint manager before signing the document stating to appoint the solicitor/ conveyancer to deal on your behalf.