Conveyancing Solicitors in No Conveyancing Transaction Shock!
The Land Registry has produced data detailing the number of Conveyancing transactions completed in England and Wales in 2010.
Every Conveyancing transaction completed in England and Wales must be registered at the Land Registry, so the information is totally accurate in giving a snapshot of the state of the Housing and Remortgage Market.
The results which were reported in Today’s Conveyancer show a total of 721,089 completed Conveyancing transactions.
This shows the subdued nature of the Housing Market.
The general consensus used to be that a “normal” housing market would see about 1.2 million Conveyancing transactions.
Some Conveyancing Solicitors remember the heady days of the late 1980’s, when close to 2 million Conveyancing transactions were completed.
It may not be a surprise to many Conveyancing solicitors, but may be to the public at large, that two major firms of Licensed Conveyancers with heavy links to Estate Agents are top of the tree.
Myhomemove based in Leicester act for many Estate Agents but are not owned by an Estate Agency.
Countrywide Property Lawyers, is in second place, and is a subsidiary of the biggest Estate Agents in the country and trade under many different brands.
Licensed Conveyancers have a considerable competitive advantage over firms of solicitors in that their professional rules allow them to act for both sides in a Conveyancing transaction.
Nor, do Licensed Conveyancers need to reveal the existence of a referral fee paid by the company to the Estate Agent in return for the Conveyancing instruction.
The power of Estate Agents to direct Conveyancing to their chosen property lawyers in return for payment, directly or indirectly for reward is a Conveyancing phenomenon of the last few years.
What is also extraordinary is that 800 Conveyancing firms of solicitors completed only 1 transaction each during the whole of 2010.
The top ten Conveyancing firms command 5.6% of the overall market for Conveyancing.
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