News

Industry Insight: PII and mitigating SDLT risk

Today’s Conveyancer – 26th November 2021

Welcoming Marc Rowson of Lockton Companies LLP and Hannah Mackinlay of SDLT Compass, the discussion centred on the ways in which firms can demonstrate to their insurers how they are taking a proactive approach to client service and risk management.

Against a backdrop of significant increases in professional indemnity insurance for many conveyancers, in some cases in excess of 20%, the insight from Lockton’s Marc Rowson was a useful reminder of the challenges for law firms, brokers and insurers…

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SDLT Compass joins Conveyancing Association as Affiliate member

The Conveyancing Association – 15th October 2021

The Conveyancing Association (CA), the leading trade body for the conveyancing industry, has today (15th October 2021) announced the appointment of new Affiliate member, SDLT Compass.

SDLT Compass is a bespoke software solution which…

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SDLT risks and how to solve them

Lockton Solicitors – 27th September 2021

Amid a recent drastic increase in property transactions and in light of increased claims in this area, we asked SDLT Compass, expert advisers on the subject, to highlight the key risks of SDLT and how best conveyancers can handle these.

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Conveyancers miss SDLT relief resulting in massive overpayments and claims

Today’s Conveyancer – 23rd June 2021

PI insurer Howdens have reported insurers seeing a significant increase in claims arising from a failure to apply for Multiple Dwellings Relief (MDR) from SDLT resulting in massive overpayments of SDLT to the treasury.

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PII RISK: ARE YOU CONFIDENT THAT YOUR FIRM IS CALCULATING SDLT CORRECTLY?

Howden Group – 18th June 2021

Howden recently convened a roundtable to discuss the complexity of Stamp Duty Land Tax (SDLT)[1] and the pros and cons of software that has recently been launched by SDLT Compass to address this issue.

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POTENTIAL CLAIMS FOR SDLT ERRORS COULD CAUSE A PROFESSIONAL INDEMNITY CRISIS

Today’s Conveyancer – 3rd June 2021

Last month, an industry reforming technology was launched for the legal profession, protecting property lawyers and conveyancers against an ongoing professional indemnity crisis surrounding SDLT. Evolving at speed across the nation, residential conveyancing remains the area of practice where most insurance notifications are received, with residential and commercial cases combining to represent a near 51% of all incoming matters. Market commentary indicates that across the industry, many law firms are facing an increase of 20%-30% on annual PI premiums, driving down the incentive to generate new business and posing a viable threat to the future of many firms….

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TAX SPECIALIST LAUNCHES GUARANTEED STAMP DUTY CALCULATOR FOR INDUSTRY

The Negotiator – 5th May 2021

An industry-first Stamp Duty calculator that indemnifies conveyancers and in-house agency solicitors against giving inaccurate SDLT figures to property buyers has launched. Called the SDLT Compass its creators say it is designed to protect firms from costly errors which can be investigated by HMRC up to four years down the line…

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AN ALARMING NUMBER OF STAMP DUTY CALCULATIONS ARE WRONG

Property Industry Eye – 5th May 2021

Each year, an estimated £2bn of Stamp Duty Land Tax (SDLT) is overpaid to HMRC due to the complicated and often confusing nature of the tax, according to SDLT advisors Compass. In the last year, the company claims to have recovered over £14m on behalf of their clients, the majority of which are individuals incorrectly paying thousands of pounds of unnecessary tax…

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INDUSTRY-FIRST TECHNOLOGY LAUNCHES TO HELP SOLICITORS AND CONVEYANCERS PROTECT THEMSELVES AND THEIR CLIENTS

Inside Conveyancing – 4th May 2021

Today, an industry reforming technology is being launched for the legal profession, protecting property lawyers and conveyancers against an ongoing professional indemnity crisis surrounding SDLT.

Evolving at speed across the nation, residential conveyancing remains the area of practice where most insurance notifications are received, with residential and commercial cases combining to represent a near 51% of all incoming matters. Market commentary indicates that…

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