Yesterday (8th July 2020) the government announced homebuyers will not be required to pay stamp duty on properties up to £500,000 and 3% will be charged on second homes up to £500,000. This policy came in to effect immediately and will be in place till 31st March 2021. Please note, you still need to process the SDLT forms as normal and AP1.
The Pali Smart Quote has been updated to reflect the new changes therefore you can rest assured, if you currently use the ‘in-house’ system and/or have the web plugin installed on your site, the correct Stamp Duty fee will automatically be calculated and applied to your quotations.
The Pali Smart Quote ‘in-house’ system is designed so members of staff can produce quotations, tailored to your firm’s pricing structure in under two minutes. The intuitive software not only calculates Stamp Duty but it also detects whether the property is Freehold, Leasehold or Unregistered and applies your appropriate fees. Fully branded quotes are automatically sent out complete with your T&Cs. Having the web plugin installed on your site increases revenue by generating out of hours’ business whilst ensuring compliancy with the SRA and CLC Transparency Regulations.
The Pali Smart Quote software is complimentary to clients of Pali and our Smart Quote Team does the full set up for you.
For more information on the Pali Smart Quote please contact a friendly member of the team on 0800 023 5030 / email@example.com.
Clients of Pali can now order a Japanese Knotweed Indemnity Policy, produced by CLS Property Insight, online via the Pali Platform for Residential properties. Policies for Commercial properties can be ordered offline.
The Residential policy is a fixed fee of £40 inc IPT for properties up to 0.5 acres and the Commercial policy costs £100 inc IPT for sites up to 0.25 acres and £150 inc IPT for 0.25 to 0.5 acres.
What is Japanese Knotweed?
Originated from Japan, Taiwan and China, Japanese Knotweed is listed as one of the world’s 100 worst invasive species. The weed can grow through concrete, asphalt and walls by exploiting weaknesses via cracks and joints. With the ability to grow over 1 metre in just 3 weeks and take up to 7 years to completely eradicate the infestation, some lenders are declining mortgages on properties that are known to be infested with Japanese Knotweed.
For residential properties, the seller will answer question 7.8 on the TA6 form. This question relates specifically to Japanese Knotweed which will require further steps if “not known” is answered. Where “no” is selected and Japanese Knotweed later becomes apparent the purchaser could pursue compensation from the seller.
The Law Society Explanatory Notes on the TA6 form set out:-
The seller should state whether the property is affected by Japanese Knotweed.
Japanese Knotweed is a non-native invasive plant that can cause damage to property. Japanese Knotweed requires several years of treatment before it can be eradicated.
A Japanese Knotweed management plan can help to control the spread of Japanese Knotweed and eradicate it. Most management plans provide a record of works carried out to control Japanese Knotweed. They can provide reassurance to mortgage lenders who may be concerned about the impact of Japanese Knotweed on the value of the property.
Sellers should provide a copy of any Japanese Knotweed management plan to the buyer.
What is included within the CLS Property Insight Policy?
£20,000 limit of indemnity
Covers buyers, lenders, landlords and successors (within 5 years of the inception date) Please note the inception date of the policy should be on the completion date when the insured is certain that no enquiries have been made which identify that knotweed is present at the property
Loses include but are not limited to; a. compliance by the Insured with any Remediation Notice b. completion of required remediation works identified in a Japanese Knotweek Survey c. the liability of the Insured to reimburse the Enforcing Authority for remediation works carried out by the Enforcing Authority on the property. d. the cost of altering, repairing or demolishing all or part of the property as a result of damage caused by Japanese Knotweed
Residential and Commercial insurance is available for properties not exceeding 0.5 acres.
Why Choose This Policy
This policy does not have hidden exclusions, therefore ensuring a smoother claims process and reducing the possibility of not being able to claim at all. Many include limiting exclusions, for example, if Japanese Knotweed could have been discovered by visual inspection or survey, the claims would be excluded.
For more information on this Indemnity Policy please contact a friendly member of the Pali Team on 0800 023 5030 / firstname.lastname@example.org.
PALI is pleased to announce the launch of variable statement of fact (VSOF) into our legal indemnity ordering process.
Our speaker Steve Johnson of CLS Property Insight will talk through the benefits and steps in the legal indemnity ordering process. He’ll also provide a briefing on the Insurance Distribution Directive and how the SRA and CLC rules have changed to accommodate the IDD.
When: Thursday 25th June 2020 Time: 10:00 Duration: Approx 45 mins
• Overarching requirements of IDD • New requirements introduced with IDD • What solicitors need to do to comply and how PALIs adoption of VSOF will support compliance.
This session provides a detailed overview of the new search including the new information that meets the standards set in Section B8 of the Conveyancing Handbook (25th Edition), as well as looking at key aspects that a buyer should be made aware of when purchasing a farm and agricultural land.
We are excited to announce the launch of our Variable Statements of Fact facility, in conjunction with CLS Property Insight, which allows for even more policy options online. Bespoke quotes that usually require an underwriters approval can now be placed online, within minutes. Previously, where the Statements of Fact could not be met, it would require contacting our underwriting team for a bespoke quotation. Our new functionality will mean there will be more Statement of Fact drop-down options available within the affected policies to prompt you to choose the best description that fits your clients’ needs. This will mean more drafts can be generated online avoiding the need for an offline referral.
Clients were already able to order Indemnity Policies via the award winning Pali Platform as well as view samples and create draft policies that could be ordered later with ease. With this new enhanced feature, users will now receive a quote in minutes for complex cases, with more quotes processed online and the amount of offline bespoke cases involving an underwriter is vastly reduced. For example, where there has been a breach to a covenant within the last 12 months, previously you would have to fall offline for a bespoke Restrictive Covenant quote, the online system now has ranges which cover where a breach occurred 6 months ago. Previously the online system covered where possessory title was registered over 12 months ago now, if the possessory title has only been granted for a few weeks, you can obtain coverage online without the need of contacting our bespoke team. Prices continue to be displayed up front in a clear format with no hidden fees appearing later on.
Pali is currently the only Search Provider that offers this facility. Steve Johnson, national key account manager at CLS Property Insight commented; ‘We’re proud to work with PALI and congratulate them on their swift adoption of the latest enhancement to CLS Property Insight insurance services namely our variable statement of fact workflow. I am sure PALIs continued innovation will be well received by their clients and we look forward to supporting them on future service developments.’
This enhanced Indemnity Policy feature further compliments Pali’s seamless data-flow system making clients’ lives even easier and saving valuable time.
For more information on this please contact a friendly member of the team on email@example.com
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Pali would like to invite you to join our free Planning Webinar. In this session we will compare a dedicated planning search from Groundsure to a local search and provide an overview of the state of planning permissions in the UK.
When: Tuesday 19th May 2020
Duration: Approx 1 hour
CPD: 1 CPD Point
Topics covered: This webinar provides a detailed run through of the Planning report and other relevant searches and case studies will provide real life examples of how planning and developments can impact upon properties. Case studies include a look at the Parkside Colliery in Newton Le Willows and controversial developments in Lowton amongst others.
If you would like to register for this webinar please CLICK HERE
On the 26th of March the government released a statement which provided advice for home buyers and sellers at this current time. To see the full statement you can CLICK HERE
This is an uncertain time for anyone who is in the current process of buying or selling a property and further to the Government’s recent statement we need to ensure we are following the measures put in place. The guidance above provides helpful answers for anyone who is unsure or worried.
To summarise, here are the main points below:
If the property being bought is empty, the move can continue as normal as long as it can be done safely.
If the property is occupied, all parties are encouraged to agree on alternatives dates.
If a new date cannot be agreed, critical home moves can still take place if they can be done safely.
Anyone with symptoms, self-isolating or shielding should follow medical advice which will mean not moving to a new house for the time being.
It’s business as usual here at Pali and we will continue to provide you with the services and products you require, as normal.
If you have any questions, please contact a friendly member of the Pali Team on firstname.lastname@example.org.
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Life can often be full of uncertainties which can leave many feeling stressed and overwhelmed. Stress can mean that we don’t feel as happy or positive in our day to day lives, however, there are things you can do to get back to your usual self. If you are feeling stressed or think you may just need some positivity, then here are a few tips to keep you going!
1. Exercise – Physical activity helps boost your brain’s feel good endorphins. When you go for a hike or do a home workout the neurotransmitters will be released. You can find home plan ideas online, via YouTube, where there are a lot of personal trainers who have created home plans that you can use. However, if this isn’t something you would be interested in, going for a light jog will achieve the same feeling. Exercising is good for your mind and body as it gives you more energy and more motivation for the day. It’s best to do a workout in the morning or midday in order to prepare your mind for the day ahead.
2. Listen to music – Music helps calm the mind. Slow, quiet, classical music can help you wind down. However, if you would like to be in an upbeat and happy mood, it won’t hurt to blast out something a bit faster! Music can have a positive impact on both your emotions and body. Faster music will make you feel more positive, whilst the slower type of genres such as jazz or classical, can make you feel relaxed and can help manage stress.
3. Meditate – Meditation is the practice of where you focus your concentration on bringing yourself back into the moment. With practice, meditation can become one of the best ways to reduce stress and anxiety. Whilst you can’t control your thoughts, you can try to control how much power they have over you. This does not mean you should suppress them, but just remain calm and use your breathing to help control them and bring you back to the moment.
4. Go for a walk – As mentioned previously exercise is a good way to reduce stress. However, not many people enjoy intense work outs or running. When you feel like you are beginning to become stressed, it’s a good idea to go outside and take a walk. Calm down, take a deep breath in and soak up the nature.
5. Cook – Cooking, while being an essential part of life, can be a tool to distract from everyday stress. Tasks that require you to concentrate a good way to keep calm by distracting you from negative thoughts. When you are concentrating a lot of your energy and time goes into that one task. Finding a hobby can reduce stress especially if it is something you are passionate about.
6. Chores – It’s a good idea to find some household jobs that you’ve needed to attend to! Cleaning and focusing your energy into a certain job can help you keep your thoughts away from the stress.
7. Stress diary – Writing down all the negative and positive parts of your day can take some of the stressful thoughts out of your head and down onto the paper. This can help you judge the situation and reduce your negativity by comparing to the positive points.
8. Try to relax – Relax of an evening. Wind down. Consider putting on your favourite movie and taking a long hot bath with scented candles.
9. Eat well – Eating healthily can make sure you feel good! Feeling good about yourself can reduce stress. Make sure you have a lot of vitamins and are drinking a lot of water! A well-balanced and nutritious diet is one of the most important ingredients for good health.
10. Talk to someone – For talking to be most effective, make sure you choose a suitable person for this conversation. For example, there is no point talking to a two year old about work stress! Instead, speak to someone who would have a clear idea and can relate to the situation. This will reassure you that you are not alone and further stress can be removed with an outsider.
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Pali, in conjunction with Groundsure, would like to invite you to join our free Webinar, presenting a comprehensive overview on what is included in each residential search report and the type of transactions they apply to.
When: Tuesday 7th April 2020 Time: 1pm Duration: Approx 1 hour CPD: 1 CPD Point
In light of the current national and global COVID-19 pandemic we would like to inform you of our position on the situation. Rest assured, we will continue to provide you with an excellent service.
Pali is in a fortunate position whereby both our internal and user-facing systems can be accessed remotely. Our sophisticated technology enables our service to continue as normal and a strategy is in place and will be exercised should the situation worsen. In the event that some or all the staff at Head Office are required to self isolate, measures have been put in place to ensure each member of staff can work from home. Business will continue as normal and you shouldn’t experience any disruption with the service you receive. You will be able to contact Pali as normal via email and telephone.
We have received updates from our Service Partners who, like us, have put clear processes in place to manage any potential disruption. We are all working closely together to make sure our clients’ productivity is not affected.
We are in the process of contacting the councils and water companies to ensure we are kept up to speed on their plans and policies. Please rest assured we will do our utmost to continue to provide you with all the products and services you currently receive from Pali.
The Pali Team.
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