Recently in the news there’s been a lot of talk about the LIBOR scandal – but what is this scandal? How will it affect the public? Am I losing out?

LIBOR stands for London Interbank Offered Rate; this is the rate which banks make short-term loans between themselves. It is calculated on a daily basis and is done by 18 different bank’s rates. It’s done in a similar way to how diving’s scored, they collect the rates from each bank then they remove the highest and lowest rates leaving them with an average. However, instead of the prize being a lovely gold medal, it’s an extremely large amount of money which should belong to the customers.

This scandal has a vast impact on the public, having the average interest rate manipulated is what makes consumers pay more on their variable-rate mortgages, credit cards, student loans and it also affects new homeowners and small businesses. If you think about it, that’s an incredibly large number of people who have been mislead by what the banks have been doing for a number of years.

Barclays paid a fine of £290 million that was imposed by regulators and they also decided that four of their senior executives were to give up their bonuses. Even after what ex-Barclays Boss Bob Diamond has knowingly done, he is still getting a £2 million pound payout, however, he has kindly and voluntarily, forfeited his bonuses worth up to £20 million.

It’s not just Barclays Bank who looks to be in the doghouse. Labour leader Ed Miliband has called for a criminal investigation to be conducted as Lloyds, HSBC and Royal Bank of Scotland have also admitted being investigated over their alleged involvement. Shares in these 3 banks have fallen due to the investigations and shares in Barclays Bank have fallen by as much as 17 per cent.

I know what you’re thinking, it’s completely unfair. How could they do this and get away with it?!

We, at PLS Solicitors believe that they shouldn’t. As with the Payment Protection Insurance scandal, this has left customers deliberating whether they could make a claim.  PLS Solicitors are calling for all those who think they may have a claim to come forward as we believe that we may be able to help.

If you think you have a claim, please don’t hesitate to contact our very own Adam Pavey on 0161 941 7449. He will be able to help and advise you and to answer any questions that you have.

PLS Solicitors is a Solicitors firm based in Hale, Altrincham near Manchester. We deal with Residential Conveyancing, Commercial Conveyancing, Disputes and Employment Law. Take a look at our website at www.pls-solicitors.co.uk for full details of how we can help you.

HSBC has decided to drop its controversial requirement that homebuyers use one of a panel of just 43 firms to do the bank’s legal work following a string of complaints from customers and lawyers.

From August, the bank will allow all members of the Law Society’s Conveyancing Quality Scheme (CQS) to act for it and the borrower in the conveyancing work needed to buy a property, increasing the number of firms consumers can choose from by more than 1,400.

Since January, mortgage borrowers with the bank have been forced to instruct one of a panel run by Countrywide to act for the lender. They have had the choice of instructing their own conveyancer too, but some who have done so have reported delays, and there have been stories of solicitors refusing to work with the bank’s panel.

Following the change homebuyers will have three options: they can still use one of the panel for their own and HSBC’s legal work and pay a fixed fee for the service; they can use one of a larger panel of firms which have the CQS mark but can set their own fees; or they can still instruct two solicitors – one to represent them and one the bank.

The panel of accepted solicitors was introduced in response to rising levels of mortgage fraud, and followed decisions by other lenders to restrict the number of conveyancing firms with which they were happy to work.

In a joint statement, the Society and the lender said they are in the final stages of agreeing the processes for ensuring that the bank’s systems incorporate CQS firms. So far, just over 1,600 firms across England and Wales have CQS. The Law Society is dealing with around 360 applications.

The new process will be piloted through a small number of HSBC branches from 14 August and extended across England & Wales on 29 August 2012. Only new customer applications completed on or after 29 August will make use of the new arrangements, although HSBC will make customers who are applying for a mortgage shortly before this date aware of the change.

HSBC are also instigating a training programme for all front-line staff to ensure they understand the new option and how to communicate it to customers.

Selling a house during the best of economic times can be hard enough. Now we’ve entered into a double-dip recession it’s a more trying time than ever before. There will be a few questions going through your head right now – Should I use an Estate Agent? Where do I start to think about my asking price? I am writing this article to help those of you who are in need of a little guidance and a helping hand to make this process as easy and as successful as possible. Below I hope to give you a few ideas.

Cheap Fixes

Adding a spot of paint to that room in need of a little updating is a great place to start. Most people out there will be looking for a house that they can move straight into without having to do too much work to it. Turning that 1990’s reject room into a refreshed, warm, neutral coloured room is the way to go. You need to try to create a blank canvas for the prospective buyers as they will be picturing themselves and their belongings in the house as they take a look around.

Start packing! Remove those books and DVDs from the shelf, pack away the coats, scarves and shoes by the door, box up those much loved board games from the top of the wardrobe and while you’re there, take the bulky clothes out that haven’t seen the light of day since the 1990’s reject room last saw DIY action. Have a really good ‘Spring Clean’ make everywhere shiny, clean and spotless but make sure you hide all the cleaning products afterwards.

Other handy tips are using air fresheners and displaying some lovely, fresh flowers. Making the property looking and feel inviting is a much more appealing prospect than have the house dingy and smelling of last night’s tea of kippers and mackerel. Mowing the lawn in the garden also ensures that prospective buyers aren’t buying a section of the Amazon rainforest (but with a year round monsoon season in this country!) When you’ve finally turned your garden back into a nice, neat, maintained garden again, giving the fences a lick of paint will also make it look a much loved entertainment area.

Un-Clutter That Cluttered House

Clutter makes any house look smaller. Your aim is to try and make the house look as though there is more room than there actually is, so throw away that collection of glass bottles you started collecting then quickly lost interest in. In this situation, less is most definitely more. Having an un-cluttered house is much more appealing to potential buyers.

To Estate Agent or Not To Estate Agent? – That Is The Question

In these technological times, it is possible to advertise the sale of your house on the internet without having to go through an Estate Agent. Websites such as www.mypropertyforsale.co.uk are a great way to advertise the property and save you thousands of pounds in Estate Agents fees. From £299+VAT you can buy yourself and advert with pictures, will also buy you marketing on websites such as right move and find a property which will advertise to a wider, online audience.

An alternative to the selling online method is that you can sell your house through an Estate Agent. Estate Agents fees can be anywhere from 1%-3% of the selling price plus VAT. If you want to pay lower scale fees, you can negotiate these but you will have to negotiate hard. Using an Estate Agents means that you don’t have to do the work that would have to be done if you didn’t use them. The Agents will conduct viewings, handle any enquires about the property, take pictures of the house, advertise the property in their shop windows and negotiate with the potential buyers, all that that you would have to do yourself if you advertised online.

Getting The Price Right

Getting the right asking price is monumental in the selling process. The price of the property is going to be one of the first things that the prospective buyer is going to see. When I walk down the high street on my lunch, I take a look at the houses up for sale in Estate Agent’s windows. I take a look at the pictures of the house then I take a look at the price. It’s the same way online, first the pictures, then the price. Sometimes I think to myself “There is no way on earth that I would pay that much for that house!” So you need to make sure your house isn’t the one that I’m making that comment about.

It’s highly advised that you have a professional valuation taken out on your home. Future buyers are willing to paying what the house is worth, not what you think it’s worth.

House price surveys track the price of residential housing and can be useful for determining your property’s value. Surveys can done conducted by Mortgage Lenders, government bodies and property websites.

Surveys of house prices can show you whether house prices are rising or falling, by how much and in which areas of the country. That said, property markets work at a much more local level than most house price surveys, so while they can be useful, they should not replace the research you carry out yourself by talking to local estate agents and looking at properties that have sold in your local area.

Get The News Out and About!

Word of mouth is a completely underestimated tool nowadays. As you see your neighbour on your way to/from work let them know that you’re selling up. Odds are that they will tell other people that they know and you never know who in your area have had their eye on your house and have been waiting to snap at the change to own it. Also, back to technology, use the social networking sites as a platform to advertise, it’s a free way to get the word out!

And Finally…

When you’ve had that offer, you need to choose a Solicitor who is willing and keen to help you make those final steps. PLS Solicitors is a Solicitors firm based in Hale, Altrincham near Manchester.  Our residential conveyancing team aim to run a paperless office and communicate with other solicitors and clients via email wherever possible; this dramatically reduces timescales making your move quicker and easier. At PLS Solicitors we pride ourselves on our local connections and a large majority of the residential conveyancing is carried out in the following local locations:-

• Knutsford
• Timperley
• Hale
• Hale Barns
• Didsbury
• Chorlton
• Wythenshawe
• Sale
• Longsight
• Wilmslow
• Alderley Edge
• Stockport

We also help people to move home nationwide, so even if you’re sat reading this article in Kent, don’t be afraid to call, e-mail or write to us, we will help you wherever you are and whatever the query. You can also check out our Guide to Conveyancing on our website at www.pls-solicitors.co.uk/our-guide-to-conveyancing

Moving house is said to be one of the most stressful things that can happen to you during a lifetime. Wouldn’t it be better for you if there was a way to make it easier and to enable you to achieve peace of mind throughout the process?

At PLS we are proud to say that we are a member of the Conveyancing Quality Scheme. The Conveyancing Quality Scheme (or CQS) began in January 2011, it was introduced by the Law Society for Solicitors who offer residential conveyancing services. The scheme is renewed annually to provide consistent standards, increase the speed at which the conveyancing process can be completed and it also aims to create a trusted community which will deter fraudulent firms.

But what does this mean for you?

Being a member means we are able to meet the high standards that have been set. As a CQS accredited firm we promise to:

• Offer you a excellent, friendly service with professional and competent staff
• Explain the steps throughout the process clearly
• Tell you the costs of the transaction
• Keep you informed every-step of the way

We also promise to:

• Treat everybody fairly
• Respond promptly to any enquiries that you may have
• Inform you of any problems as soon as they arise

We, as a firm, are always striving to be the best. We ask for and welcome any feedback that you have, so please feel free to contact us!