And yet, we still see firms in the conveyancing sphere who think that SDLT is not a big deal, and that it’s something that they have under control and have processes in place to deal with which are perfectly adeuate.

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What may focus the minds of such firms is when they start seeing claims from clients who believe they’ve missed a particular relief or exemption on their purchase, and want compensation for money missed out on.  

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Currently, such claims for missed Mixed se relief and Multiple Dwellings Relief are becoming increasingly common.

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Given the confusion around the Higher Rate on Additional Dwellings, aka the 3% surcharge, it’s not difficult to imagine more claims in more areas will follow.

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All this comes at a time when PII premiums are rising by eye-watering margins. In the last quarter of 2021 alone, premiums rose on average by 30%! Industry experts don’t see any significant drops coming across the board anytime soon. Such rises have seen the closure of many small to medium-sized firms, some being absorbed into larger networks, others simply calling it a day.

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Happily, a recent Legal Technology panel discussion hosted by women in will suggested that there is hope for firms when it comes to looking at ways to lower their PII premiums, and it’s something that might also benefit firms in numerous other ways as well.

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Rob Hosier, a board member of the U.K. Legal Technology Association, said that in their latest review, ’On PII renewals, 30-40% of firms got a discount because of the tech they are using.’

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Pippa Shepherd, Head of Customer Engagement at Arken.legal, went on to elaborate on the various benefits firms see from the use of tech; ‘The benefits of tech are multi-fold.  When we’re looking at fee earners and how many hours you can bill, freeing up time by speeding up admin using tech can allow you to get more out of your time, and reduce the need for administrative resources.’

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As a member of the UKLTA, SDLT Compass represents just such a resource.

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Complex cases which now might require additional time on a fee earner’s part to investigate can now be simply outsourced to Compass systems. We are proud to be a part of a community of progressive thinkers and influencers in the delivery of legal technology and networking within that community

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No more waiting for weeks for answers from HMRC. No more trawling through the very latest relevant case law on the definition of a dwelling.

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Compass is a simple, focused process that meshes seamlessly with existing systems. It allows you to get the right answer quickly and efficiently, freeing up fee earner time and, more importantly, reducing the risks your firm could be exposed to.

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This can then lead to reduced PII premiums, as insurers see your firm actively engaged in tech. This not only increases your firm’s efficiency, but reduces the risk of one of the current highest sources of claims in the U.K. property marketplace.