:00:15. > :00:19.Hello and welcome to Your Money, your weekly guide to making the most
:00:20. > :00:22.of your cash. Here every weekend on BBC News television and available
:00:23. > :00:28.all week on the BBC iPlayer. Getting more from our savings. Banks
:00:29. > :00:32.are told to make it easier to switch to a better account. We will find
:00:33. > :00:35.out how we do it ` and if it is worth the effort.
:00:36. > :00:37.A new car for the price of a second`hand one. We will show you
:00:38. > :00:41.how it is done. And the long harm of the law. More
:00:42. > :00:44.complaints about solicitors and the mistakes they make when we are
:00:45. > :00:47.buying a home. We will find out how to avoid the worst blunders.
:00:48. > :00:53.?4.3 billion ` that is how much extra the consumer group Which?
:00:54. > :00:57.Thinks we could earn every year if our savings were released from bad
:00:58. > :01:03.bank accounts. We have talked a lot in the past about switching our
:01:04. > :01:07.current accounts. Which wants the banks to make it easier to switch
:01:08. > :01:10.our savings accounts, too. Just 16% of those asked said they
:01:11. > :01:15.had switched their main savings account in the last 12 months.
:01:16. > :01:19.Why not more? Here is one possible reason. Just over 35% of those asked
:01:20. > :01:22.said they had not switched to a better account because they thought
:01:23. > :01:25.they were all as bad as each other. A whopping 75% said they did not
:01:26. > :01:32.think banks do enough to help savers get a good deal.
:01:33. > :01:34.James Daley is from the campaigning group Fairer Finance and David
:01:35. > :01:46.Braithwaite is a financial adviser, from Citrus Financial Management.
:01:47. > :01:53.What could the banks do? I think they could make the whole system
:01:54. > :01:58.simpler is a good starting point. At the moment, you open an account,
:01:59. > :02:03.it's got a great game and then 12 months later, even though it was
:02:04. > :02:10.called an instant Saver, they have offered a similar account with a
:02:11. > :02:18.different name, which is offering better interest. In many cases, the
:02:19. > :02:28.big banks simply do not tell you what the rates of interest are for
:02:29. > :02:32.all the accounts. How could it make us more aware of that? Should they
:02:33. > :02:40.be writing to their customers every year, for example? They could do, in
:02:41. > :02:48.these days, a lot of people do not open mail, why not text people?
:02:49. > :02:55.Banks simply have not moved into the 21st century, with relation to
:02:56. > :03:03.communication. Many people put the money the and forget about it. Could
:03:04. > :03:07.we have a system where the bank were transferred automatically another
:03:08. > :03:12.account? It sends a much simpler way of doing it. At least people would
:03:13. > :03:19.know, this is exactly where your money will be in 12 months' time. If
:03:20. > :03:33.they get in touch with you until you this, then you do nothing, the
:03:34. > :03:38.responsibility would lie with you. You tend to do a lot of shopping
:03:39. > :03:42.around and homework. It is very real that people will think, it is a year
:03:43. > :03:52.that has passed and then having a look at it, marking it on a calendar
:03:53. > :03:59.as you would a birthday. It does not highlight how to use the interest
:04:00. > :04:05.rates actually are. People could be making better use of their money,
:04:06. > :04:13.but the problem is, they are left to do it, when the banks should be
:04:14. > :04:26.doing more. People are so used to not taking money out of for example
:04:27. > :04:33.ISAs. People need to be aware that you can do that. Yes, part of the
:04:34. > :04:37.problem is also that the transfer takes so long. The banking system
:04:38. > :04:43.needs to move to a system where this can be transferred overnight. It all
:04:44. > :04:52.sounds like a pipe dream. In terms of moving to a different ISA, how
:04:53. > :04:59.would you best do that? You have to do your research. You need to simply
:05:00. > :05:06.get in touch and see I have this with this bank, ISA the, can you
:05:07. > :05:12.transferred it to this bank account? Unfortunately, it does take a few
:05:13. > :05:17.weeks to go through. It could be simpler. Everything is simpler, we
:05:18. > :05:23.all do Internet banking, like on the banks not deliver that speed to the
:05:24. > :05:29.consumer. Now, regarding interest rates, who actually are the best, in
:05:30. > :05:38.terms of offering best interest rates? The more you are prepared to
:05:39. > :05:41.do, such as running it yourself on the Internet, the interest rates can
:05:42. > :05:49.claim. You can get a three`year fixed rate of 2.7%. You can get a
:05:50. > :05:58.better rate if you are doing it yourself, you just need to make the
:05:59. > :06:04.effort. What about alternative to put your money, such as the
:06:05. > :06:11.accounts? Yes, some of their rates and these are 5`6%, but a lot of
:06:12. > :06:16.people are looking in the longer term to retain both the savings
:06:17. > :06:21.account and the current account. Thank you very much. David, you stay
:06:22. > :06:34.with us, because we will be talking to you slightly later on. , how
:06:35. > :06:36.could you lose track of that money? But thousands do, The government's
:06:37. > :06:39.got a Pension Tracing Service, to help people track down lost pensions
:06:40. > :06:42.and 145,000 have used it. Anyway, pensions expert Tom McPhail at
:06:43. > :06:46.Hargreaves Lansdown has come up with some tips to stop you losing track
:06:47. > :06:49.of your pension in the first place. If you change jobs, see if it is
:06:50. > :06:52.worth bringing your old and new pensions together in one pot. That
:06:53. > :06:55.is called consolidation. You might lose out, so do the maths first.
:06:56. > :06:58.If you move home, make sure you write to all your pension, savings
:06:59. > :07:01.and investment companies to give them your new address. Do not forget
:07:02. > :07:04.to tell your boss, as well. Keep the majority of your pensions
:07:05. > :07:08.and investments on one platform, this will cut down on paperwork and
:07:09. > :07:10.reduce the risk of money being lost. Make sure your husband, wife,
:07:11. > :07:14.partner, children, local cats home ` whoever is going to get your money `
:07:15. > :07:18.make sure they know where to find the relevant information. You can
:07:19. > :07:24.write down a list of assets, and have it stored with your will.
:07:25. > :07:29.Buying a car. To make the most of your money, is it is it better to
:07:30. > :07:38.buy new or nearly new? Theo Leggett goes all Clarkson on us. Car sales
:07:39. > :07:42.in Great Britain are booming. Sales increased by 8% in April and May
:07:43. > :07:48.have been increasing for the past two years. Researchers showed new
:07:49. > :07:53.one quarter of drivers want to get a new car with in the next five years.
:07:54. > :08:01.The car is the biggest purchase people will make after buying the
:08:02. > :08:04.house. A lot of the options are therefore important. As the car
:08:05. > :08:09.going to be great for you, going to do the job for you, how much is
:08:10. > :08:13.going to cost and to insure? You have to also budget as to how you
:08:14. > :08:20.will pay for it and long you are going to keep the car, essentially.
:08:21. > :08:24.Buying a car can be a very stressful process. You then need to go for the
:08:25. > :08:32.make and model and then, do you go for a used car or a brand`new one?
:08:33. > :08:38.Most of us would like a new canopy could get one. It is lovely and keep
:08:39. > :08:44.clean and has that lovely new smell about it. But the moment we drive a
:08:45. > :08:48.new car of the forecourt it loses an awful lot of its value. For the cost
:08:49. > :08:58.conscious motorists, that is a big problem. Newcastle lose up to 40% in
:08:59. > :09:02.value on the first year. According to research, it could work out
:09:03. > :09:12.cheaper to buy a new one than a used car. You know about these things, is
:09:13. > :09:19.it possible to get a new car for the same place or cheaper than a
:09:20. > :09:25.second`hand car. It is possible if you know that a dealership. You can
:09:26. > :09:35.also change the payment system. What if I do not want to pay in cash. Our
:09:36. > :09:41.best customers are those who buy second or nearly new vehicles. This
:09:42. > :09:49.has only six males on the clock is only two months old and has a saving
:09:50. > :09:54.of nearly ?9,000. It is a new car, as long as you do not mean being the
:09:55. > :10:02.second owner of the vehicle. There is a catch. And nearly new car will
:10:03. > :10:07.have a second name on the document, which could mean it would depreciate
:10:08. > :10:11.when you want to sell it on. But if you are looking at good value and
:10:12. > :10:16.not too fussed about the number of previous owners, you can get some
:10:17. > :10:21.fantastic deals. The most important thing is to do your research. If you
:10:22. > :10:24.want to buy something brand`new or second`hand, you may find yourself
:10:25. > :10:33.driving away with an absolute bargain.
:10:34. > :10:40.His other car is a Morris Marina. When you bought your house or flat,
:10:41. > :10:44.by the end of the process, were you still on speaking terms with your
:10:45. > :10:47.solicitor? Still good mates? Mmm? The Legal Ombudsman ` unlike other
:10:48. > :10:50.watchdogs, this one is not called Off`something. How delightful it
:10:51. > :10:53.would be if it was called Off`brief or Off`Lightly, but it is not. The
:10:54. > :10:56.legal ombudsman says the most complained about area of law is
:10:57. > :11:00.residential conveyancing ` the law about buying and selling a property.
:11:01. > :11:06.Tracy Kellet, aproperty expert at BDI homefinders is here, as is David
:11:07. > :11:10.again. How do you pick the right legal
:11:11. > :11:11.brain to take the pressure off you recommendation is first port of call
:11:12. > :11:26.` communication is everything DAVID: the first thing you should not do is
:11:27. > :11:31.skimp on your solicitor. You need to get yourself a good proper
:11:32. > :11:37.solicitor. The first thing you need to do is get a recommendation from
:11:38. > :11:43.somebody, somebody who knows about the subject, who has just bought or
:11:44. > :11:49.sold a house. Taught talk to them about the individual be used. Pick
:11:50. > :11:56.up the phone. Can you actually talk to them? The very important aspect
:11:57. > :12:01.of this is communication and the solicitor you cannot talk to is a
:12:02. > :12:06.hopeless situation. That is a very important point. It is about the
:12:07. > :12:20.Pearson, not about the solicitor 's office itself. David, looking at the
:12:21. > :12:26.figures, complaints of 215,000 last year. Is this telling is that
:12:27. > :12:30.solicitors are lazy or under more pressure? I think there are maybe
:12:31. > :12:37.more under pressure because house`buying has come up a lot. We
:12:38. > :12:40.have property lawyers who will speed things through at a discount price,
:12:41. > :12:46.but it does mean that some things get missed. But you are talking a
:12:47. > :12:56.lot of money when you're buying a house, so if you are saving a couple
:12:57. > :13:02.of hundred pounds, is it really worth it when you resell your house
:13:03. > :13:09.and the person who is buying it has a solicitor who is going to have a
:13:10. > :13:15.proper look at it? So, getting the discount is something of a false
:13:16. > :13:20.economy? Absolutely. The requirements that the mortgage
:13:21. > :13:26.companies need, legally wise, is much more strict and the require
:13:27. > :13:33.much more paper than needed years ago. You often come up against this
:13:34. > :13:39.wall of what you can do. You need this piece of paper which does not
:13:40. > :13:44.exist from 25 years ago and that is where you need a good problem
:13:45. > :13:49.solving solicitor. It is all about them being imaginative and
:13:50. > :13:56.innovative in the approach, rather than simply ticking off a check
:13:57. > :14:00.list? Yes, you need someone who will find ways around the inevitable
:14:01. > :14:03.problems which will end up in your way and that will relieve you of an
:14:04. > :14:13.enormous amount of stress and also protect you. You do need somebody
:14:14. > :14:18.who does not miss any of the important little details.
:14:19. > :14:24.Absolutely, and I bought a flat once and my lawyer found there was a
:14:25. > :14:29.square metre of driveway that was not owned by anybody. What if I was
:14:30. > :14:32.buying that flat and then somebody picks it up afterwards? It is all
:14:33. > :14:38.very well know in a buoyant market. What you need to think about is, in
:14:39. > :14:42.a slack market, you need to make sure what you have is as easily
:14:43. > :14:47.sellable as you wanted to be when you need to get rid of that asset
:14:48. > :14:53.and move on to a new home. There is a particular issue that the
:14:54. > :14:56.ombudsman picks up on, it is people who think they have bought the house
:14:57. > :15:06.or flat, they've got the keys, moved in, then it turns out they don't
:15:07. > :15:09.actually own it, because the solicitor has not handed over the
:15:10. > :15:15.stamp duty. There is a lot of this in the press, it is terribly scary.
:15:16. > :15:21.It is an obvious failing, and it is actually fraud. It is not as
:15:22. > :15:26.widespread as people believe, most of the things we're hearing are
:15:27. > :15:32.about incompetence. Is there any way of checking the stamp duty has been
:15:33. > :15:34.paid? What you need to look carefully at is the completion
:15:35. > :15:46.certificate you get, which is a statement of accounts. Can you do it
:15:47. > :15:49.without a solicitor? You can, it is not something I would recommend. We
:15:50. > :15:55.had a client do that once and it caused no end of pain. If you buy a
:15:56. > :15:59.property, and using a property lawyer, you're paying for somebody
:16:00. > :16:04.qualified to do that job. You would not do your own brain surgery, so
:16:05. > :16:09.why would you skimp on that? It is nice to have somebody to blame. If
:16:10. > :16:13.you are employing somebody for that, you have redress, you can talk to
:16:14. > :16:21.them about the solutions. I would never do something like that on my
:16:22. > :16:28.own. How do you protect yourself? You told us how to find the right
:16:29. > :16:33.solicitor, but mistakes are made. You have the legal ombudsman. They
:16:34. > :16:36.seem to be pretty busy. They seem to have your back as well. Get a good
:16:37. > :16:43.solicitor and you should not have any problems. Thank you, that is all
:16:44. > :16:48.from us this week. You can keep up`to`date all week long with what
:16:49. > :16:49.ever is making the news about money, pensions, savings, that takes your
:16:50. > :17:01.fancy. The address... You can get updates by following our
:17:02. > :17:04.feed on social media. Thanks for watching this week. I hope you will
:17:05. > :17:07.join us next week.