The Government has now unveiled major home buying and selling reforms following last years consultation that closed earlier this year. The conveyancing process is often heavily criticised due to chains collapsing half way through due to title, search and survey problems as well as its lengthy and frequent tiresome tasks that need to be carried out. Important questions were asked and answered such as whether upfront searches and title information being provided to buyers at the very early stages will shorten the process.
- Sellers and Estate Agents will have to compile sale packs that give upfront details about a property; to include property searches and an assessment as to condition. To also release up front information such as title information, council tax banding, leasehold terms as well as environmental and planning details.
-  We understand there will be a ‘conditional contract’ when an offer is formally accepted (no further in-depth details as yet)
- There is an intention to digitise a lot of the process to allow ‘quicker access to information’.
The announcement has set out a road map to include
Later this year – A code of practice to be released setting minimum standards for estate agents
Next year – more digital tools for agents to be made available and a consultation on agency qualifications
Thereafter – the use of sales packs and conditional contracts (as detailed above)
Upfront information will only help if it is reliable, current and properly understood. It also raises practical questions. Who prepares it? Who pays for it? Who checks it? What happens if it becomes outdated? How is liability managed? Will the process become more transparent, or simply front-loaded with extra cost and administration? These are the questions that need careful thought.
A faster process is only valuable if it is also fair, reliable and properly protected.
