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The government is to publish a ‘call for evidence’ later this year to modernise the home buying experience amid concerns about conveyancing.
The news was confirmed at the end of a Westminster Hall debate on the conveyancing process in June. During the debate several suggestions were put forward on ways to improve and speed up the process.
This included a pre-contract financial commitment which would be a forfeit should the seller, without warning, raise the price or pull out. This would tackle problems with ‘gazumping’.
It was agreed that any change to legislation should involve consultation with the estate agent industry and legal profession to ensure changes are beneficial to the process.
It was also suggested that the mortgage application process could be simplified and standardised, which could include industry standard instructions and documents for conveyancers to deal with.
There was also a strong argument for deciding on agreed protocols and procedures. The current protocol forms can take a long time to complete, which can cause delays at the start of a transaction. Comprehensive and standardised questionnaires would create consistency and enable those selling a property to possibly complete the forms when a property is originally put on the market.
Other suggestions included requiring estate agents to obtain basic information at the point at which a property is marketed. A centrally held database of management packs could also be part of regulation of the sector that deals with leasehold properties.
A call for evidence on options to modernise the home buying process will be published by the Department for Business, Innovation and Skills later this year, which will invite evidence and proposals from the property industry and consumers.
"Regardless of whether these proposals come to fruition or not, Frettens continue to look for ways within the Conveyancing department to help make the various processes as easy and efficient for our clients as possible," says Head of Conveyancing and Solicitor, Clare Hallett.
Our Conveyancing Team, based in Christchurch, also cover Bournemouth, Poole and the New Forest. For a free initial chat, please call 01202 499255 and Clare or a member of the team will be happy to discuss any questions that you may have.
