Is the Home Buying Process About to Get Quicker?
New plans to speed up the conveyancing process have been announced. Let’s look at what they involve and if they will deliver.
We live in a digital age where banking and investing online are the norm.
But it’s a very different story in the world of conveyancing (the legal process of transferring property ownership from one person to another).
The system is still primarily paper-based – and it’s slow.
It takes, on average, five months to go from sale agreed to completion.*
This is why, earlier this month, the government unveiled plans to digitalise the home-buying process.
It wants to create a system where key information is immediately available to solicitors, mortgage companies and surveyors. (This could also cut the number of sales falling through late in the process, as buyers will know more about a property earlier).
The plan includes developing a digital identity verification service for the property sector and running pilot projects with councils to identify the best way to make more data available digitally.
Will it work?
The property industry is largely supportive. Rightmove CEO Johan Svanstrom said: “Digitising the property market is key to helping speed up the moving process.”
Propertymark CEO Nathan Emerson said: “The housing sector will benefit enormously from the digitalisation of property transactions.”
But not everyone is on board. Some property solicitors say the plan is superficial and that red tape – not paper documentation – is the real cause of delays.
If it does work, when will we see progress?
Digitalising the system is a huge undertaking. Many in the industry believe it will be some time before we see real progress in conveyancing times.
What can buyers and sellers do in the meantime?
It’s worth noting that some sales complete in far less time than the average (some even as quickly as six weeks).
While buyers and sellers need to remain flexible during the conveyancing process, there are things they can do to help the situation, such as:
Work with an experienced estate agent. It’s critical that sellers choose a proactive agent with good communication skills.
Research conveyancers carefully. Cheap doesn’t always mean cheerful. Some conveyancers charge low prices but take on a high volume of cases. As a result, they’re swamped and slow to deal with enquiries.
Be prepared. Know what documentation you’ll be asked to provide and have it ready to go.
Contact us today for a free property valuation.
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