Bideford property solicitor Liam Harris looks at the proposal by a government advisory group that sellers should be required to instruct conveyancers before marketing their property, with upfront information being prepared in advance to help buyers make an informed offer.
The Home Buying and Selling Group, or HBSG, is, “an informal mix of people across the property, legal and finance sectors,” that has been set up to improve the home buying and selling process.
The HBSG says that the buying and selling process can take, on average, up to 210 days, with 25% of transactions failing to complete. It is time, they believe, for the process to be reformed, with the interests of the consumer being put front and centre.
The group is also calling for property agents to be regulated. They feel that that buyers and sellers will receive a better service if they are cared for by qualified agents who can be trusted with their money and home security details.
In addition, the HBSG wants property data to be digitised, with the government approving a single digital identity verification. This will help to provide ‘one source of truth’ which can then be used by everyone in the home moving process.
Another recommendation is that all new owners should receive the keys to their home by 1pm on the day of completion day.
Critics of the scheme within the legal profession, who recall the disasters of the ill-fated Home Information Packs, say that the proposals will do nothing to tackle the real issues facing the property sector. These include excessive government regulation, the unreasonable requirements of lenders, land registry delays, and the use of undertrained staff by national conveyancing factories.
Feedback is now being invited by the HBSG from all interested stakeholders in the sector.
Liam Harris is a Bideford property solicitor specialising in residential transactions. Contact Liam for a chat about your transaction and a fixed fee quote by calling Biddeford 01237 425225 or emailing us at [email protected]