The Conveyancing Association wants the creation of a ‘log book’ and ‘Home Reports’ for each home on sale - reminiscent in principle to the ill-fated Home Information Packs as well as unsuccessful services such as the Veyo e-conveyancing project.
The CA has in recent months issued a so-called ‘white paper’ discussion document including suggestions to streamline the house-moving process; these have now been turned into what the association describes as a ‘strategic plan’ with three objectives - to create certainty for the house mover, to prevent fraud, and to create more effective communications between all parties in a house move.
One of its suggestions is the creation of a “secure communications platform” for each home on sale, that would contain a log book. The CA says it anticipates many (albeit unspecified) challenges that would have to be overcome to achieve this.
Another suggestion is the creation of “E-Home Reports” which would be “providing a comprehensive collection of information up-front prior to the property being marketed.”
Other proposals by the CA include:
- Enhanced ID verification: “helping develop a reliable product that reduces verification instances but increases certainty”;
- Reservation agreements: “providing a standardised agreement to reduce uncertainty and create home mover choice”;
- Completion certainty: “enabling completion monies to be sent the day before completion to make moving home easier for clients on the day of completion”;
- Leasehold reform: “reducing the costs and delays associated with leasehold transactions, plus helping develop a redress scheme and support fair terms in new leases”;
- Lending process improvements: “creating the ability for buyers to obtain a reliable Decision-in-Principle, plus reduce post-offer queries and improve communication with lenders”;
- Better search data provision: “reducing costs and delays, plus creating a version of CON 29 [search document] relevant for lenders with optional borrower questions, and digitise relevant data.”
“In a number of key areas, progress has already been made” claims Beth Rudolf, director of delivery at the Conveyancing Association.
“I’m thinking particularly of leasehold reform where, thanks to the concerted efforts of stakeholders, the government has committed to a review of leasehold tenure, and where we have already begun the process of developing greater consumer understanding via our consumer guide on leasehold administration fees which provides consumers with the information necessary to ask the right questions before viewing a property” she adds.