The government’s call for a pack of property information to be made available upfront during the sales process has been welcomed by an industry group.
The Residential Logbook Association says the government’s clear support for encouraging property vendors to prepare detailed sales information about their property ‘upfront’ and prior to listing is to be welcomed.
The Levelling Up White Paper, released last week, says in a general introduction: “We will improve the home buying and selling process, working with the industry to ensure the critical information buyers need to know is available digitally wherever possible from trusted and authenticated sources.”
Then in the detail of the document there is a lengthier commitment which reads:”The home buying and selling process which can be expensive, time-consuming and stressful will be improved.
“Around a third of all housing transactions fall through, costing people hundreds of millions of pounds each year.
“The UK Government and the industry will work together to ensure the critical material information buyers need to know – like tenure type, lease length and any service charges – are available digitally wherever possible from trusted and authenticated sources, and provided only once. If necessary, the UK Government will legislate.”
Now the Residential Logbook Association says the government’s proposed Sales Information Pack could be produced via an RLBA-accredited property logbook before the sale process begins.
Some RLBA members are working on logbook variants appropriate to the range of protocols now being suggested to reform the transactions process by the Law Society and the Home Buyers and Sellers Group.
Anthony Codling, managing director of logbook PropTech firm Twindig, says: “Property logbooks are much more than a Sales Information Pack, serving as both a user manual and service logbook, allowing a homeowner to efficiently manage and run their home throughout the whole period of their ownership, not just when they are looking to make the selling process easier.”
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As a former HIP provider, I am 100% behind improving the home selling and buying process.
But.
I AM struggling a bit with this clamour for up-front information and the reality of its impact.
Solving the "problem" of "tenure" and "leaselength" leaves me somewhat underwhelmed. Also - form-filling is hardly an arduous exercise - it just needs a bit of focus.
I'd love someone from the RLA ( RLBA ? ) to explain the demonstrable time savings involved here.
( Oh and I'm not buying the service history concept either, just in case anyone wondered ...)
Peter. As an RLBA member i will give you a call to discuss. Anyone else welcome to join the conversation. Just message me. Tim Main on Linked-in.
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