Are UK Property Transactions Set to Become More Efficient?

 It has been said countless times that selling or buying a home can be one of the most stressful times of your life, however, the Conveyancing Association (CA) is now aiming to reduce the time of the sales transaction and create a more efficient process for all parties.

Most property transactions, provided there are no unexpected speed bumps along the way, take 12 weeks on average to reach completion, but the Conveyancing Association believes it can deliver significant improvements to this process through their new strategic plan that involves more effective communication and fraud protection.

There have been similar efforts from previous governments to simplify the transaction process through the Home Information Pack (HIP), but now the CA is looking to launch new E-Home reports, designed to provide all of the necessary information that is required to put a property up for sale.

The CA is also calling for reforms to leasehold transactions, to reduce the amount of delays usually associated with these types of transactions and hopefully reduce costs. In addition to this, the association is also looking to make the conveyancing process much more efficient by taking full advantage of modern technology.
One of the other key aspects of the Conveyancing Association’s strategy is to streamline the lending process by improving the communication between buyers and lenders, reduce post offer queries and give buyers the opportunity to get a reliable decision in principle.

Director of Delivery at the CA, Beth Rudolf, spoke about the objectives of this new strategy and its aims to improve the steps in the transaction that make the biggest impact, with some improvement already underway as the government recently committing to a review of leasehold tenure.

Rudolf said that “This strategic plan provides an overall guide for us to follow and focuses us on the job ahead. We will be looking for further involvement from many practitioners, affiliates, stakeholders and other organisations, to make these ambitions a reality,”

The CA is also looking to pilot this new strategy with some of its members before lobbying government.