Recent political endorsements have been announced to update the home buying process after claiming the system is 19th century conveyancing and is not fit for modern buyers and The Conveyancing Association (CA) have welcomed the proposal with open arms.
The CA is the trade body for the conveyancing industry and have said they support all political parties who have talked about housing market reform which could lead to a shorter buying process. This left particular attention to fall on the Conservative party as in their manifesto it is clearly stated: `reform and modernise the house buying process` and `crack down on unfair practices in `leasehold.’
It is a complex time and the CA have recognised a lack of interest to bring back Home Information Packs but have emphasized that information needs to be upfront in order for the home buying process to be beneficial to everyone involved. The CA have urged political parties to engage with conveyancing industries in order to further develop their understanding on what is required to deliver a successful modern conveyancing process.
The CA want to bring back binding offers which would mean those wanting to move to be assured their deal is bound to a specific time frame. Reservation agreements already in practice are similar to the concept and would involve affordable deposits being put down, and possibly any insurance policies to be undertaken by the seller. This way if they were to withdraw from the house, the purchaser’s expenses are covered. The association believe that by achieving the ability to offer upfront information to the purchases they can secure a binding decision on the mortgage, making a binding offer likely.
CA are also working on a range of aspects including enhanced ID verification, completion certainty, secure portals for establishments, local search data and property logbooks. Their plan to modernise the home buying process and its subsequent strategic plan is something they believe can be the building framework for the future of the UK and its housing market.
The belief remains that as soon as the UK catches up with countries such as Australia, who already offer efficient and fast digital conveyancing services the better off the UK will be. A buyer in Australia can sign a contract immediately, if they choose to do so, meaning the seller cannot withdraw on the basis another potential buyer is offering more money while the mortgage arrangements are being put in place.
