Conveyancing process ready for radical change

Conveyancing process ready for radical change

The process for home-buying and selling in England and Wales could be in line for a radical shake-up. The Conveyancing Association (CA), the trade body representing the industry, has published a plan that intends to make the home-moving experience a more positive one for everyone involved.

The strategic plan, entitled Building the Framework for the Future, is the latest step in the CA's bid to transform the conveyancing process following its White Paper on Modernising the Home Moving Process in 2016.

Its three key aims are to provide swifter certainty for buyers and sellers; greater fraud protection; and more effective communication between all parties. Within eight work streams identified to deliver those aims, the CA will work with its members, lenders, estate agents, the Law Society and other influential bodies, while lobbying the Government for substantial changes in the law.

E-home report would provide information up front

The CA's changes would be far-reaching and could mean introducing upfront information in the shape of an e-home report, similar to the Home Information Pack that was introduced in 2003 but abolished only eight years later. This report would be collated before a property goes on the market.

Other major changes proposed include the transfer of monies on the day before a transaction is completed to remove uncertainty; reform of the leasehold system; creating a secure platform to improve communication between all parties; and introducing a standardised agreement for reservations to reduce uncertainty.

Beth Rudolf, the director of delivery at the CA, said: "Last year's White Paper set the scene for the improvements we believe are absolutely necessary in order to create a far more positive home moving experience.

"The eight work streams outlined are focused on areas which we believe require significant attention but also have the capacity to make the most difference to all those who take some part in the purchase of a home."

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Any changes to the conveyancing process may be some time in the future, but in the here and now, Fridaysmove is ready to help with the legal side of any property sale or purchase, remortgage, lease extension or equity transfer.

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by Frances Traynor
Wednesday 15th of March 2017 07:37:57 PM