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Will property conveyancing change.
Those in the industry have known for a long time that conveyancing can be improved; perhaps the time has come to change.
The government has asked for an eight week consultation period with the ‘industry’ to see how buying and selling a property can be faster and less stressful for those involved.
The Communities secretary Sajid Javid is the power behind the proposals and comes hot on the heels of his proposals to improve the letting market.
25% of all house deals fall through, causing a great deal of cost for nothing, a percentage of these are not the buyers fault, some are through gazumping, which is when the seller of the property accepts a higher offer, when this happens as part of a housing chain it can have a affect on other deals.
Under consideration is a ‘lock in agreement’ which would prevent the seller to accept another offer, these must have many other conditions to work as they can also hamper the process, reducing the urgency to push the deal through because the buyer know the seller cannot pull out.
Other aspect under consideration will be the improved use of technology and changes so that sellers are ready to sell, we have seen changes before to improve this back in 2007 we had the Home information packs, designed to do exactly this, some people loved them some hated them, they were even blamed in part for a fall in the market, they were pulled in 2012, all that remains of the pack is the Energy performance certificate.
The conveyancing process can be simplified, sellers and buyers can help speed up this process so to can the legal industry and estate agents if they can, it may take changes to legislation, to make this happen, perhaps market forces will help naturally, more people selling houses differently, more solicitors looking to see how they can speed up the process through IT, the government has already laid the foundations for online improvement with the e-conveyancing initiative - moving land registry online.
The image of the industry is appalling one in four people said they would use a different estate agent and one in three were not happy with their solicitor, this may be that the consumer did not know what they were doing, perhaps communication needed to be improved, but this is perhaps the point is people are dissatisfied with the service they receive they will go to a place where they get a better service, if it’s the process that has let consumers down then change the legislation if its needs it, if it’s the service provided by the industry, the industry must change or some will die.
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