No brainer? Upfront material information ‘best way to improve conveyancing’
Jon Horton says upfront information increases certainty for the seller and leads to better business outcomes, reduced liability, fewer enquiries and less stress for all.
Frustration remains among estate agents about conveyancing delays with 40% of sales hold-ups blamed on managing enquiries.
Duplication or confusing communication, ordering and receiving search results and Land Registry log jams all feature in the top five causes.
It’s easy to see why delays like these are leading to average transaction times of five to six months and a continued fall through rate of approximately 30%.
UPFRONT INFORMATION
According to research by The Conveyancing Association 98% of consumers are in favour of more information being provided upfront ahead of the conveyancing process.
So, it’s somewhat unsurprising that there is now a concerted drive in the industry to stem the tide of delays with the welcoming of upfront material information to the home moving process.
All professionals involved in the transaction have a vested interest in making it more consumer-focussed and fail-safe for the benefit of everyone.
Upfront material information is a big step towards achieving that goal.”
Upfront material information is a big step towards achieving that goal. It is a new way to help the property transaction become more efficient by starting the process of gathering vital information early – while the seller’s property is being actively marketed.
The Home Buying and Selling Group (HBSG) is leading the upfront information agenda. Actively working with industry suppliers, like mio, tmgroup and CDS as well as the Government, HBSG is offering a legally endorsed dataset to help collate all the necessary material information on a property.
Digitised versions, like the Seller’s Information Pack (SIP) from mio, promote collaboration and allow an early disclosure of crucial information to a prospective buyer, helping them make an informed choice about the subject property.
Conveyancing benefits
The ease of sharing also benefits conveyancers.
It offers them a secure, quick and convenient method of obtaining, assessing and investigating accurate property information already gathered by estate agents with the support of trusted data providers. This encourages early instruction of conveyancers acting for the sellers.
As soon as the seller becomes market ready their property can also become ‘contract ready’ at a much earlier stage.
With more Consumer Protection from Unfair Trading Regulations for property information disclosure expected soon, digital solutions, like the mio SIP, ensure CPR compliance and make it easy for conveyancers and estate agents to collaborate together, and initiate the legal process at the earliest stage.
Estate agents introducing upfront material information creates further opportunity for closer collaboration.”
With many estate agents already introducing upfront material information into their sales process this creates further opportunity for mutually beneficial closer collaboration.
Proactive agents who educate and guide their sellers to appreciate the benefits of preparing their property information as soon as the property is marketed are also likely to ‘win’ the instruction for their preferred conveyancing partner.
OPPORTUNITIES
This may present referral opportunities and will make the home moving experience so much better for the client through collaborative conveyancing service.
Upfront information allows you to give professional consideration to your client and strengthen professional collaboration.
With comprehensive property information and an open dialogue you can reduce these risks and create valuable efficiencies in terms of time and money for all parties.
Increased certainty for the seller leads to better business outcomes, reduced liability, fewer enquiries and less stress for all.
Jon Horton is Product Director at TM Group
On the Government Guide [How to Sell Guide – A guide for people looking to sell a home in England and Wales] Page 4 it says “Before you market your home – getting ‘sale ready’ – Before you begin to think about putting your property on the market, you should spend some time getting your paperwork together and making your home ‘sale ready’ it then goes on to say “If you gather together the relevant documents at this stage, you can avoid future delays and provide your estate agent with key information to share with prospective buyers from the outset.”
It’s a no-brainer – we’ve been doing this for the past few years – https://cooper-adams.com/blog/upfront-property-information/9182