Government Seeks to Improve Conveyancing Process
The Ministry of Housing, Communities and Local Government (MHCLG) has set out various measures to improve the home buying and selling process.
Such measures will include:
1. Carrying out a consultation on creating mandatory professional qualifications for estate agents.
2. Requiring estate agents to be more transparent in the fees they receive from referrals to solicitors, surveyors and mortgage brokers.
3. Strengthening the enforcements of the existing regulatory framework for estate agents.
4. Encouraging the use of voluntary standardised reservation agreements to help prevent abortive sales and minimise gazumping.
5. Setting a timeline for local authorities’ responses to search requests (e.g. within ten working days).
6. Requiring managing agents and freeholders to provide up-to-date lease information for a fixed fee and to an agreed timetable.
7. Publishing guides on the conveyancing process so that buyers and sellers are more aware of the process.
8. Setting up a technical group to develop digital solutions to speed up the conveyancing process.
Click here to see a copy of the Government’s Summary Response Report.
If you have any queries about buying and selling property, please get in touch with Sneh Vaswani in the Property Department on 01494 521301.