The Conveyancing Association has called for the government to require sellers to provide vital information prior to their property being viewed in order to improve the homebuying and selling process.
The rationale behind this proposal is to make the provision of vital information mandatory, which would cut down on the ‘gazumping’ process and the number of failed transactions.
The Ministry of Housing, Communities & Local Government previously stated that one of the reasons why the current conveyancing process takes so long is that buyers and their lenders need to be satisfied that they have all the information they need to proceed with their purchase.
Assembling the information can take considerable time so the process should start ‘much earlier’. The Ministry that if all of the relevant information about a property is available at the point of sale, then it is likely that it would be less likely for the transaction to fall through.
The ministry asked for evidence to be given last year during its enquiry into the conveyancing process last year, to fix what it considers to be a ‘broken housing market’. The ministry said responses have made clear that there is no ‘silver bullet’ to fix the home buying and selling process but ‘small and big’ practical changes need to be implemented.
It is unclear whether such plans will be implemented, but what is clear is that there is support for such an action.
If you wish for any advice or representation relating to the sale or purchase of residential or commercial property, please contact our specialist team on 01792 648111 or email@example.com.