Government urged to streamline home buying process without disruption

The government has been urged to streamline the home buying and selling process but without disrupting the property market in a negative way.

Last year ministers began a public consultation on proposals to transform the home buying process. Some of the key points included:  

• Sellers and estate agents must publish information from searches and surveys before a property listing is published.
• The full list of proposed mandatory upfront information includes: tenure, council tax band, EPC rating, property type, legal and transactional information such as title information and seller ID verification, leasehold terms, building safety data, standard searches, property condition assessments tailored to property age and type, service charges, planning consents, flood risk data, chain status, and clear floor plans. 
• Buyers and sellers will have the option to sign binding contracts that would end the practice of parties pulling out of agreements months into the process, costing families heartbreak and hundreds of pounds.
• Deploying the use of digital tools – including digital property logbooks, digital ID verification, and standardised data sharing – enhancing transparency and security for buyers and sellers.
• Introduce mandatory qualifications and ‘Code of Practice’ for estate, letting and managing agents, driving high standards in the sector and increasing trust in the industry.    

The Law Society has submitted its responses to the consultation to the Ministry of Housing, Communities and Local Government (MHCLG).

A spokesperson said: “We share the government’s objective of a more reliable home buying and selling system, driven by informed consumers, innovative technology and high-quality professional services that ensure strong consumer protection.

“We are pleased to see recognition that there is no silver bullet to improve the process, rather a need to streamline multiple parts of it without disrupting the property market in a negative way.”

Some of the key points the Law Society makes in the response to the government’s consultation are:

• The Law Society supports government intervention to drive up standards amongst estate agents. The estate agency market currently lacks a uniform, enforceable baseline of professional qualifications and standards comparable to those that underpin legal and surveying professions. This gap reduces trust in information provided by estate agents.
• Without regulation and credible enforcement it will be hard to change the market so that more comprehensive information is provided upfront.

The spokesperson added: “The government’s consultation proposals lack detail and therefore make it difficult to comment on how valid and workable they are. It is vital that further consultations take place when these proposals are developed further.”

We shall keep clients informed of developments.

Please contact us on 020 8290 0333 or email info@judge-priestley.co.uk if you would like more information about the issues raised in this article or any aspect of buying or selling a home.