Project 28: how to reduce property exchange times from 109 days to 28 days

The UK property industry launches Project 28 Charter to slash transaction times from over 3 months to just 28 days through digital processes and better data sharing.

One of the most frustrating aspects of the whole process of buying a new home is the length of time it takes to reach the key milestones. Not only does it elongate the time for the stress levels to remain high, but there is so much greater opportunity for things to go wrong with the planned transaction, whether it’s one of the parties pulling out because of the frustration with the length of time it is taking or you have been gazumped and will have to start again with another property.

Why property exchange times matter

The point at which contracts are exchanged between buyer and seller is crucial because both parties are then legally obliged to see the transaction through to completion, with any default leading to financial and/or legal penalties.

According to Landmark Information Group, which provides property and land professionals the capability to move the transaction on at a greater speed through use of data and provision of various products, their analysis of the data for last year, 2024, showed that the average length of time between agreeing a sale and its price and reaching the all-important exchange milestone was a staggering 109 days (or just over 15 weeks).

What is Project 28?

For the professional groups involved in any property transaction, as is clearly the case for the buyer and seller involved, speeding up the process can only enhance the service they provide as well as reaching the end-point where they will be paid.

So, it should come as no surprise that a collective of those companies have come up with Project 28, which is a charter drawn up by Landmark, and includes representation from all aspects of the property business, from lenders and estate agents to conveyancers. These include Legal & General, the Mortgage Advice Bureau, Nationwide, the Lloyds Banking Group, Simplify and Yopa.

Goals of the Project 28 charter

The Project 28 charter is designed to provide faster property transactions but with no loss of integrity in the process, while also increasing the certainty of the transaction reaching the milestone, without dropping out beforehand.

Those that have signed up to the Project 28 Charter are committing themselves to work towards improved transparency, efficiency and trust.

The 8 key points of Project 28 charter

To achieve faster property exchanges, the group are agreeing to commit to the following eight points:

  1. Early instruction of the seller’s conveyancer

This is to ensure that the conveyancing work for the transaction starts at the point that the property is listed on the market with the estate agent.

  1. Provision of relevant upfront information and property condition reports

The earlier the information and documentation are received, the less likely there will be delays and any surprises which create a speedbump later in the process.

  1. Ensuring data collection and availability

This supports faster, and more informed decisions throughout the property transaction process.

  1. Ensuring trusted data

By improving the reliability of the data through sourcing from reliable sources, confidence in the transaction improves and reduces the time raising questions on the data’s validity.

  1. Access to a secure, interoperable data repository

Giving real-time access to all parties for the key documentation ensures that all are working from the most recent version as well as being able to see any changes.

  1. Early commissioning of leasehold packs

Buying and selling leasehold properties are more complex than freehold transactions, which means this step will avoid late-stage legal delays.

  1. A recognisable marque to indicate best practice

Being able to identify companies that operate under the charter with best practice processes gives property professionals and consumers the extra confidence.

  1. A quality fee for a quality service

Ensuring that all the professionals operating under the charter are suitably and fairly remunerated for their work.

Industry expert opinion

As Landmark Information Group chief executive Simon Brown says:

“Project 28: A Charter for faster, more certain property transactions is a pivotal moment for the property industry – a united response to a system that has, for too long, been too siloed, let down consumers and slowed economic progress.”

Something needs to change in the property business because, although the use of technology is designed to take out the lengthy drudge of many of the tasks, the chain of firms involved is only as strong as its weakest link, so we’ll be watching developments on this charter with interest.

Kindly shared by HOMEWARDLEGAL Image courtesy of Adobe