Shaking up transaction process reform across the UK

Over recent months, NAEA Propertymark has brought together estate agents and conveyancers in order to find ways to speed up the buying and selling process.

The group came together with the aim of improving the Sales Pro Forma, however the remit has developed into other areas, and the potential for this work to reduce the average transaction time is gaining momentum.

Government review into the house buying and selling process
Government have made clear their intentions to improve the consumer experience, believing that this in part is the key to unlocking issues with the UK housing market and their wider initiatives on redress and leasehold are testament to this.

Conveyancers and estate agents agree
Conveyancers and agents wholeheartedly agree that vendors should not be asked to duplicate information on the forms firstly requested by the agent in getting the property market ready (and to comply with Consumer Protection Regulations) and secondly by the conveyancer to ensure that all avenues for enquiry are resolved.

Everyone agrees that forms should be streamlined for the benefit of consumers and in order to get transactions through in a timely fashion. Reducing the time that a transaction takes to go through will mean consumers complete their move as quickly as possible and transactions falling through will reduce.

Progressing the house buying and selling process
Propertymark, conveyancers and agents have analysed the Law Society’s TA6 form with the NAEA Propertymark Property Information Questionnaire to improve wording, dispel red herrings and create synergy. NTSEAT and The Property Ombudsman have been consulted about implications for trading standards and the industry’s shared Code of Practice. The process has drawn on the example of the Propertymark MoU with the Law Society in Northern Ireland which has had a radical impact in reducing average transaction times.

A streamlined form is being tested by a number of agents. If you are interested in taking part in a pilot project using an improved Property Information Questionnaire please email: [email protected]

Kindly shared by NAEA Propertymark