The Law Society of England and Wales has called for the home buying and selling process to be streamlined without causing disruption to the property market.
The organisation has submitted responses to the Ministry of Housing, Communities and Local Government (MHCLG) consultations on home buying and selling reform and the provision of material information in property listings.
The responses were developed following extensive consultation with Law Society members.
“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,” said Law Society president Mark Evans.
“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.
“The role of the conveyancer has expanded enormously over recent years through the introduction of multiple regulatory and legislative requirements, and many aspects of the role have become more challenging.
“Those who provide this essential service, which sometimes can be difficult and frustrating for all parties, should be assisted by the development of a more streamlined and less stressful process.”
Technology can have a significant role to play in improving the conveyancing process, but it is just one part of it, according to Evans.
He continued: “Improving technology without addressing other factors, especially the increase in regulatory burdens, will not deliver real gains for the public or conveyancers.
“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.”
On material information in property listings, Mark Evans added: “We support the objective of improving transparency and consumer understanding in residential property transactions. However, our evidence strongly suggests that material information alone will not resolve the structural causes of delay or failed transactions in the home buying and selling process.
“Delays and transaction failures are rarely caused by a lack of information at listing stage alone. They more commonly arise from late discovery of legal or financial issues, inconsistency of data, and a lack of early professional verification.
“Any reform should initially focus on limited, high-quality material information, improvements within the existing estate agent framework, and realistic lead-in periods that allow the market to adapt.”
Read the orginal article: https://propertyindustryeye.com/law-society-backs-home-buying-and-selling-reform-but-calls-for-more-detail/?utm_source=rss&utm_medium=rss&utm_campaign=law-society-backs-home-buying-and-selling-reform-but-calls-for-more-detail
