Upfront Q&A Information in the Home Moving Process
Frequently Asked Questions
Providing information up front/creating a property transaction pack won’t work, unless made mandatory
It will work, and some benefits will be seen immediately, but it will take longer to work to its fullest extent. However, that will happen over time. Admittedly it would be quicker if there was legislation but we can still make a different and start that process now as has been demonstrated by those already offering the service and delivering reduced transaction times.
The buyer’s property lawyer won’t accept the searches obtained by the seller or their property lawyer
Anecdotal evidence says otherwise, many property lawyers will accept those searches. If a regulated search was originally carried out by a reputable company (for example a CoPSO member and PCCB Regulated – look out for the ‘Search Code’ logo on the search). This will ensure that the search has been carried out to specific standards and that adequate and appropriate insurance is in place to protect consumers.
So long as the search is either a regulated or official search, is in date and acceptable to the lender there is no reason why a buyer’s lawyer should not accept it – as confirmed by the CLC confirmation article in their recent newsletter.
The searches will go out of date in 3-6 months
On average, only 1 in 10 go ‘out of date’. In addition, regulated searches, can be refreshed at little or no cost. On top of that it is worth noting that even out of date searches have information which can inform a valuer and reduce assumptions which case delay through post valuation queries created by the conveyancer having to correct information in the mortgage instructions.
Collating and providing Information up front won’t speed the process up
It will and it does. There are already a number of agents and conveyancers that work together in the ‘information up front’ way. And even without the whole chain being involved they report time savings of up to four weeks. In addition, that particular transaction is less stressful for all of the parties directly involved.
The conveyancer will be distracted from more current work whilst setting up a file
Initially maybe, but as soon as this becomes the norm, carrying out this work whilst not in the heat of battle so to speak will be much easier and less stressful and could be completed by administration staff rather than qualified conveyancers/solicitors who can be freed up to concentrate on technical reviews and advice.