Will new conveyancing rules speed up the market?
The Law Society has recently drafted a new code of practice for solicitors and conveyancers dealing with property purchasing, in order to update procedures with the implementation of new technology. The hope is to speed up and simplify the process of purchasing commercial and residential properties.
Experienced conveyancers predict that the use of digitalisation will see an opportunity to improve the conveyancing process, with the widely accepted eSignature technology making it quicker, simpler, and easier to sign documents and deeds.
New rules were proposed by the government in response to the popular opinion that the conveyancing process in the UK is stressful, complicated, costly and time-consuming.
Implementation of technology that supports information sharing across all agencies, eSignature collection and the verification of identification electronically, can help buyers submit information more quickly and with less hassle.
Local authorities may now be required to respond to search enquiries within 10 working days.
Solicitors and conveyancers are encouraged to be transparent about their fee structures and costings and they will be performance measured for quality assurance. This makes it easier for buyers to instruct a specialist.
Leasehold matters have traditionally taken longer to complete than traditional property sales, with additional information being sought from the agent or freeholder. However new guidance now encourages information sharing across standard platforms, electronic access to data, and set timeframes for parties to gather information. This has helped to expedite even more complex matters, such as lease extension cost cases. If you require more information on lease extension cost, there are specialised solicitors who can give advice.
With around a quarter of all property purchases failing every year, new rules and regulations to simplify and speed up the process are much welcomed by both consumers and professionals.