The Conveyancing Association wants all member firms to endorse the series of undertakings, which have been put together by the Home Buying & Selling Group (HBSG), and encourage others involved on the process to do so too.
The pledges, which apply in England and Wales, outline measures each stakeholder should take in order to give the transaction the best chance of completing.
It is hoped a more streamlined home purchase and sale process can be delivered thus cutting down the average completion times which is currently 20 weeks.
However, the Conveyancing Association also said it would give purchasers the best chance of taking advantage of the government’s stamp duty holiday which runs out at the end of March 2021.
Beth Rudolf, director of delivery at the Conveyancing Association, said: “Post-lockdown there is a considerable amount of focus on what we can do as an entire industry to speed up the home buying and selling process.
“In order to get to completion as possible, every single stakeholder can make – and follow – these specific HBSG pledges that are relevant to them.”
What does the pledge cover?
The pledge will apply to sellers and buyers as well as agents, lawyers, mortgage advisers, valuers and surveyors on both sides of transaction.
One of the primary pledges will be on buyers’ part – the HBSG want to encourage them to obtain a mortgage in principle or, if paying with cash to ensure they have evidence of funding.
But it also wants both sellers to ensure they instruct property lawyers on the same day they market their home and fill in the property information forms provided as soon as possible.
It is urging member firms to spread the message of the pledges to help ensure the sale or purchase takes place as quickly as possible.
But conveyancers are also being asked, where they are the sellers’ representative, to discuss the advantages and costs of preparing as much information as possible for the buyer at the earliest stage.
They must also check title information and provide advice about any issues that could cause delays and suggest solutions. The buyer’s representative should outline to the buyer the importance of obtaining a suitable level of condition-based home survey.
Pledge to be made by all
Rudolf added: “We all know that, when working for the seller, the sooner the conveyancer can begin carrying out the legal work, the quicker they can prepare the sale contract, and the better chance we have of hitting the ground running.
“Also, by checking the title of the property upfront we can head off any potential issues or problems early on, ensure no documents are missing, and again process the transaction far more quickly.
“This is why we’re urging not just our CA member firms to adopt these pledges, but every single property market stakeholder, in order that we can carry out the work relating to our own part of the transaction quickly, but also encourage all others to do likewise.
“We have a real opportunity here to improve the home buying and selling process for every single person involved in it, and these industry pledges will go a long way to doing just that.”
