An industry pledge, developed by the Home Buying and Selling Group (HBSG) in association with The Law Society, has been released to support home movers in England and Wales.
With demand for property transactions currently high due to the temporary Stamp Duty cut, it is hoped that by ensuring that all parties involved follow a uniform process, a smoother and more efficient experience can be achieved by all those looking to buy or sell their home.
So far as the conveyancing process is concerned, the guidance advises that sellers appoint a property lawyer on the day a property is marketed.
The pledge also recommends buyers secure their mortgage decision in principle early, having it available to present when required. To assist with verifying ID and completing money laundering checks, it is also suggested that buyers instruct a property lawyer before making an offer.
Other general recommendations include gathering information earlier to save time later and allowing those involved to resolve any issues before they hold up the sale.
The house-buying process can quickly become complicated, particularly where chains are involved. Providing guidance for the industry to follow should help iron out some of the cracks that can occur along the way. This should reduce the number of sales that fall through and, hopefully, for some, reduce the time it takes to buy and sell.
A statement issued by the HBSG says that “the industry has pledged to work together to offer consistent advice to all consumers, helping to ensure they play their part and the emphasis on securing information, which could affect a sale or purchase, sooner rather than later in the process.”
The pledge can be accessed and read fully via The Law Society’s website.
Clients consistently praise our conveyancing team for the speed and efficiency in which they handle property transactions.
For more information or to ask a team member for a quote, please call 01457 761320.
Claire Egerton is Head of Residential Property at O’Donnell Solicitors.
For any further advice, please contact Claire on 01457 761320 or email email@example.com.