A decades-old dream of digitising the conveyancing process is at the heart of a heavily trailed government announcement today on making home-buying and selling quicker and cheaper.
Under what it described as major new plans, the Ministry of Housing, Communities and Local Government said it would 'modernise the way the process works to bring down current delays of almost five months'. Identifying a lack of digitalisation as a key reason for delay, the department said it is opening up key property information, 'ensuring this data can be shared between trusted professionals more easily, and driving forward plans for digital identity services to slash transaction times'.
Enabling the sharing of data 'will make it easier for people to get onto the housing ladder, reduce the requirement to share ID in-person in the long-term, and decrease the number of transactions collapsing', the announcement stated. It cited as an exemplar the process in Norway, 'where transactions complete in around one month'.
Housing and planning minister Matthew Pennycook said: 'We are streamlining the cumbersome home buying process so that it is fit for the twenty-first century, helping homebuyers save money, gain time and reduce stress while also cutting the number of house sales that fall through'.
A first step in the initiative is 'a 12-week project to identify the design and implementation of agreed rules on data for the sector, so that it can easily be shared between conveyancers, lenders and other parties involved in a transaction'. HM Land Registry will also build on its work in digitising property information and 'lead 10-month pilots with a number of councils to identify the best approach to opening up more of their data and making it digital, whilst the government pushes ahead with plans for digital identity verification services including in the property sector'.
The work will be carried out in conjunction with the Digital Property Market Steering Group, a coalition of industry and government experts set up in 2023.
The Law Society welcomed the announcement - while pointing out that digitalisation is no silver bullet.
Society vice president Mark Evans said: 'The Law Society is committed to improving the home-buying experience for consumers and others involved in the conveyancing process including solicitors. It is encouraging to see that the government will invest time, money and energy into making transactions smoother for buyers and sellers and the professionals they work with.
'While not a silver bullet, because there are many other aspects of the home moving process that need improvement, digitalisation could be transformative in this work over time.
'We look forward to examining the government’s plans in detail, working with them on these reforms, and ensuring the voices of our members, who play a key role in the conveyancing process, are heard.'
The minister's announcement also noted today's laying of 'right to manage' measures as secondary legislation under the Leasehold and Freehold Reform Act 2024. The changes, which will come into force on 3 March, will empower more leaseholders to take control of their buildings more easily.
