Certainly, your purchase clients both now, but increasingly in the future, should be far better informed about a whole host of property information that could impact on their transactional decision, what they offer, whether they offer at all, and the lenders that will lend on that property if they do etc, rather than having to wait to find that information out when they are already financially and emotionally invested.
This provision of material information on the marketing and advertising of a property for sale has been under discussion for some time but has received a considerable boost with the work of the National Trading Standards Estate and Letting Agency Team (NTSELAT), who have a three-part approach to the delivery of this info to potential purchasers.
Again, to reiterate, this is all about producing an environment in which consumers can make informed decisions about a property, and in your world, to also give transactions the best chance of completing.
Giving buyers all the details
The fact is that over a third of all transactions fall through every single year, and a lot of this is down to buyers pulling out when they are made aware of information that changes their view of the property, or their ability to use it for the purposes they wanted, or the frustration of the delay caused to the transaction through information received late in the day.
As we know, for too many years, this information is provided piecemeal after an offer has been submitted and accepted, and when there has been cost already incurred on surveys, valuations, conveyancing, etc.
That is way too late in the process, which is why we at the Conveyancing Association (CA) are very supportive of the project to deliver material information at the point of marketing, and what this means in terms of the collection of the information upfront which otherwise causes waste through additional enquiries, chasing documents or querying conflicting information.
The CA is involved in the Home Buying and Selling Group (HBSG) and it has a dedicated Upfront Information Working Group which has been working with a wide array of stakeholders, plus the government, to identify what documents need to be reviewed to identify the material information, and how best it can be provided to consumers.
It’s our belief that this will not only cut down on the wastage inherent in our current system, but a process which does not collapse means pipelines can turn faster, profitability can be improved, and a huge amount of wasted cost and resource can be extricated from what we all do.
Getting involved with stakeholders
To that end, and as part of National Conveyancing Week, the HBSG is running an Upfront Information Roadshow on the 21 March in London, and we would certainly like all mortgage advice market stakeholders to attend to learn how this could be a game-changer for the sector.
You can attend in person by visiting here, or join online by visiting the link here.
There’ll be a presentation on Upfront Information, an expert panel Q&A, with representatives from sectors such as conveyancing, estate agency, advising, lending, surveying and valuing, and you’ll hear how the industry is working together with the government to help improve the speed of the home buying and selling process.
As advisers, you are no doubt on the front line when it comes to dealing with any delays, particularly regarding purchase, and it is often left to you to communicate the intricacies of the process and when exchange and completion will be achieved, and importantly, what is holding it up.
We are working to improve that because let’s be frank, nobody is getting paid or getting any kind of satisfaction before a completion is achieved. We believe the provision of Material and Upfront Information at the very start will streamline the process and facilitate real change in the industry – why not come and hear how that can be achieved next week?
