These changes will have profound implications for conveyancing firms, mortgage advisers, and their clients.  

We, as the professional body for conveyancing firms are committed to keeping our members updated on these developments and providing guidance on their practical implications, however there is clearly lots in all of the following bills which will impact on all housing and mortgage market stakeholders, including advisers. 

So, what legislation can we expect from the government, what does it say these laws will do, and where might it have the most impact on our sector? 

 

Affordable Housing and Renters’ Reform Bill 

This bill seeks to address the housing crisis by increasing the number of affordable homes and enhancing renter protections. Substantial funds, it says, will be allocated for affordable housing, particularly in urban regeneration projects. This may well provide a significant increase in property transactions, should they come about, and may therefore provide more business opportunities for conveyancing firms.  

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The introduction of rental reform and longer-term tenancy agreements aims to stabilise the rental market, and again may give tenants a more stable environment in which they can save for homeownership.  

 

Planning and Infrastructure Bill 

Designed to streamline the planning process and boost infrastructure development, this Bill aims to facilitate quicker project completions by reducing bureaucratic hurdles. Mortgage and housing market stakeholders might well expect a higher volume of development projects as a result, increasing the demand for services related to land acquisition and development contracts.  

Enhanced funding for infrastructure projects, particularly in housing developments, may spur more transactions and require a range of advice on the legal and financial implications of new infrastructure projects on property values. 

 

First-Time Buyer Support Bill 

This Bill offers support mechanisms to assist first-time homebuyers. Tax breaks and financial incentives will make homeownership more accessible, designed to increase first-time buyer transactions and necessitating tailored advice and support. A new and hopefully improved, government-backed mortgage guarantee scheme is aimed at reducing lender risk, potentially increasing the number of first-time buyers.  

Conveyancers and mortgage advisers will need to stay updated on these guarantees to properly advise clients and facilitate smooth transactions. 

 

Leasehold Reform Bill 

Focusing on improving the leasehold system, this bill proposes significant changes to protect leaseholders. The elimination of ground rent for new leasehold properties and restrictions on existing ones will require conveyancers to adjust their advice and documentation. Simplified procedures for leaseholders to extend leases or purchase the freehold should result in increased demand for services related to these transactions. 

The legislative changes will also clearly impact mortgage advisers and their clients. Increased affordable housing and support for first-time buyers will create more opportunities for advisers to assist clients in securing financing.  

The new regulations around leaseholds and energy efficiency will require advisers to stay informed about legal changes and provide detailed, up-to-date advice. 

As the Conveyancing Association (CA) we will actively monitor the progress of these bills and will provide regular updates to our members. We will offer webinars, detailed briefings, and practical guides to help firms understand and adapt to the new legislative landscape. 

In that sense, our goal is to ensure all stakeholders are well-equipped to handle any increase in transaction volumes and complex legal requirements that these bills may introduce. 

I think it’s fair to say the King’s Speech outlined a fairly bold legislative agenda that may significantly impact the housing market and the wider mortgage industry if it bears fruit.  

The proof of the pudding will be in the eating, but clearly in areas like housing supply, leasehold and first-time buyer activity, the bills announced are designed to both grow activity, make the system fairer, and get a greater number of new homeowners on the ladder.  

If it can achieve these goals, then we should have a positive market to work within, and opportunities to take advantage of.