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Conveyancing Association meets with lenders to tackle homebuying delays

  • 05/08/2015
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Conveyancing Association meets with lenders to tackle homebuying delays
The Conveyancing Association was joined by representatives of Nationwide, Santander, TSB and Lloyds last month at a roundtable aimed at streamlining the home-buying process.

Attendees discussed themes including mortgage regulation and guidance, with a particular focus on what could be done to ensure additional consistency is delivered through this, with a view to ultimately reducing delays to homes sales and purchases.

The group has agreed to meet on a quarterly basis to carry on its discussions about improvements to the home-buying process.

Eddie Goldsmith, chairman of the Conveyancing Association, said: “The event was extremely successful and we are making great progress. This is clearly something lenders are interested in engaging with us on and we are really looking forward to our continued work together as well as reaching out to other lenders who would like to be involved.

“We believe that we can make a real difference to the homebuying process – making this a better experience for all involved. For example, something as simple as ensuring the full names of borrowers are included on mortgage instructions and information could reduce referrals by 25%, which slow the process down. This is significant and we want to identify other areas where small changes make a big difference.”

Andrew Baddeley-Chappell, head of mortgage strategy & policy, Nationwide, said the lender felt it was important it contributed to the discussion.

“The conveyancing process is a key step in the home-buying journey and anything that can be done to make it work better is welcome. By working together more closely, we hope that positive change can be achieved quickly and effectively, leading to the best possible service to our shared customers.”

This week Countrywide financial services director Nigel Stockton wrote in his final feature for Mortgage Solutions that the conveyancing process was ‘at the heart of the issue’ where delayed property transactions were concerned.

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