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Property industry launches pledge to help speed-up transactions

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  • 25/09/2020
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Property industry launches pledge to help speed-up transactions
The Home Buying and Selling Group (HBSG) has launched an industry pledge to help reduce the number of sales falling through and progress transactions.

 

The pledge lays out in easy to digest terms what each profession, within the housing industry needs to do and when.

Consumers are consistently told by those signed up to the pledge of the some of the tasks they can perform at an early stage.

For example, knowing a transaction needs a fire safety certificate for cladding at the earliest stage can reduce wasted costs, the group said.

Sellers are also advised to appoint a property lawyer on the day a property is marketed. And buyers are recommended to secure their mortgage decision in principle early and instruct a property lawyer before making an offer so their identity can be verified and money laundering checks carried out quickly.

NAEA Propertymark, The Law Society, Conveyancing Association and Royal Institution of Chartered Surveyors (RICS) are among the organisations that have signed the pledge.

The HBSG has previously been working on projects including reservation agreements and property logbooks to help buyers and sellers.

Law Society president Simon Davis said: “The pledge could help clients take advantage of the Stamp Duty Land Tax holiday, which ends on 31 March 2021.

“We hope it will make consumers aware that the sooner their solicitors can carry out their work, the quicker the sale contract can be prepared.”

Housing minister Christopher Pincher added: “This government is committed to ensuring the housing market works for everyone, and our work with the industry has helped to restart the market in a way that is safe.

​“I welcome this pledge from the industry and look forward to seeing it deliver a smoother and more efficient experience for all those looking to buy or sell their home.”

 

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