Estate agents, conveyancers and lenders are beginning to test ways of completing more of the home-moving process before a property is even listed for sale.
Industry leaders say upfront legal information, earlier due diligence and greater sharing of property data are moving from theory into practical trials as the sector attempts to cut transaction times and reduce fall-throughs.
Examples include Yopa piloting an upfront legal pack before properties are marketed, while AConveyancing is using property intelligence to identify potential legal risks earlier in the process.
LMS, Lloyds Banking Group and Connells Group are also developing a digital homebuying service intended to capture and reuse key information during transactions.
PROJECT 28
The initiatives were highlighted as around 100 property industry and government representatives gathered in London to mark the first anniversary of Project 28: A Charter for Faster, More Certain Property Transactions.
Launched a year ago, the initiative brings together different parts of the property industry in an attempt to improve the homebuying and selling process.
The latest discussions focused on bringing property data, legal information, identity and source-of-funds checks, lender requirements and risk indicators forward in the transaction.
The aim is to identify problems earlier, reduce repeated requests for information and allow more elements of a transaction to take place simultaneously rather than sequentially.
Simon Brown, Chief Executive Officer of Landmark Information Group, says: “One year on, The Project 28 Charter is moving from commitment to delivery, with practical approaches being tested to make property transactions faster, more certain and less stressful for consumers.
“The Government’s home buying and selling reforms give us a real opportunity to build on that momentum. Industry and government now need to work together, learn from what works and turn these approaches into changes that can be adopted at scale.”
UPFRONT LEGAL WORK
Verona Frankish, Chief Executive Officer of Yopa, says: “Selling my own home has given me the opportunity to experience the transaction through the eyes of a customer and test the impact of completing more of the legal preparation upfront.
“Bringing this work forward can help identify issues earlier, create greater transparency and give everyone more confidence in the transaction.
“The Project 28 Charter is important because no single part of the industry can fix this alone. If we genuinely want faster, more certain transactions, we have to redesign the journey around the customer and work together to make it happen.”
Ben Davidson, Managing Director at AConveyancing, adds: “The way that conveyancing is conducted currently needs a radical overhaul, we now have immediate access to data, which can be instantly assessed allowing us to conduct legal due diligence early.
“As a conveyancing firm it allows us to measure the risk and complexity to bespoke the conveyancing process and further remove delay by ensuring the property is legally ready to be sold.”
DATA SHARING
Derek Burt, Director of Home Operations at Lloyds Banking Group, says: “We have an incredible opportunity to simplify the home buying and selling journey, making it easier, faster and better for customers. By bringing technology and innovation to the process, we can take the friction out of one of life’s biggest transaction.”
And Travis Scholes, Commercial Director at LMS, adds: “When stakeholders can share, consume and reuse data more effectively, we remove unnecessary friction, reduce duplication and unlock better outcomes for everyone involved, particularly buyers and sellers.
“The infrastructure exists to support that change.
“The focus is now on accelerating connectivity and adoption across the industry so trusted information can flow more effectively and deliver real impact at scale.”
