Conveyancers will need more cash if they are to play a role in providing upfront material information to homebuyers.
That’s the clear message from trade body The Conveyancing Association (CA), which warns that its members will have to charge higher fees if they are expected to do more work.
The association was responding to government consultations on the home buying and selling process, and said it supports “clearer and earlier provision of property information”.
Firm limits
But there must be “firm limits on scope and liability for conveyancers, and clear recognition upfront information creates additional legal work that must be properly priced and resourced”, it says.
The CA goes on to say it, “has also stressed the importance of sellers instructing conveyancers at the very start of the process, before a property is marketed, to identify legal issues early and reduce the risk of delay or failure later in the transaction”.
And it calls for, “standardised, trusted property data, shared through digital systems and property logbooks”, to reduce duplication.
Enforcement
Mandatory qualifications and effective regulation of estate agents are also essential the CA says, alongside meaningful enforcement.
Nicky Heathcote, Non-Executive Chair of The Conveyancing Association, says: “Our responses support greater transparency and earlier information, but they also make clear reform must be fair, enforceable and grounded in how transactions actually operate.
“If these changes are implemented properly, they can reduce stress for consumers and create a more stable and sustainable environment for conveyancing firms.”
Delays and transaction failures are rarely caused by a lack of information at listing stage alone.”
Meanwhile, Law Society President Mark Evans dismisses the idea that upfront material information alone will solve delays and fall throughs.
“Delays and transaction failures are rarely caused by a lack of information at listing stage alone.
“They more commonly arise from late discovery of legal or financial issues, inconsistency of data, and a lack of early professional verification.”
Homebuying reforms will fail if estate agents not regulated, warns CLC
Industry body calls for high-volume conveyancers to be regulated
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