Is the process for selling a house about to go boom?
Estate Agent Today has reported that the information house sellers may have to provide in future about the be transformed, if government property buying reforms are implemented. They are nothing less than a revolution in how property details are prepared.
Beth Rudolph, a leading member of the industry-wide Home Buying and Selling Group, revealed the information at a conveyancer’s conference.
The Group has existed for the past 18 months, comprising property lawyers, mortgage lenders and representatives of organisations including amongst others, The Property Ombudsman and the Building Societies’ Association.
The government has made it clear that it wants the current 20 week average between a home being marketed and a buyer moving in, reduced to between six and eight weeks.
Esther McVey MP the Minister for Housing, has not confirmed any decision as yet but according to Estate Agent Today the Group’s ideas a being considered highly influential in forming future reforms of the buying process.
Beth Rudolph says that the Group is seeking to create a system where there was ‘one source of truth about a property’ whether that came from the seller, the estate agent, seller’s conveyancer or independent valuer.
The report currently called Buying and Selling Property Information would be completed at the point of marketing the property and would be accessible to any buyer making an offer; would be accessible to lenders who may be able to pre-authorise lending on a property and reviewed by a valuer prior to a valuation.
“This is not yet policy – and we have yet to read what our own regulating body, the Royal Institute of Chartered Surveyors, thinks about the BASPI report.
“You’d think this information automatically comes together for the benefit of a sale. But it doesn’t. For a sector that has changed little in 150 years it would be much to the credit of the Ministry of Housing if it joined the 21st century”, said Zah Azeem, Partner at Scrivner Tibbatts.
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