Conveyancing could be modernised
7th June 2016
In a move that could affect lawyers across the UK, the government is set to publish ‘a call for evidence’ later this year to modernise the conveyancing process.
Earlier this week, Dominic Raab, who is the justice minister, announced in a Westminster Hall debate that the conveyancing and homebuying process will be evaluated.
Suggestions put forward
The debate brought up a lot of suggestions to improve and speed up the homebuying process, which will be of great interest to those working in legal jobs.
A pre-contract financial commitment, which would be forfeited if the seller either raised the price of the property or pulled out of the sale without warning, was one such suggestion.
Colchester MP Will Quince, who is a fully-qualified solicitor, also suggested that changes in legislation should see lawyers and legal professionals discuss potential changes within the estate agent industry to make sure the alterations are positive.
Other potential changes that could be made to the homebuying process would affect mortgage applications. The debate at Westminster Hall highlighted that the mortgage application process should be simplified and standardised so that there are industry-standard instructions for conveyancers to follow.
In an article on the Law Society Gazette, MP Will Quince, said, “I recall in practice the minefield that was the Council of Mortgage Lenders’ handbook - part one, two and three - with all lenders having differing requirements.
“Reducing the handbook would lead to a reduction in the work that a conveyancer needs to do and therefore considerably speed up the process.”
Another potential change which was discussed in the debate included estate agents providing more detailed property questionnaires from the conveyancer to complete while a buyer is being found.
The debate also said conveyancers were partly responsible for the current conveyancing process and MP Quince said ‘factory conveyancing’ was to blame for some delays and clients having to pay more.
Image Credit: Paul Wilkinson