One of the biggest frustrations when it comes to buying a house is undoubtedly the time it takes before you can move in.
While conveyancing shouldn’t be rushed, much has been done in recent years to streamline the process, from e-signatures and digital identity checks to improving the quality and consistency of information that is made available at the start.
Called ‘upfront’ or ‘material’ information, this refers to the details included on property listings to enable prospective buyers to make an informed choice.
As of May this year, all listings must now include the price, council tax band and tenure of a property – typically whether it is freehold or leasehold.
Two further phases are also in the pipeline, which relate to issues such as broadband speed, availability of renewable or alternative energy sources, whether the property is in a flood risk area or subject to a restrictive covenant.
The drive to improve the provision of upfront information is being led by the National Trading Standards Estate and Letting Agency Team who, in 2021, carried out research amongst potential buyers and tenants in a bid to better understand consumers’ expectations.
It found that 90% of respondents would prefer to find detailed or key information about a property in the listing.
More than half (54%) said they would be less likely to buy or rent it if that information was missing, with just over 40% assuming it meant there was something wrong with the property.
Reporting the findings, National Trading Standards said: “For homebuyers, the purchase is often one of the largest financial transactions people make. Access to accurate and essential information to make the decision is vital.”
Despite support from government in its recent ‘Levelling Up’ white paper, which even suggests new legislation will be drawn up if necessary, it is unclear when the second and third phases of the project will be implemented.
However, this is an agenda for change that is also being driven by the Home Buying and Selling Group, which brings together players from across the property industry, including the CLC.
What property information is available up front? And what must you wait for?
Estate agents are legally obliged to publish upfront information on property listings, but with no set rules until recently for what should be included, it has been patchy and inconsistent at best.
Phase one has seen the addition of new data fields for price, council tax and tenure to property portals which, if left empty by an agent, will be flagged on the listing along with advice about why the information is important and how it can be obtained.
National Trading Standards is keen to implement phase two and three, eventually reaching a point where including all material information is mandatory at the outset.
This will also hopefully cut down on the number of transactions that fall through once problems come to light, which are currently estimated to leave consumers an average £1,500 out of pocket.
Until then, however, it’s up to your conveyancer and while it’s tempting to try and rush through a sale once you’ve found your dream home, doing so could prove extremely costly if you miss something that results in it becoming unsafe or unsaleable in the future.
It takes time to do the detailed searches and enquiries required by your conveyancer, but if there’s a restrictive covenant limiting the changes you can make or a water main requiring access where you plan to extend, for example, it’s best to find out sooner rather than later down the line.
How to choose a conveyancer
In the interests of informed choice, conveyancers too are required to display key information about price and services on their website which should help you when shopping around.
A recent survey of some 3,500 legal service users by the Legal Services Consumer Panel found that almost half of us now shop around when looking for a lawyer, particularly for conveyancing.
Doing your own due diligence is important so you can find a conveyancer who best meets your needs, whether that’s by looking on review and comparison websites or asking for recommendations from family and friends.
Price and speed of service are typically the most important factors, but you may also want to consider others such as location, how and when they will correspond with you and what experience they have, particularly in dealing with the type of property you plan to buy.
Most important of all, however, is to make sure they are regulated so that you are protected in the unfortunate event that something should go wrong. CLC-regulated practices should be easy to identify by our badge, prominently displayed on their website, which should direct you to a page confirming they are regulated by us.
For a list of approved conveyancers and more advice on buying and selling, visit clc-uk.org.
Stephen Ward is director of strategy and external relations at the Council for Licensed Conveyancers
