"Delays in the home moving process are obviously a hot topic at the moment as the surge in transactions to make the stamp duty holiday window is putting pressure on capacity at every stage."
The pledge, which is supported by the Housing Minister, lays out what each profession within the housing industry needs to do and when, in order to ensure as much information is provided as soon as possible in the buying and selling process.
The pledge requires no extra steps for the industry to undertake, but is instead focused on gathering information earlier in order to save time later and give the industry an opportunity to resolve any issues before they hold up the sale, hopefully reducing sales fall throughs and, for some, reducing the time it takes to buy and sell.
For example, the pledge recommends the industry to advise consumers to appoint a property lawyer on the day a property is marketed. This is already something that happens for auctions in Northern Ireland and in Scotland. It is also recommending buyers to secure their decision in principle early and instruct a property lawyer before making an offer so their ID can be verified and money laundering checks carried out quickly.
In a statement, the HBSG said: "None of this advice is ‘new’, what is different is the industry has pledged to work together to offer consistent advice to all consumers, helping to ensure they play their part and the emphasis on securing information, which could affect a sale or purchase, sooner rather than later in the process."
Relevant organisations and groups involved in the home buying and selling process from agents, legal entities, surveying, removals and consumer organisations have agreed to the pledge. These include, among others, NAEA Propertymark, The Law Society, Conveyancing Association, CILEx, Society of Licensed Conveyancers, RICS, RPSA, BAR and organisations such as The NTS Estate & Letting Agency Team, The Property Ombudsman and the PRS.
Housing Minister, Christopher Pincher MP, said: “This Government is committed to ensuring the housing market works for everyone, and our work with the industry has helped to restart the market in a way that is safe.
“I welcome this pledge from the industry and look forward to seeing it deliver a smoother and more efficient experience for all those looking to buy or sell their home.”
Joe Arnold, managing director of Arnold & Baldwin Chartered Surveyors, commented: "Delays in the home moving process are obviously a hot topic at the moment as the surge in transactions to make the stamp duty holiday window is putting pressure on capacity at every stage. But this pledge from the Home Buying and Selling Group (HBSG) isn't just a temporary fix for a current problem, it forms the basis for a more efficient and effective market. The HBSG has taken input from professionals across the homebuying process, including Arnold & Baldwin, and the pledge includes some really important suggestions and nuggets of advice that will help transactions progress more easily. If all documents are available up front, it sets everyone up for ultimate success."
