The home buying and selling process should be streamlined without
disrupting the property market in a negative way, says the Law
Society of England and Wales.
The Law Society has submitted responses to the Ministry of
Housing, Communities and Local Government (MHCLG) consultations
on home buying and selling reform and material information in
property listings.*
The responses have been informed by extensive consultation with
Law Society members.
“We share the government's objective of a more reliable home
buying and selling system, driven by informed consumers,
innovative technology and high-quality professional services that
ensure strong consumer protection,” said Law Society president
Mark Evans.
“We are pleased to see recognition that there is no silver bullet
to improve the process, rather a need to streamline multiple
parts of it without disrupting the property market in a negative
way.
“The role of the conveyancer has expanded enormously over recent
years through the introduction of multiple regulatory and
legislative requirements, and many aspects of the role have
become more challenging.
“Those who provide this essential service, which sometimes can be
difficult and frustrating for all parties, should be assisted by
the development of a more streamlined and less stressful process.
“Technology can have a significant role to play in improving the
conveyancing process, but it is just one part of
it. Improving technology without addressing other factors,
especially the increase in regulatory burdens, will not deliver
real gains for the public or conveyancers.
“The government's consultation proposals lack detail and
therefore make it difficult to comment on how valid and workable
they are. It is vital that further consultations take place when
these proposals are developed further.”
On material information in property listings, Mark Evans added:
“We support the objective of improving transparency and consumer
understanding in residential property transactions. However, our
evidence strongly suggests that material information alone will
not resolve the structural causes of delay or failed transactions
in the home buying and selling process.
“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.
“Any reform should initially focus on limited, high-quality
material information, improvements within the existing estate
agent framework, and realistic lead-in periods that allow the
market to adapt.”
Notes to editors
Some of the key points the Law Society makes in the response to
the government's consultation are:
- Any changes should not favour certain types of firm structure
over others. We are keen to see the implementation of policy
measures that independent SME firms as well as national practices
can realistically adopt.
- It is vital that further consultation takes place, with
options to pilot and refine new processes before they are
implemented more widely.
- The Law Society supports government intervention to drive up
standards amongst estate agents. This is critical if the process
is to improve overall. The estate agency market currently lacks a
uniform, enforceable baseline of professional qualifications and
standards comparable to those that underpin legal and surveying
professions. This gap reduces trust in information provided by
estate agents.
- It is neither realistic nor desirable to try to define
material information as a single standardised set of items that
must always appear at the marketing stage. Much of the
information cited in the government's consultation will be
material to someone, but its importance will vary depending on
the stage of the transaction and the needs of the buyer.
- To make the market more attractive for conveyancers,
regulatory burdens on them should be minimised.
- Without regulation and credible enforcement it will be hard
to change the market so that more comprehensive information is
provided upfront.
- Sole practitioners and SME law firms can face particular
barriers and challenges around technology adoption, including
creating digital literacy among their staff. These can be
addressed through support on skills and investment in LawTech.
