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At a conference on 6 November 2018, representatives from the Ministry of Housing, Communities and Local Government confirmed their commitment to the possible introduction of a property logbook. With the average time between offer and completion currently taking up to 19 weeks and more than a quarter of property transactions falling through, the Government seeks to address what it deems a “broken” property market.
The logbook would contain up to date information regarding the property that a buyer would need to make an informed decision, for example structural, title, and search information, and if provided from the outset would reduce negotiation and enquiries prior to exchange. It is also hoped that these reforms would encourage early communication with freeholders at the outset of a leasehold transaction, as sellers would need to provide information from the freeholder when marketing their property.
The Law Society and the Conveyancing Association have both supported the Government’s proposals. In its response to the Department for Communities and Local Government call for evidence on improving the home buying and selling process, the Law Society supported the Government’s proposed reforms in order to reduce the rate of failed transactions, and promote trust and confidence between buyers and sellers.
The Government’s review of the current housing market and conveyancing process is also focusing the spotlight on technological innovation to expedite the conveyancing process. The Government’s report advised that technological innovation could enhance the role of professionals allowing them to focus on their expertise and advice rather collating the necessary information to ultimately avoid unnecessary delay.
At Myerson, we pride ourselves on providing a bespoke, high-quality service which is tailored to fit your needs. We do not deal in bulk residential conveyancing or use automated systems to manage your matter, and our premium service ensures that you deal with the same solicitor throughout your transaction. We are accredited by the Law Society’s Conveyancing Quality Scheme which means you can rest assured that your matter is in safe hands.
Should you wish to speak with a member of our conveyancing team regarding any issues you are facing with a rentcharge please call 0161 941 4000 and ask to speak to a member of the Residential Property team, or email firstname.lastname@example.org