Conveyancers say that point-of-sale technology in the mortgage industry has progressed so far that the Financial Services Authority may ask for a cooling-off period.
Pundits predict that within a few years POS completions will be ready for clients unhappy with the speed of conveyancing in the house buying process.
Eddie Goldsmith, partner at Goldsmith Williams, says: “Soon we will have POS ready to go but the FSA may demand a cooling-off period.
“If banks require this for loans of £50,000, why shouldn’t the authorities demand it for deals of £500,000?
He adds: “Clients will love the speed at which we will be able to finalise their mortgages. People want their dream homes as quickly as possible.”
And Alan Dring, sales director at eConveyancer, says: “As long as clients understand the process, no matter how fast it is they will love it. The important thing is keeping them informed.”