The Conveyancing Association has put forward the case for a ‘home mover’s online portal’ in its white paper on ‘Modernising the Home Moving Process’, published today.
It proposes that this future portal would take the consumer through the process of home moving with the use of technology and could be accessed by all parties involved in the process.
It says the portal would help protect the conveyancer, estate agent, mortgage adviser, lender and home mover from the threat of fraud and redirection of client funds.
The paper looks at the UK’s current home moving process, incorporating the results of the CA’s own research, its consultations with a variety of stakeholders across the industry both in the UK and abroad, and looks at the solutions employed in other jurisdictions around the world in order to identify current constraints in the UK and potential solutions.
The association says this has allowed it to “postulate what the future might hold in terms of its vision for a data-sharing, collaborative, digital home moving service.”
However, it says that more fundamental actions need to be taken now to enable such a vision of the future.
The white paper focuses particularly on the benefits to be gained from creating greater certainty far earlier in the home moving process. It suggests a number of ways in which this can be achieved including:
– Centralising the identity verification of the parties to reduce the risk of fraud and money laundering.
– Collating the Property Information and Title Information on the marketing of a property.
– Requiring a legal commitment on offer to reduce transaction failures.
– Requiring completion monies to be sent through the day before completion.
– Amending the Commonhold & Leasehold Reform Act 2002 to resolve the unreasonable cost and delay now associated with the leasehold sales process.
– Providing a reliable lending decision-in-principle based on a ‘hard’ credit report without impacting on the applicant’s credit score.
– Reviewing the CML Handbook to remove anomalies and ambiguous entries, which generate post-valuation enquiries.
The CA will be discussing its white paper with stakeholders at its ‘Modernising Conveyancing’ conference, which takes place on Thursday 1 December at Stamford Bridge, Chelsea.