The government is set to modernise the property transaction process by digitalising data shared during sales, aiming to reduce delays and streamline home purchases.
A 12-week initiative has been launched to establish a framework for data sharing between conveyancers, lenders, and other key parties involved in property transactions. The move is expected to replace outdated, paper-based systems with a more efficient digital process.
Housing and Planning Minister Matthew Pennycook stated that the changes would help homebuyers save money, reduce stress, and prevent transactions from falling through. The reform is part of a broader housing strategy that includes reviewing planning regulations, constructing 1.5 million homes, and reforming leasehold arrangements.
Currently, conveyancing can take weeks, with additional delays caused by the slow retrieval of necessary documents for property searches. On average, it takes five months from an offer being accepted to finalising a move. Officials believe digitisation will significantly cut this timeframe by allowing mortgage providers and surveyors to access essential information instantly while streamlining identity verification checks.
The Ministry of Housing, Communities and Local Government is working alongside HM Land Registry (HMLR) and industry experts from the Digital Property Market Steering Group to implement these reforms. HMLR will also oversee 10-month pilot programmes with local councils to improve digital access to property data.
As part of the leasehold reforms, new legislation taking effect on 3 March will grant leaseholders greater control over their service charges and remove the obligation to cover their freeholder’s legal fees when making a right-to-manage claim. This change could save leaseholders up to £3,000 in certain cases and limit landlords’ ability to obstruct the process.
Pennycook stated that the reforms would empower leaseholders to manage their buildings more effectively while curbing excessive or unjustified charges.
Stay tuned to London Pulse News for further updates on these housing reforms and the future of property transactions.
