Technology can significantly streamline the conveyancing process, though reducing regulatory burdens would also make the work easier to streamline, the Law Society of England and Wales said.<\/p>\n
The government is consulting on launching digital property packs that can be integrated with conveyancing systems via APIs. <\/p>\n
There is also a proposal to unveil digital property logbooks to provide historic information on a property without paper documents needing to be stored.<\/p>\n
Binding conditional contracts are also planned, which would make transactions binding at an earlier stage, preventing buyers or sellers from withdrawing without incurring a financial penalty like losing their deposit.<\/p>\n
Mark Evans, president of Law Society, said: \u201cTechnology can have a significant role to play in improving the conveyancing process, but it is just one part of it.\u00a0<\/p>\n
\u201cImproving technology without addressing other factors, especially the increase in regulatory burdens, will not deliver real gains for the public or conveyancers. <\/p>\n
\t <\/p>\n
\u201cThe government\u2019s 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.\u201d<\/p>\n
The Law Society backed improving access to material information in property listings, but warned that it\u2019s unlikely to make a big difference to transaction speeds.<\/p>\n
Evans added: \u201cDelays and transaction failures are rarely caused by a lack of information at listing stage alone. <\/p>\n
\u201cThey more commonly arise from late discovery of legal or financial issues, inconsistency of data, and a lack of early professional verification. <\/p>\n
\u201cAny 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.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Technology can significantly streamline the conveyancing process, though reducing regulatory burdens would also make the work easier to streamline, the Law Society of England and Wales said. The government is consulting on launching digital property packs that can be integrated with conveyancing systems via APIs. There is also a proposal to unveil digital property logbooks […]<\/p>\n","protected":false},"author":1,"featured_media":7178,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-7177","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-second-home"],"yoast_head":"\n