tm blog

As anyone involved in the home buying and selling process knows, a lot can go wrong as the chain progresses towards completion – and the picture only gets worse, the longer the chain gets. 

When some chains inevitably do collapse, visibility and lack of communication are often blamed. This shouldn’t come as a surprise. The majority of movers enter the home buying and selling process with high expectations of a quick turnaround – often with the hope of getting into their new home before Christmas, or before the new term starts at school. 

Whatever the reason, there normally is one, and homemovers can quickly get “cold feet” when things don’t look like they are progressing. Or suddenly find out they are part of a chain of eight, instead of a chain of three. Even not hearing from their solicitor or estate agent for several days can be enough to push a homemover “over the edge”. 

As if that wasn’t enough to contend with, most buyers typically register with several agents, so even once a sale is agreed, they are still being enticed by other agents with new listings. The longer the transaction takes, the more risk there is of the buyer finding another “dream home” and jeopardising their original decision.

But what if homemovers could see what was happening across the chain? Knew what was supposed to be happening next? Or could see the latest progress without having to pester their estate agent? What if transactions were completed faster, so there was simply less opportunity for people to change their minds? 

How different could everything be?

By harnessing the power of technology to improve visibility and communication across the length of the property chain, homemovers could be empowered with a better understanding of the process – significantly reducing the risk of them “getting cold feet” and triggering the collapse of the chain. 

Prop tech company tmgroup are already working on making this a reality with mio - a new sales progression and communication tool that helps Estate Agents speed transactions forward, reduce fall-through rates, and help win more business.

Created by property experts for property experts, mio brings convenience to the buying and selling process, including chat messaging and milestone reminders that result in fewer calls for all parties involved – without compromising on information. 

With improved visibility, alongside free educational content about the home buying and selling process, mio can also help to better manage homemovers’ expectations – and reduce confusion and create clarity about roles and responsibilities in completing the transaction.

Jon Horton, Product Director - mio comments:

“Our consumer research reported that 49% of homebuyers would like to receive a daily update on their transaction. Communication and transparency are key, and complaints around this area are the most common type escalated to The Property Ombudsman. 

We recognise that there will always be uncontrollable variables in a property chain, such as a buyer withdrawing from a transaction because their situation changes and they are no longer able to raise the finance. Yet the majority of homemovers connected in the property chain are willing and financially able to move. 

By harnessing the power of PropTech, estate agents and conveyancers can increase visibility across the property chain and proactively manage the more controllable risks associated with the home buying and selling process – and significantly reduce the chance of people pulling out and collapsing the chain.”

For more information about mio, visit www.mio.co.uk 

The first round of Property Hubs took place in Liverpool, Leeds and Nottingham across May 2018, bringing property professionals together to discuss hot topics – including the impact of ‘The Bank of Mum and Dad’.  

Conveyancers are seeing gifted deposits “more often than not” 

Conversations kicked off at 8am sharp, with attendees in all locations jumping straight into heated debates about how ‘The Bank of Mum and Dad’ is skewing the property market in favour of more privileged First-Time Buyers. 

While not a new concept, it has become an increasingly common way for First-Time Buyers to get onto the property ladder, as one conveyancer working in Nottingham claimed: “We see gifted deposits more often than not when managing transactions for First-Time Buyers”. 

From re-mortgaging the family home, to taking a lump sum out of their pension, parents are rising to the challenge of finding funds to support their children onto the property ladder. Even grandparents are getting involved. Property professionals across the country have also noticed financial providers “jumping on the bandwagon”, by developing new products to help make equity release options quick and simple. 

Yet it quickly became apparent that the situation isn’t fool-proof, as attendees swapped cautionary tales about parents gifting deposits to young couples – only to lose their investment a few years down the line if the couple separates. 

Parents are trying to help their children beat the rise in property prices

Yet for many it is worth the risk. Whilst avoiding inheritance tax is certainly a motivation for some parents, the continuing rise in house prices is also prompting many to help their children out sooner rather than later. This is especially true in areas such as Nottingham, where improved transport links are expected to drive house prices up by around 7% per year.

‘Buy to Let’ investors are also compounding the issue, by directly competing with First-Time Buyers for the more affordable flats and 2-bedroom “starter” homes in the area.

This problem isn’t going away any time soon

With property prices in many areas of the country expected to rise over the coming years, along with pressure on the private rental market, it seems unlikely that ‘Buy to Let’ investment opportunities will lose their appeal any time soon. 

Even a sharp increase in affordable New Builds properties is unlikely to alleviate the pressure, as the next generation of First-Time Buyers come of age with ‘The Bank of Mum and Dad’ in tow. 

And what about those without generous, well-off parents? The latest headlines predict it could take them up to 22 years to save enough for a deposit… 

Want to join the conversation? 

Our Property Hubs are returning to Leeds and Liverpool this July. They will also be making their debut in Northampton, Cardiff, Southampton and Bristol. 

• Liverpool – Tuesday 10th July

7:30am until 9:30am @ Radisson Blu Hotel 

Click here for more information

• Cardiff – Tuesday 10th July 

3:00pm until 5:00pm @ Radisson Blu Hotel 

Click here for more information

• Leeds – Wednesday 11th July

 7:30am until 9:30am @ Radisson Blu Hotel

Click here for more information

• Bristol – Wednesday 11th July

3:00pm until 5:00pm @ Radisson Blu Hotel

Click here for more information

• Northampton – Thursday 12th July 

7:30am until 9:30am @ Marriott 

Click here for more information

• Southampton – Thursday 12th July

3:00pm until 5:00pm @ Grand Harbour Hotel

Click here for more information

PropTech company tmgroup are pleased to announce that they are GDPR compliant – following an intensive review process led by Independent Data Protection Officer, Richard Benham.  

Replacing the Data Protection Directive (DPD) and the UK Data Protection Act 1998 as of 25th May 2018, The General Data Protection Regulations (GDPR) are new regulations set out by the European Union – with basic principles including accuracy, transparency and fairness. 

Referred to by Thomson Reuters in a recent article as “the biggest shake-up of data privacy laws since the birth of the web and the largest change in data protection law in Europe for more than 20 years.”, GDPR marks a significant step towards tackling fraud and cyber crime. 

This is just the tip of the iceberg. Looking to the future, the property sector will continue to see big changes; creating new opportunities for businesses such as tmgroup who are willing and able to adapt. 

As the industry continues to embrace innovative ideas for keeping property transactions secure, Blockchain is expected to be the next disrupter. By enabling information to be shared but – crucially – not copied, it is predicted to not only speed up the property transaction, but also be a key player in the elimination of property fraud. 

Achieving GDPR compliance involved every department across tmgroup

tmgroup take data management seriously and involved every department across the business – from HR, Marketing and Operations, to Development and Finance – in a dedicated GDPR project over many months. 

By reviewing all data alongside every process, the GDPR team ensured that tmgroup were ready for the new regulations coming into effect on 25th May 2018. 

Prof. Richard Benham, Independent Data Protection Officer comments:

“I’ve been delighted to work with tmgroup over the last 6 months helping them achieve GDPR compliance. As a digital business, customer data security is of paramount importance. 

By meeting the GDPR deadline, tmgroup have demonstrated their ability to adapt to changes in the market, as well as their ongoing commitment to keeping their customer’s data safe”.

Joe Pepper, Chief Executive Officer at tmgroup comments:

“Our customers rely on our products and platforms to carry out critical work for their clients in a highly regulated environment, and the security of data is of paramount importance to them and all our partners. 

Ensuring that tmgroup and all of our products comply with the new legislation has been a significant but crucial piece of work, and we are delighted with the way that Richard and the team have approached the task.”

Paul Albone, Chief Operating Officer at tmgroup comments:

“The programme which Richard has overseen involved every area of the business, with all of our employees becoming key stakeholders in the project.  

Their involvement has ranged from leading workgroups, undergoing cyber security training and of course ensuring compliance of their own data through our robust HR processes.”  

About tmgroup   

As a leading IT solutions provider, tmgroup are the experts in innovative solutions that enable simplification and automation across the breadth of the property transaction. tmgroup’s customers extend to conveyancing solicitors, mortgage lenders, estate agents and developers.    

Key services:    

• tmconvey : Property searches are an integral part of tmconvey, along with insurance and risk  management tools. With its simple, integrated design, it cuts the time and effort it takes to complete the conveyancing transaction.     

• tmconnect : tmconnect is a cloud based transactional hub, providing a joined up workflow for estate agents, mortgage lenders and conveyancers to access and share transactions securely.     

• tmcore : tmcore is an online property data hub for local authorities and other search providers,  linking conveyancers to local authorities for faster land data without incurring unnecessary fees or being bound by complicated systems.     

• tmconvey Premium : tmconvey Premium is a specialist service for commercial real estate  lawyers. Benefits include Premium Terms & Conditions, up to £20 million PI cover per claim, and a managed portfolio service.    

• Property Searches Scotland : Property Searches Scotland are part of the tmgroup family. From our offices in Glasgow, we offer a full range of property searches for residential, commercial and remortgage  conveyancing across all of Scotland's 32 council areas.   

• mio:  mio is a sales progression and communication tool created by property experts for property experts. It speeds transactions forward, reduces fall-through rates, and helps estate agents win more business.

The company has 140 employees and is headquartered in Swindon. 

tmgroup also recently acquired a majority share in Conveyancing Data Services (CDS) – a conveyancing search provider with over 100 years' combined experience within the property search market. 

For more information, visit www.tmgroup.co.uk  

Groundsure have been awarded the licence for Cheshire Brine data from the Cheshire Brine Subsidence Compensation Board. This will take effect from 1st June 2018. 

As the new sole provider of Cheshire Brine data, Groundsure have also announced a Cheshire Salt Search report in partnership with the Cheshire Brine Subsidence Compensation Board. 

Click here to see a sample report 

The report is for residential and commercial properties - and will be available to order on tmconvey from 1st June. 

You will not need to purchase both a CON29 Coal Mining Report and a Cheshire Salt Search - except for two areas on a small section of the Cheshire and Staffordshire borders where an overlap between coalfields and Cheshire Salt occurs, which you can view here.

You can see the pricing for the new Cheshire Salt Search below:

The Cheshire Salt Search is mandatory for property transactions within the Compensation District – and includes details of whether the property lies within a statutory consultation area, past damage claims, commutation payments and future claims cover.

What about the CON29M and other reports?

As Cheshire Brine data will no longer be licenced to the Coal Authority, any CON29M reports ordered from the Coal Authority will not contain information about Cheshire Brine.

To reflect this, Cheshire Brine search alerts on tmconvey will also switch from CON29M to Cheshire Salt Search (GSCHSALT).

Terrafirma: There will be no noticeable change to Terrafirma’s Coal Extra report. They will simply source their Cheshire Brine data from Groundsure from 1st June 2018 onwards.

PlanVal: Planval have confirmed that they are removing Cheshire Brine from their Coal Mining and Non-Coal mining searches:

> PVMCC – Planval Mining Coal with Opinion (Commercial)

> PVMCR - Planval Mining Coal with Opinion (Residential)

> PVMNCC - Planval Non- Coal Mining with Opinion (Commercial)

> PVMNCR - Planval Non- Coal Mining with Opinion (Residential)

If you have any questions, or have any concerns about how these changes may affect any other reports you order, please get in touch with your Account Manager, or contact Helpdesk on 0844 249 9200.

We’re always listening to our customers and looking for new ways to help save them time. Coming soon to tmconvey, our New Build Managed Service helps to address the challenges conveyancers face when ordering searches for new build properties – and gives them the support they need to make everything faster and easier. 

Lack of information can lead to additional supplier queries during the search ordering process

New Build sites can be time-consuming. This is often for reasons outside of a conveyancer’s control, particularly when it comes to the provision of information for location plans, developer and plot plans. This can also result in additional queries from suppliers, culminating in significant delays for conveyancing teams.

Designed to streamline the process, our New Build Managed Service is tailored to your needs to help save your teams time. 

Early adopters have saved significant amounts of time across their team 

Over a dozen firms have been involved in piloting tmgroup’s New Build Managed Service as “early adopters” and are keen for the service to continue. Initial comments include; 

> “So much easier than sitting there for hours trying to plot it.”  

> “Less calls and interruptions. It’s definitely much quicker and easier.” 

> “10 times quicker than trying to do it manually ourselves.” 

Let our experienced team manage New Build properties on your behalf 

Drawing on years of experience and long-standing relationships with suppliers, our experienced New Build Operations team are well-placed to process New Build searches on your behalf. All you need to do is fill in a simple template with the information you have – and we’ll take care of the rest.

Even when queries arise, our Operations team will do a thorough investigation to resolve the question. That will mean liaising with our search suppliers as well as the property developers on your behalf.

Results will then be emailed to any distribution list you require, as detailed within the search template. All of this saves your team time and energy, which may be better used elsewhere.

New Build Managed Service COMING SOON to tmconvey

For more information, please contact your Account Manager, or get in touch with Helpdesk on 0844 249 9200 or helpdesk@tmgroup.co.uk

Want to improve your business development strategy? Talk to Clare Yates! She has over 25 years’ experience in the property industry and is more than happy to share what she knows to help you win new clients. 

Here, she explains how promoting good communication skills and a proactive service experience can help attract new clients and secure great recommendations.

As past research has shown, customers value proactive conveyancers with good communication skills – and are less concerned with price. This is evident in the Home Moving Trends research reports, which have shown year-on-year support for homemovers favouring these skills. 

This shouldn’t be a surprise! Clients typically need to be reassured throughout the property transaction to feel confident that everything is progressing. Yet many businesses still cry out about having the best deals – without focusing on what else future clients might need or expect. 

How do you showcase your proactivity? Outlining key milestones in the transaction and being forthcoming with new information – as well as offering useful advice on the risks of cyber crime – can go a long way in creating a happier client experience. 

Take a step back…

If you set aside just 20 minutes to review your marketing material, what would you find? Is your website shouting about how your proactive team deliver time after time – or is it just waffling on about getting a good deal? 

What about your customer experience? Would your most recent clients have good reason to recommend your services to their friends and family? Could you include testimonials on your website, in your marketing literature and client care letters? 

With thanks to Clare Yates, Senior Business Development Manager at tmgroup. 

Got a question? Connect with Clare on LinkedIn. 

tmgroup has teamed up with E3 Compliance Training to help make GDPR compliance training more engaging and effective.

GDPR coming into effect on 25th May 2018 forced businesses across the country to rethink their data handling processes – from Marketing and Customer Service, to Human Resources. 

Yet, with fines of up to €20 million at stake for firms failing to comply, it is equally important that all members of staff understand what GDPR is and the changes they may need to apply to their day-to-day work.  

From 25th May onwards, achieving consistent compliance training across the business is probably one of the biggest challenges firms face – and this is where E3 Compliance Training’s app has the potential to make a real difference. 

Taking an innovative approach to compliance training, with methods more commonly found in mobile games, E3 Compliance Training’s techniques include:

• Use of game mechanics to engage players.

• Automated nudges to encourage course completion.

• Advanced analytics to support a firm’s compliance regime.

• The ability to play the courses anywhere, on multiple devices.

Clare Yates, Senior Business Development Manager at tmgroup comments:

“Compliance training is not something people love to do, and can quickly become a tick box exercise – instead of a thorough educational activity. With something as critical as GDPR, there really is no margin for error.

With GDPR now in effect, many firms are beginning to feel the pressure when it comes to getting their teams ‘up to speed’. This is where a training app can make all the difference, helping to engage and thoroughly train your team before the deadline hits.” 

Want to find out how your compliance training could be more fun and effective? Please get in touch.

tmgroup are pleased to announce that they have joined a small group who will be Beta testing the new national Local Land Charges (LLC) Register. 

Building on their proven track record of assisting Land Registry in developing Business to Business (B2B) services, including “connect direct”; the precursor to the Land Registry’s business gateway, tmgroup are looking forward to this next phase of collaboration to help save even more time in the property transaction. 

The new LLC register marks an exciting step forward for efficiency and consistency 

Over the coming months, HM Land Registry will be building the foundations for a national Local Land Charges (LLC) Register and working with local authorities in England to migrate their LLC records to a centralised digital register. 

This is a positive step forward for everyone involved in the property transaction, as it will help to eliminate regional variations in the speed, format and costs of LLC searches, as well as provide online search results instantly. 

By improving efficiency and consistency across the LLC1 ordering process through digitisation, the industry will also begin to move away from the whims of the “postcode lottery”, transforming the home moving experience for both conveyancers and their clients. 

Users of tmconvey will be able to see their LLC1 results in seconds 

The development of the new national Local Land Charges (LLC) Register, through the digitisation of LLC data, is the latest in a series of datasets to be released. 

Conveyancers will now be able to make decisions by reading information on screen and in seconds, rather than having to open and interpret a PDF document – this is another exciting development for tmconvey users as well as the industry as a whole. 

It marks another step forward in tmgroup’s journey of streamlining the property transaction for the benefit of all, as the PropTech company continues to innovate and collaborate to save time for property professionals. 

Paul Albone, Chief Operating Officer (COO) at tmgroup comments:

“To be invited to be part of such a select group of Beta testers is a testament to our ongoing commitment to streamlining the property transaction, as well as our proven track record for supporting previous HM Land Registry initiatives. 

We are pleased to participate in driving this new initiative forward through collaboration and innovation, and look forward to sharing the benefits with our customers.” 

Paul Albone

Paul is tmgroup’s Chief Operating Officer (COO), working alongside tmgroup's CEO to save even more time across the property transaction.

 

Post-Completion services have launched on tmconvey. Designed to diminish the chance of manual error, this latest addition to tmgroup’s growing services helps conveyancers rise to the increasing pressure to submit their SDLT and AP1 forms more efficiently. 

Watch a quick demo of our Post-Completion services below:

Prepopulated fields make it quick and easy to submit SDLT and AP1 forms

By being fully integrated with tmconvey, users can process their SDLT and AP1 submissions without wasting timing logging in and out of multiple websites. Users also benefit from shared information and prepopulated fields across their SDLT and AP1 submission forms, as well as their cases – reducing the chore of double entry and saving time.

Anna Connett, Legal Secretary at Thomson Snell & Passmore LLP comments:

“Submitting SDLT forms is much easier on tmconvey, as it pulls through information from the case such as the property address. I like the layout of the SDLT form too, which makes it easier for our fee earners and our clients to understand, so they can approve the information easily. 

It’s then good that by the time you get to the AP1 form, and have already completed your searches and your SDLT, it copies across the agent details, property address, and copies across the SDLT5 too – so you don’t have to scan and save.”

Validation and error checking helps users get it right first time

Easy to navigate, electronic SDLT and AP1 submission forms enable every user to progress quickly by only showing the questions that need to be answered. Whilst the online SDLT calculator makes it easy for even the newest members of a team to pay Stamp Duty Land Tax fees with confidence.

To reduce the chance of mistakes, the SDLT and AP1 submission forms come with built in validation and error checking. Accompanied by clear summary pages, users can also jump to any section that requires their attention.

tmgroup are also a compliant software vendor for HMRC and Land Registry, so the SDLT and AP1 forms are always up to date, and submitted directly to them – without incurring any delays or additional costs.

Audit trails provide improved visibility and proof of compliance 

With clear time stamps and status updates within tmconvey, automated audit trails enable Heads of Department to track every SDLT and AP1 submission status across their team – and even multiple offices – for improved visibility and proof of compliance. 

Users can also login and reply to requisitions – without having to check their emails. Whilst ‘impending cancellation date’ reminders prompt to close an unanswered requisition and complete AP1 submissions, so they don’t waste time resubmitting. 

Jane Towner, Customer Experience Director at tmgroup comments: 

“The addition of Post-Completion services to our tmconvey platform will help our customers save even more time in their conveyancing work. Not only this, but as we’re an approved software partner of HMRC and Land Registry, our customers will have peace of mind that our SDLT and AP1 forms will always be up to date with the latest legislation changes. Overall, this is an exciting development for our new tmconvey platform, marking another step forward in further streamlining the property transaction for the benefit of our customers – as well as their clients.” 

Post-Completion services AVAILABLE NOW on tmconvey 

Complementing the existing SDLT submission service, our new AP1 submission is now available on tmconvey. 

To be switched on today, or request a demo. Get in touch!

The government consultation on Improving the Home Buying and Selling process has called a lot of our industry processes into question and prompted the need for real change – as evidenced by the recent summary of responses issued by the Ministry of Housing, Communities & Local Government (MHCLG) in response to the government’s Call for Evidence late last year.

Here tmgroup share their predictions for what may lie ahead – alongside expert commentary from Bold Legal Group Founder, Rob Hailstone, and tmgroup’s new CEO, Joe Pepper.

Consumers will demand visibility across the entire property chain

The information tied up in a property transaction is often only shared across disparate emails and telephone conversations, which can result in delays and confusion for those involved – especially the consumer. 

With poor communication already being blamed by all parties involved for property transactions falling through, and other sectors (including banking) providing improved visibility and control through self-service apps, consumers will inevitably come to expect more from their conveyancers and estate agents. 

…And PropTech will enable collaboration and transparency

Fortunately, the market is already rising to the challenge, with practical solutions for providing transparency across the entire property chain already being piloted, such as tmgroup’s mio solution.

By sharing data across the property chain, everyone involved will benefit from a single view of the transaction, from seeing how long the chain is, to identifying (and chasing) whoever is contributing to creating delays. 

Consumers will also be able to keep an eye on any updates using an app, giving conveyancers and estate agents more time back in their day to progress the transaction – instead of fielding questions from anxious homemovers. 

PropTech solutions – such as tmgroup’s mio solution – will also help to create greater transparency, as well as educate consumers, so they feel more empowered, informed and have a better experience.

Blockchain will make property transactions faster and safer 

Cyber crime, fraud and money laundering will continue to challenge the property sector – but Blockchain technology will play a key role in making transactions faster as well as safer. 

ID verification is an area where Blockchain technology could really excel. By creating a centralised system of authentication, for example, everyone in the property chain could have access to the same, secure information – from scanned passports to AML checks. 

Joe Pepper, Chief Executive Officer (CEO) at tmgroup comments:

“Whilst at Propteq Europe 2018, I heard many innovative ideas about what the future may hold for the property sector. Yet I think it is equally exciting to ask ourselves what technology can achieve tomorrow – not in 2028 – and how today’s business community can help to shape these ideas into practical solutions.

Blockchain is a great example of making the most of today’s capabilities. We are already seeing blockchain-supported cryptocurrencies hitting the headlines – with some people even using them to purchase property. As we all progress towards a safer, more efficient home buying and selling process, I expect blockchain technology will play an increasingly dominant role.”

Creating a pre-sale report will become the norm – and be quick and easy with the help of technology 

As steps are taken to improve the home buying and selling process, there will be increased focus on what can be done to make the property “sale ready” before it goes on the market. 

A pre-sale report is one possible solution. Echoing back to Home Information Packs (HIPs), these are unlikely to be everyone’s first choice, but could have the potential to reduce the time spent gathering information whilst the transaction is in progress. 

Rob Hailstone, Founder of the Bold Legal Group comments:

“When the property is on the market, this is the ideal time for preparation - especially as this is typically at least 3 months. The creation of a pre-sale report will help to ensure that every property is presented openly to potential buyers – and that there will be no nasty surprises later on. 

The challenge will be in managing the time and cost of generating this report, so that they are welcomed by estate agents and don’t unintentionally prohibit the sale of the property by adding additional costs and delays to the home selling process.” 

The latest technology offers time-saving possibilities for pre-sale reports 

Thankfully, technology has moved on a lot since Home Information Packs (HIPs) were abandoned in 2010, offering great potential for smarter and faster pre-sale reports that benefit everyone.  

• Could a digital pre-sale report be generated at the click of a button? 

• Could the conveyancer, estate agent and seller have a single live view of the report that could be easily shared with potential buyers? 

• Could a quick scan of available data sources highlight where there may be need for further investigation? Or give a property “the green light”?

Searches will be ordered much earlier on in the process 

Searches have a reputation for delaying the property transaction, as they are typically ordered later on in the homebuying process – and can create complications when issues need to be resolved before the sale can progress. 

It therefore stands to reason that if searches are ordered sooner and reviewed in a more timely fashion, then any issues could be identified earlier – reducing the likelihood of “surprises” hindering the progress of a transaction. 

If pre-sale reports do harness the potential of technology and quickly become the norm, search results could be generated as part of the report – helping the buyer to make an informed decision about any known risks when putting in an offer (instead of getting a surprise later on that could compromise the sale and the entire property chain). 

New initiatives to help improve the turnaround times of search reports could also help to speed up the home buying and selling process - such as the Government’s recent announcement to “set a timeline for local authority searches, so buyers get the information they need within 10 days”.

…and digital property log books will be used to store planning permission applications and other useful documents

When a property transaction is completed, conveyancers are typically left with a bundle of documents (mortgage guarantees, planning permission applications, etc.), which would be useful in a future sale. However this information is typically sent to the homemover and can be lost over the years. 

A digital property log book could be the answer, allowing important documents to be scanned if necessary (or even photographed), saved and stored. When the property is sold on again, homemovers can simply give their conveyancer permissions to the log book, so they can retrieve the relevant documents to proceed the transaction. 

This will accompany any information generated by a pre-sale report and help to ensure the house is “sale ready” when it goes on the market, as well as reduce the time spent requesting copies of original documents. 

Rob Hailstone, Founder of the Bold Legal Group comments:

“Some companies are already experimenting with the concept of digital property log books. However, the main challenge will be selling it to the consumer.

Whilst registration fees are expected to be minimal – around £30 to register the property and £10 per year to keep the documents stored – additional features such as holding copies of passports and driving licenses could help to improve uptake.”

Having a mortgage in principle will be mandatory 

A prospective buyer presenting a mortgage in principle is currently best practice – and not mandatory. 

Whilst a good idea in theory, helping to determine how much lending power homebuyers really have when they put an offer on a property, some estate agents don’t ask to see one. This can cause problems further down the line – resulting in delays or even withdrawals of the offer due to lack of adequate funds. 

If the presentation of a mortgage in principle was made mandatory, it would help to ensure that every offer made on a property is genuinely backed by a lender. 

With funds better secured, it is also more likely that the Government’s recent proposal for voluntary reservation agreements will succeed, by removing some of the financial risk that can contribute to buyers pulling out and chains collapsing. 

Such reservation agreements echo the process in place in the Scottish property market, where homemovers are tied in once they have made an offer – resulting in a significantly lower fall-through rates. 

What do you think will happen?

Share your comments on Twitter and LinkedIn - and tell us how you think the home buying and selling process might change for the better.