Is the Home Buying Process in Basingstoke About to Get Quicker?
New plans to speed up the conveyancing process have been announced. Here’s an overview of the proposed changes and whether they will deliver on their promises.
In today’s digital age, online banking and investing are the norm. However, the conveyancing process—the legal steps required to transfer property ownership—remains largely paper-based and slow. On average, it takes around five months from agreeing to a sale to completion.
Earlier this month, the government unveiled plans to digitalise the home-buying process. The aim is to make key information instantly available to solicitors, mortgage companies, and surveyors. This shift could reduce the number of sales falling through late in the process, as buyers would have more information upfront.
The plan includes developing a digital identity verification service for the property sector and running pilot projects with councils to explore the best way to digitise data.
Will It Work?
The property industry is largely supportive of these changes. Rightmove CEO Johan Svanstrom commented: “Digitising the property market is key to helping speed up the moving process.” Nathan Emerson, CEO of Propertymark, also supports the move, saying, “The housing sector will benefit enormously from the digitalisation of property transactions.”
However, some property solicitors believe the plan overlooks the real problem: red tape. They argue that bureaucracy, not paper documentation, is the true cause of delays.
When Will We See Progress?
Digitalising the system is a significant challenge. Many in the industry believe it will be some time before we see any tangible improvements in conveyancing times.
What Can Buyers and Sellers Do in the Meantime?
While the government’s plans are being developed, it’s important to note that some property transactions are completed much faster than the average five months—some in as little as six weeks.
In the meantime, buyers and sellers can take several steps to help speed up the process:
- Work with an experienced estate agent: Choose a proactive agent who communicates well and keeps things moving.
- Research conveyancers carefully: While cheap services may seem appealing, some conveyancers take on too many cases, which can lead to delays.
- Be prepared: Have all required documentation ready to go to avoid unnecessary delays.
If you’d like to find out more or need a property valuation, contact us today for a free consultation.
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