Government backs property logbooks
Friday, 23 November 2018 | Admin
Government backs property logbooks to speed up Conveyancing
The government is likely to push sellers to provide more up front information about their property before it goes on the market to make the homebuying process quicker, cheaper and less stressful.
The Ministry of Housing, Communities & Local Government, which has pledged to fix what it considers to be a 'broken' housing market, confirmed its intentions at a conference yesterday. A panel discussion entitled 'Can you really digitise the homebuying process?' featured at trade association UK Finance's Annual Mortgage Conference, held at Eversheds Sutherland's London office.
The ministry's Matt Prior said that with leasehold properties, for instance, it is not 'unreasonable' to tell prospective buyers how many years are left on a lease and what the service charge is. It is 'ridiculous' that such information is not provided up front, he said.
More details about the plans can be found here (separate site)