Buying and selling a home has long been criticised for being slow, complex and vulnerable to delays. With the Government now proposing significant reforms to the conveyancing process, Wilson Browne Solicitors explains what could change and why it matters.

The property market is a constant topic of conversation. Should I move or should I wait? Those are, of course, very personal questions.

However, with the conveyancing process taking, on average, between 12 and 16 weeks, and sometimes longer, the process can become stressful and unpredictable. Delays can also cause transactions to fall apart at the last minute, which is upsetting for everyone involved.

Recent reports suggest that “gazundering” is becoming more common, with buyers taking advantage of what has been described as a “buyer’s market”. Gazundering occurs when a buyer, just before the exchange of contracts, requests a price reduction and threatens to withdraw if this is not agreed, placing the seller under pressure to accept a lower offer or risk losing the sale.

The Government has recently announced proposals to reform the home buying and selling process. The aim is to reduce delays, improve transparency and reduce the number of property transactions that fall through.

Whilst the proposals remain under development, the direction in which conveyancing is moving is clear: a more digital and streamlined home moving process, allowing transactions to progress more quickly while improving transparency, efficiency and earlier commitment from both parties.

The proposals include:

  • Sellers providing upfront information through the introduction of a standardised sales pack before a property is marketed.
  • The introduction of digital logbooks to enable secure and easy access to information specific to a property.
  • Greater use of digital identity checks and electronic signatures to minimise fraud and reduce delays.
  • Increased use of AI and other technology.
  • The introduction of binding conditional contracts, securing all parties’ commitment to the transaction earlier in the process.

It is thought that making information available much earlier, and providing easier access to it, will allow buyers and sellers to make decisions sooner in the process and reduce delays later down the line. Whilst the reforms may still allow parties to withdraw for legitimate reasons, they should reduce the likelihood of transactions collapsing at the last minute.

What this could mean for you:

Sellers will have greater clarity about the information they need to provide from the outset, allowing them to prepare more effectively.

Property listings will contain the key information buyers need to make informed decisions at an earlier stage, particularly where there are potential issues or complexities.

Overall, the changes should deliver a smoother and less stressful experience for everyone, with clearer timelines and improved communication throughout the transaction.

Technology, of course, cannot replace the legal expertise required to investigate complex legal issues. Timescales aside, buying or selling a property is likely to be one of the largest financial transactions of your life, so it is important to ensure your interests remain protected. Many transactions involve nuances that require professional judgement and clear legal advice.

The proposals represent a significant step towards a more modern home buying and selling process and are likely to be welcomed by buyers, sellers and property professionals alike.

If you’re planning to buy, sell or remortgage a property and would like advice on the conveyancing process, find out more about Wilson Browne Solicitors’ Residential Conveyancing services or request an instant online quote here: https://www.wilsonbrowne.co.uk/personal/residential-conveyancing/