The internet has disrupted several industries in recent years, and the legal sector is no exception. The way we buy and sell property is changing, and conveyancing is no longer the time-consuming and complicated process it once was.
In this guide, we'll take a look at the changes that are taking place in UK conveyancing and how they're benefiting consumers. So, whether you're buying or selling a property, read on to find out what's new in the future of conveyancing.
Vendor Disclosure
In the past, it was standard practice for vendors to provide buyers with a Property Information Form (PIF). This document was used to provide information about the property, including the vendor's name and address, the registered title number, the mortgage account number and the energy performance certificate (EPC) rating.
However, the PIF has now been replaced by the Property Information Questionnaire (PIQ). The PIQ is a more comprehensive document that covers a wider range of topics, including the following:
- The property's boundaries
- The property's services (e.g. water, gas, electricity, drainage)
- The property's fixtures and fittings
- The property's insurance
- The property's history (e.g. planning permission, building regulation approval, works carried out without approval)
- The property's energy performance
- The property's environmental impact (e.g. flood risk, noise pollution, air quality)
- The property's title (e.g. registered title number, restrictive covenants, easements)
- The property's leasehold terms (if applicable)
- The property's management information (if applicable)
In addition to the PIQ, vendors will also be required to provide buyers with a copy of the Energy Performance Certificate (EPC). The EPC is a document that provides information about the property's energy efficiency and carbon emissions.
It's important to note that the PIQ is not a legal document, and it's up to the vendor to decide what information they include in the questionnaire. However, it's important to be as honest and transparent as possible, as buyers may be able to cancel the contract if they feel that they've been misled.
The Advent of Electronic Conveyancing
The Land Registry is the government body responsible for registering property ownership and is the official record of who owns what.
It's estimated that the Land Registry deals with around 500,000 transactions every year, and the vast majority of these are still completed manually.
However, that's all changing. The government has committed to making the Land Registry a fully digital service by 2025, and electronic conveyancing is at the heart of this transformation.
So, what is electronic conveyancing? Put simply, it's the process of buying and selling property online. It's a completely paperless process, which means there's no need for physical documents to be signed and exchanged. Everything is done electronically, from the initial offer to the final completion.
The electronic conveyancing process is already up and running in a number of other countries, including Australia and New Zealand.
It's estimated that the UK will save around £300 million a year once the transition is complete, and the government is confident that the benefits will outweigh the costs.
The government is also working on several other initiatives to make buying and selling property easier, including a new online service that will allow buyers to search for properties and make offers without the need for a solicitor or estate agent.
Instead, all of the documentation is stored electronically, and the whole process is completed online.
The Benefits of Electronic Conveyancing
The obvious benefit of electronic conveyancing is that it makes the whole process much quicker and easier. It's estimated that the average house sale takes around 12 weeks to complete, but with electronic conveyancing, that can be reduced to just a few weeks.
It's also a much more efficient process, which means that it's less likely to be delayed by things like lost documents or mislaid paperwork.
Another big advantage of electronic conveyancing is that it's much more secure than the traditional paper-based system. All of the documentation is stored electronically, which means that it's much less likely to be lost or stolen.
It also means that there's no need for buyers and sellers to exchange large amounts of cash, which reduces the risk of fraud.
The Disadvantages of Electronic Conveyancing
There are some disadvantages to electronic conveyancing, the main one being that it's a relatively new technology. This means that not all solicitors and conveyancers are familiar with the process, and some may be reluctant to use it.
It's also worth noting that electronic conveyancing is not currently available in all areas of the UK. The government is working to roll it out nationwide, but it's not expected to be available everywhere until 2025.
Is Electronic Conveyancing Right for You?
If you're buying or selling a property, then it's definitely worth considering electronic conveyancing. It's a much quicker and easier way to buy or sell a property, and it's also much more secure.
There's no doubt that electronic conveyancing offers many benefits. It can make the process of moving house easier, faster and more efficient.
However, it's not right for everyone. If you're a first-time buyer or selling a property for the first time, you might prefer to use a traditional solicitor or conveyancer. This is because they can provide you with guidance and support throughout the process.
Some people also prefer to work with a local solicitor or conveyancer, as they'll likely have a better understanding of the local area and the housing market.
If you're buying a property that's located in an area where electronic conveyancing is not yet available, then you won't be able to use it.
If you're moving house soon, take some time to consider whether electronic conveyancing is right for you.
If you're not sure, speak to a conveyancer or solicitor to get their opinion.
How to Find the Right Solicitor or Conveyancer
The best way to find a solicitor or conveyancer to help you with your property transaction is to ask friends and family for recommendations.
You can also check the websites of the Law Society of Scotland and the Scottish Solicitors' Discipline Tribunal to find a list of solicitors in your area.
Once you've found a few solicitors or conveyancers that you're interested in, give them a call and ask them if they're able to help you with your property transaction. Make sure you ask about their fees and how they work before you make a decision.
You should also ask them about their experience in electronic conveyancing and whether they're able to help you with your transaction.
Conclusion
The UK conveyancing system is changing for the better. The new digital trends are making the process more efficient and easier to understand for everyone involved. These changes are having a positive impact on the industry as a whole, and we can only expect them to continue in the future.
Conveyancing Calculator provides instant online residential conveyancing quotes you can use to compare conveyancing costs. Whether you're moving homes, buying a property, remortgaging or selling a house, our conveyancing quote calculator will supply you with instant prices directly from a UK-regulated SRA property solicitor or CLC-licensed conveyancer. Contact us today to learn more!
Trackback URL
The Trackback Address for Changes to Expect From UK Conveyancing in the Digital Era is:
