The time needed to buy a house could be slashed from months to a matter of weeks, or even days, if the governments proposals for electronic conveyancing become law.
The proposals form part of the Electronic Communications Bill scheduled for second reading in the House of Lords this afternoon.
The Lord Chancellor, Lord Irvine, said today: “The government is committed to creating confidence in the use of IT so as to make electronic conveyancing a reality. Under our proposals, all the conveyancing information needed to sell or buy a property could be made available quickly and simultaneously to everybody concerned. This should enable problems to be identified and resolved at the outset rather than much later on.
“By cutting the time of individual transactions, the time taken for chains could reduce dramatically. The technology could enable bottlenecks to be identified and show what has to happen to clear them.
“Professional conveyancers will be able to offer a speedier, better and even cheaper service. We are determined to smooth the path for housebuyers and sellers.”
Steps taken in this direction already include: a sellers pack, giving key information to house-buyers when the property is marketed rather than after protracted inquiries. A pilot scheme to test some aspects of the proposals is being conducted in the Bristol area. Provision will be made for the sellers pack to be presented electronically, when electronic conveyancing is a reality.
Encouraging earlier arrangement of house purchase finance. Electronic searching to speed up the process.
It is hoped that electronic conveyancing will become the norm. However, the government is aware of the need to protect the position of those who do not have access to use the technology and there no intention to make the use of electronic conveyancing compulsory.
References: EGi News 22/02/2000
