Matt Prior of the Ministry of Housing Communities and Local Government confirmed on 6th November that the Government is likely to introduce measures requiring sellers to provide more information up front about their property before it goes on the market.
This is designed to make the conveyancing process quicker, cheaper and less stressful. He also supported the idea of having a property logbook which would contain relevant information that could be updated by each property owner.
Providing detailed information up front could avoid failed transactions as the information that might deter a buyer from proceeding would be available before it reaches the conveyancing process and saving on the estimated £270m it costs in failed transactions a year.
However, with Brexit dominating Parliament’s time at the moment, it seems unlikely that legislation will be enacted anytime soon.
