Buying a home is amongst the three most stressful life events, along with death and divorce. The average transaction in England and Wales takes 22 weeks, putting many people off. So, we strongly advise that, to improve the process, the seller kicks off conveyancing on ‘day one’ of marketing the property and the buyer has already seen a mortgage adviser to obtain a Decision In Principle (DIP) before viewings take place. That way both buyers and sellers can make a big difference for themselves.
First and foremost, if you need a mortgage to purchase the property, you should find out if you are eligible for one and how much you can borrow. This should be done as early as possible in the process, ideally before you start looking for properties or conducting any viewings.
A mortgage adviser will look at your budget and discuss how much a mortgage is likely to cost each month, ensuring you are happy with committing to this and the remaining amount of disposable income. They will then research the market for the most appropriate option and get a quick decision from the lender, known as a DIP, which will indicate whether or not the lender is happy provide the loan you need. The mortgage adviser will then submit the application to the lender, working with both you and the lender throughout the process.
If you don’t do this, you could find yourself in position where you could be looking at unaffordable properties that you simply cannot buy, especially in this current volatile interest rate environment.
Many prospective buyers do not realise is that their financial commitments, such as car finance, student loans, credit cards, childcare costs will impact how much they can borrow and the choice of lender, as will any form of credit blip. The type of property you wish to buy can also impact the choice of lender, as different lenders have a different approach to construction type, property use and freehold/leasehold.
It’s important to note that ,while many estate agents may accept the online DIP as proof of you are mortgage-ready, there can be many reasons why a purchase can be delayed or fall through during the legal process, so it make sense to appoint a solicitor, or conveyancer, as early as possible. You can avoid stress and can save money, if any problem is found early enough.
During these uncertain times with fluctuating interest rates, taking some control of the buying process by seeing a mortgage adviser as soon as you know you wish to buy will be very beneficial and can prove the difference to buying your dream home and not.
The Home Buying and Selling Group (HBSG) are representatives from across the industry are working together to find ways to improve the process for home movers when buying and selling their property. http://homebuyingsellingcouncil.co.uk/
), for companies revolutionising the property industry through data collaboration.
OPDA’s mission is to foster innovation, trust, and industry-wide collaboration and to digitise the home moving process through the power of data. The association aims to be the leading voice for open property data in the home buying and selling industry by supporting the creation and adoption of data and technology standards to create a digital, efficient, and trusted home moving process for everyone. The association will continue to work closely with the Home Buying Selling Group to understand and help resolve the industry’s data and technology challenges and with government departments who are committed to improving the home buying process.
This is a major breakthrough for the consumer because each customer will know that those member companies of OPDA ensure that the data on any given property is trusted and interoperable with continual adherence to the OPDA Standards. This doesn’t just mean the data is safe of course, it means that because it is of an interoperable standard, the whole buying and selling process can be effectively speeded up. The volunteer firms who are already using the schema to create digital upfront property packs, instructing the sellers conveyancer on day one, and sharing the data using our open standards are seeing results with up to 70-day reduction in transaction times, 80% faster for customer checks, and a huge drop in fall through rates
The property industry has traditionally faced challenges related to data fragmentation and lack of interoperability. The Open Property Data Association will address these challenges by driving adoption of common standards, promoting data sharing best practices, and driving innovation. As an inclusive association, OPDA is a membership community from a broad range of firms covering all areas of property transactions including proptech start-ups, CRM and case management platforms, connectivity and integration partners, property data providers, property insight platforms, and other entities involved in property data. These firms represent the data and technology solutions across the home buying industry for consumers, estate agents, mortgage intermediaries, mortgage lenders, valuers, and conveyancers.
The ongoing maintenance, development, and governance of the Property Data Trust Framework will move to OPDA and the organisation will continue to drive collaboration across government and industry, promote the adoption of open standards, and ensure interoperability with other open ecosystems.
Maria Harris, Chair of Open Property Data Association, commented:
“The quality and volume of work that our volunteer group has delivered over the last two years has been nothing short of monumental so I’m thrilled to be taking us onto the next stage of our evolution. By harnessing the power of data and fostering collaboration, we have an incredible opportunity to drive innovation, improve decision-making, and create a more transparent and efficient property ecosystem.
Formalising the group as a trade association gives us the structure and governance we need to drive further innovation and represent our members interests relating to open property and technology standards with policy makers, regulators, other trade bodies, and industry stakeholders.”
Key initiatives of the Open Property Data Association include:
- Development of Data Standards: enabling seamless interoperability, transparency, and data sharing across the property industry
- Advocacy and Education: a strong advocate for open property data, engaging with policymakers, regulators, and industry stakeholders to promote the benefits and importance of data collaboration
- Networking and Collaboration: a vibrant community where members can connect, collaborate, and create a sustainable digital ecosystem
- Thought Leadership and Research: drive innovation and shape the future of the property industry. This will include white papers, industry reports, and case studies that highlight the transformative power of open property data
Membership applications are now open to data, technology, and industry firms across the home buying, selling, and mortgage industry. Organisations and firms interested in joining the association are invited to visit www.openpropdata.org.uk for more information and to submit their application. By working together, members of OPDA will have the opportunity to shape the future of the industry and drive positive change.
Kate Faulkner OBE, Chair of Home Buying Selling Group, adds:
“The HBSG generates some fantastic collaboration and innovation from those in the home moving process who are determined and passionate to improve the home buying and selling process. The Technology Group has delivered exceptional work and now there is an agreed way forward, industry experts need to be able to fund progress to ensure their practical ideas can be implemented for buyers and sellers. The HBSG will continue to provide free participation to enable everyone that wishes to put forward and progress ways to solve the problems in the home buying and selling process.”
For more information, please visit https://www.openpropdata.org.uk or email contact@openpropdata.org.uk
