Latest step in digital conveyancing evolution
The Property Data Trust Framework, a set of open and free-to-use data standards developed collaboratively across the property industry by the Home Buying and Selling Group (HBSG), has announced a new update which advances its mission to unlock the potential of digital conveyancing.
This latest update allows answers to Leasehold Property Enquiries (LPE1) to be represented in a standard way, so key enquiries made of the Managing Agents of leasehold properties can be captured and shared in a way understandable by everyone.
The new, revised LPE1 form coincided with lenders changing their policies to be able to lend on properties in remediation schemes, or those covered by leaseholder protections earlier in the year.
Other bodies alongside the Conveyancing Association, such as the Society of Licenced Conveyancers as well as ARHM, BPF, The Property Institute (TPI), RTMF, RICS and Propertymark are encouraging their member firms to use the new version of the LPE1.
Having reached the public launch v1.0 milestone in December 2022, the framework continues to evolve to support more and more elements of property data to facilitate frictionless exchange of data between all stakeholders.
More progress is planned for the coming months, as updates to the BASPI dataset and the announcement of the National Trading Standards Material Upfront Information parts B and C are expected.
Software firms and developers can find the schema and release notes on GitHub here:
https://github.com/Property-Data-Trust-Framework/schemas
Meanwhile, the HBSG is holding its Upfront Information Roadshow Premiere in London on Tuesday 21st March from 10am to 12pm followed by an hour of networking. This is an opportunity to come and hear more about Upfront Information, the mandation of material information during the home buying process, and how these changes will affect all relevant parties.
It is suitable for estate agents, mortgage advisers, conveyancing lawyers, mortgage lenders, surveyors, and everyone who provides software and services to those industries.
There are limited spaces to attend in person or people can sign up to join in online. Those looking to attend in person should use this link: https://lnkd.in/d_aBNbnk. For details on how to join the event online, click here https://lnkd.in/dxAVVq6u.
Beth Rudolf, Director of Delivery at the Conveyancing Association, commented:
“This is a further step in the ongoing journey towards full digital conveyancing and we at the CA are incredibly supportive of all the work that is going into this, particularly through the HBSG and the Property Data Trust Framework. Standardisation leads not just to a greater understanding but also speeds up the process around LPE1 enquiries, which follows on from the new version of the LPE1 form that was launched at the beginning of this year. As an industry, if we continue to work collaboratively and provide answers to these questions, then we have high hopes for improving the home buying and selling process for all home movers and stakeholders.”
Maria Harris, Director, Digital Cat Consultancy, added:
“I’m grateful as always to our volunteer participants who commit their own time and resources to keeping the schema updated. The forms and data used across our industry are changing constantly which makes their support even more important.”
Nobody wants to endure the excitement of finding their dream property only to encounter disappointment and additional costs due to potential snagging issues that could have been avoided from the outset.
One of the major challenges often associated with buying a new home is that buyers often feel they only have a few minutes to check the quality of a new build property before committing to a purchase.
This may be due to the fact that that they have been accompanied by a site manager and feel rushed into making a decision or simply because they don’t know what they should be looking for and feel unable to carry out a thorough review of the property.
Following the introduction of a New Homes Quality Code and New Homes Ombudsman giving customers more protection, this looks set to change, as customers will now have the right to commission an independent survey of a new property before committing to a purchase.
The code has been introduced following widespread industry collaboration and forms an essential part of the rights of consumers when buying a new home. It also aims to standardise the snagging process for new-build properties and make it easier for consumers to receive independent advice about the quality of their new home.
Under the code, it will now be compulsory for all registered builders and developers to inform buyers of their rights to commission an independent professional to carry out a snagging inspection on the quality of their new home before they commit to the purchase.
The snagging inspection, also known as a Pre-Completion Inspection, must be conducted to an agreed set of standards by an accredited professional and member of a recognised association representing surveyors.
It must also be carried out within a certain timeframe; between the completion of the construction and the completion of the purchase by the customer.
Following the inspection, the developer is then obliged to correct any snags that may have been identified before the customer moves in to the property. This must be done within 30 days of the request being made.
In cases where the developer fails to properly correct any issues identified, the customer then has the right to refer the matter to the New Homes Ombudsman. Once contacted by the New Homes Ombudsman, the developer must co-operate with any request and provide all relevant information relating to the complaint.
The new code is good news for buyers of new build properties as it will help to provide them with greater reassurance that their new home has been checked by a professional surveyor. It will also help to ensure that all snags can be dealt with and put right before the consumer moves into their new dream home.
The new code will also help all registered builders and developers understand the standards by which the property will be examined, enabling for a smoother purchasing experience.
More information on the New Homes Quality Code can be found on the New Homes Quality Board website, while further information about pre-completion snagging inspections and how they work can be found via the Residential Property Surveyors Association homepage.