Fast Track Conveyancing

--Corinthian-devsites.co.uk 21:32, 06 Apr 2022 (BST)

The quest to provide or receive real undiluted fast track conveyancing in shorter time frames than are the norm applies mainly to existing housing stock but also to undeveloped sites,land,development projects and associated new homes that will be built or have been built on them now.

1. Definition of Fast Track Conveyancing Time Frame & What Is Realistically Possible: 7 to 28 Days.
2. Definition of Current Conveyancing Time Frame Brought About By Widespread Acceptance of Poor Practice,Procedure & Status Quo of How Everything Has Always been Progressed By The Main Participants: 60-90-150 Days or sometimes longer or leading to Abortive transaction,the % of which is much higher than might be the perception.

Selecting the electronic conveyancing route does not necessarily ensure faster,more efficient conveyancing in shorter time frames than are the norm if what causes it to become problematic and protracted are not dealt with satisfactorily with guidance and advisory of the estate agent to vendors and buyers and a suitable solicitor being appointed to act for vendor or buyer who is conversant with what it takes to deliver fast track conveyancing by traditional or electronic means.

[edit] Measures Taken By Vendors To Maximise Sale certainty & Reduce Conveyancing Time Frame.

• Property Vendors can assist themselves and their solicitor to fast track the conveyancing process and period of it by ordering the searches on the day they sign the estate agency Instruction & Fee Agreement. An important point here if this is to be done is for the solicitor acting for the "Committed Buyer" to accept these searches as being sufficient to proceed with the conveyance. [See Below]

• Separate of everything else Property Searches provided by Suitable search Provider can only be obtained from the Local Authority
• "If the search is produced by the Local Authority then the protections for the buyer and their lender will be the same as if they had ordered the search themselves as they will be relying on the same data which is public data and carries an indemnity if it is incorrect." Source of this statement is The Council for Licensed Conveyancers https://www.clc-uk.org/contact-us/
• Validation Of Above: https://www.clc-uk.org/advisory-note-buyers-relying-on-searches-commissioned-by-sellers/

[edit] Vendor & Future New Vendor Property Search Cost and Whether it is 100% Refunded by the Buyer.

A Letter will be sent to Sheila Kumar Chief Executive of The Council For Licensed Conveyancers at WeWork 131 Finsbury Pavement London EC2A 1NT

In respect to a point of Advisory that all Property Vendors need confirmation of from a credible organisation so they have clarity in respect to them obtaining an enhanced conveyancing service in pragmatic shorter time frames than are the widespread norm now.

https://www.clc-uk.org/

The Council Of Property Search Organisations

https://www.copso.org.uk/

Similar related enquiries can only be made to The Law Society by a Solicitor.

https://www.lawsociety.org.uk/

[edit] Rigorous scrutiny of Private Buyers & Property Developers In Respect to Their Funding Capacity to obtain a Mortgage or Obtain Development Finance.

Empty offers received by property owners,agents acting on their behalf or by development site owners are no use to anyone.

Especially property developers are "Affronted" when relevant parties seek to establish if they have the funding capacity to legally complete the purchase of site they have offer accepted on.Many land owners fall prey to the "Gift of the Gab" and unsubstantiated claim the developer has no funding issues. a Debt Finance offer is worthless without junior debt funding offer,if the developer needs the latter to fund site purchase.

Here is a tool that solicitors or search companies can use to check related matters in respect to prospective private buyer or property developer.

https://armalytix.com/industries/legal-and-property/

Estate Agency Companies who are rigorous will themselves assist de-risk each property or land transaction and will protect and ensure the timely receipt of their sales commission. The solicitor acting for vendor & buyer will also like that the estate agent has paid such a high degree of attention to the funding capacity of buyer or property developer. All the New Home Sales Commissions and Conveyancing Fees of the future New Homes are tied to ability of developer to receive the full funding stack in a timely realistic pragmatic time frame for all these projects in all size ranges.

Of the 300,000 Abortive yearly transactions,it is possible a great many of them in some way or another are caused by funding issues and protracted conveyancing time frames of 60 to 150 days may also be caused by funding issues.

[edit] Property Search Turnaround Times In London,England & Wales.

Ordering the Property Searches at the correct timing & Knowing these assists Vendors,Other Advisor,Their Estate Agent & Solicitor Acting for them to plan and set realistic achievable time frames for the conveyancing time frame of the overall selling period,which in the context of this article should be about 28 days from offer acceptance to offer made by "Committed Buyer".

Council Of Property Search Organisations: https://www.copso.org.uk/

[ The Search Provider can play a significant part in reducing the conveyancing time frame].

If You Are a Vendor,Have You Filled Out Your BASPI FORM?

Delivery of sale/purchase certainty at maximum value achieved in shorter overall selling period time frames than is currently the norm.

No matter how committed each vendor is and proves themselves to be a committed vendor who seeks a sale and arrival at legal completion of it with the assistance of effective estate agent and effective solicitor,there must be no neglect by the estate agent acting on behalf of the private property vendor,development project owner or developer selling a new home in respect to rigorous scrutiny of the private buyer to be in receipt of a mortgage offer or for property developer to obtain development funding within a reasonable time frame.

Neglect in this regard is a major reason why there are Abortive transactions. Collapse of a Property Chain is another reason transactions fail to move to legal completion.

Every Year there are multiple Abortive Property Sales Transactions caused by a number of factors,Here is a residential Abortive Insurance Policy available to Vendors and Buyers that is only available via solicitors.

[edit] Speedily Effecting Suitable Reservation Agreement Between "Committed Vendor" & "Committed Buyer" to ensure a High Degree of Sale and Purchase Certainty & Reduce Abortive Transactions To The Extent Possible:

To Be Drafted:

Each Conveyancing Cost Quote and The Template from which it is derived must not only itemise and make clear the total cost and items such as search costs clear they must also itemise the cost of effecting the Reservation Agreement for the Vendor or Buyer making it clear if Vendor is responsible for Full Cost or if it is to be split equally between Vendor and Buyer what the cost will be to the recipient of the conveyancing cost quote.

https://www.boxlegal.co.uk/movesafe

[edit] Possibility of Effective Use Of Suitable Digital Property Log Books To Assist Vendors Attain Receipt of Fast Track Conveyancing

A suitable version of a Digital Property Log Book compatible with assisting roll out of real undiluted fast track conveyancing and provision of it to the 1.1 Million or so yearly vendors[associated buyers] of the 19,500 Estate Agents in the UK may assist vendors,associated buyers and solicitors to receive and deliver faster conveyancing,only if detailed advisory is provided to vendors and buyers and the log book is used to maximum effect,

Note: Not only must each Vendor fully understand how to effectively use their log book to assist them with legal completion of sale of their property, so to must every effective conveyancing solicitor who is not currently familiar with log books must become familiar with gaining access to the property searches and other documentation the vendor uploads to log book and the vendor instantly sharing it with their instructed solicitor.

Fast Track Conveyancing Is of course possible for sale and purchase of development sites in all size ranges but at

the time of writing there are no log book versions tailored for sale of development projects.If you know otherwise

please advise.

New Build Digital Log Book Providers:

• AskHomey - new build digital logbook / handover guide
• NHBC - home user guide
• Spaciable – property logbooks for new build

Digital Log Book Providers Mainly For Existing Housing Stock:

• MHCLG - Property Logbook Workstream
• National Deeds Depository – logbooks for transaction documentation
• PIP – Property Information Packs
• Chimni – residential property logbooks
• Twindig - residential digital property logbooks
• Property Log Book - Etive Technolgies Ltd
• PSD Log Books

[edit] Related articles on Designing Buildings

• Estate Agency
• Property Searches
• Reservation Agreements
• Land & New Homes Agency
• Site Finding