THE CHARTER COMMITMENTS
The blueprint for change
Charter members are committed to actively driving change in the property sector: nurturing collaboration and innovation, and addressing systemic challenges. The Charter offers practical solutions to improve and accelerate how we buy and sell homes, end-to-end.
Download The CharterBringing greater certainty to the property transaction process, to benefit both consumers and property professionals.
Early instruction of seller-side conveyancer
Early engagement with seller-side conveyancers at the point of listing can expedite the transaction process and save valuable time during those early moments. This will ensure the right information is collated, available and verified by a trusted party.
MEMBERS WILL:
Endeavour to instruct a seller-side conveyancer at the point of listing to create a complete contract pack with all required transaction documentation.
Provision of relevant upfront information and condition reports
Collecting and collating relevant information upfront can improve the transparency of information and mitigate issues around duplication, in turn enhancing efficiency and instilling greater confidence in the market. This will benefit both consumers and property professionals.
MEMBERS WILL:
Gather relevant upfront information, which a prospective buyer may need to proceed with a property purchase, at the point of listing. Where appropriate, the information required to complete the transaction, will also be included. The ultimate aspiration is to include a condition report upfront.
Ensuring data collection and availability
Many processes in the property market, particularly for conveyancing and mortgage applications, are largely analogue and difficult to access, relying on paper-based documentation and manual activity. To foster seamless collaboration amongst all stakeholders, it is important to ensure the accessibility of accurate, standardised, secure and digital information.
MEMBERS WILL:
Ensure relevant data that is collected upfront will be made available, where possible, to all authorised parties to enable better decision-making and faster workflows. This will include data allowing each party to risk-model and tailor services accordingly.
Ensuring trusted data
To instil trust and improve the credence of transactions, it is important to ensure that this data, and all data drawn on in the property transactions process, is of the highest integrity and from trusted sources.
MEMBERS WILL:
Ensure data used in the transaction is from trusted sources with clear provenance, agreed by all participating parties. These processes should be standardised to enable free market participation. Where practical, parties will avoid duplication to enable a single onboarding process.
Access to a secure, interoperable data repository
To ensure all necessary information is available to the right individuals at the appropriate time, a secure data repository will be accessible by all authorised parties.
MEMBERS WILL:
Be able – as authorised parties – to access secure, interoperable data repositories, containing important transaction data such as relevant upfront information, as well as the current status of the transaction, broken down by milestone.
Early commissioning of leasehold packs
Leasehold packs help clarify the terms of a lease, including ground rent and service charges, helping buyers understand their responsibilities. Early commissioning of these packs helps to protect buyers from unexpected costs and future issues, and enhances the efficiency of accessing all relevant information for property professionals.
MEMBERS WILL:
Ensure leasehold packs are commissioned at the point of listing, where appropriate, with Service Level Agreements (SLAs) in place for management company response times. This could be supported in the future with legislation to standardise the pack. The pack will also be stored in an aforementioned interoperable data repository.
A recognisable marque to indicate best practice
A recognisable marque will be used to highlight organisations adopting these best practice actions, in turn providing consumers with confidence and clarity in navigating property transactions.
MEMBERS WILL:
At their discretion display a branded marque used to promote awareness of the new process and help buyers and sellers identify those involved.
A quality fee for quality service
To enable property professionals to provide valuable customer service and alleviate unnecessary costs and delays, fair remuneration is required.
MEMBERS WILL:
Commit to the principle of a fair fee for a quality service, which will be championed by all members
CONTACT US
Register your interest and become a Charter member
The Charter will gain its strength from industry-wide uptake and membership, so we’re keen for companies in the sector to get on board. If you’d like to join, please fill in the form and we’ll be in touch.