Lenders, conveyancers and estate agents are testing new ways of sharing property information earlier in an effort to speed up mortgage transactions and reduce delays for buyers.
Project 28 marked its first anniversary with around 100 senior property industry figures and government representatives meeting in London to discuss how the homebuying process could be re-sequenced.
The initiative is moving from industry commitments towards practical trials, including greater use of upfront property information and the ability to capture and reuse data across different stages of a transaction.
Examples include a digital homebuying service being developed by LMS, Lloyds Banking Group and Connells Group, AConveyancing’s use of upfront property intelligence to identify potential risks and Yopa’s pilot of an upfront legal pack before a property is marketed.
INFORMATION UPFRONT
The discussions focused on bringing property data, legal information, identity and source-of-funds checks, lender requirements and risk indicators forward so problems can be identified sooner and more activity can take place in parallel.
For borrowers, the aim is to reduce repeated requests for information, avoid issues emerging late in the mortgage process and provide greater certainty that transactions will complete.
The work comes as the Government progresses its wider home buying and selling reforms, including greater upfront property information, standardised sales packs, improved digital data sharing and more streamlined processes.
Simon Brown, chief executive of Landmark Information Group, said: “One year on, The Project 28 Charter is moving from commitment to delivery, with practical approaches being tested to make property transactions faster, more certain and less stressful for consumers.
“The Government’s home buying and selling reforms give us a real opportunity to build on that momentum. Industry and government now need to work together, learn from what works and turn these approaches into changes that can be adopted at scale.”
‘EASIER, FASTER AND BETTER’
Derek Burt, director of home operations at Lloyds Banking Group, said: “We have an incredible opportunity to simplify the home buying and selling journey, making it easier, faster and better for customers.
“By bringing technology and innovation to the process, we can take the friction out of one of life’s biggest transactions.”
Ben Davidson, managing director at AConveyancing, said: “The way that conveyancing is conducted currently needs a radical overhaul, we now have immediate access to data, which can be instantly assessed allowing us to conduct legal due diligence early.
“As a conveyancing firm it allows us to measure the risk and complexity to bespoke the conveyancing process and further remove delay by ensuring the property is legally ready to be sold.”
REDESIGNING THE JOURNEY
Verona Frankish, chief executive of Yopa, said: “Selling my own home has given me the opportunity to experience the transaction through the eyes of a customer and test the impact of completing more of the legal preparation upfront.
“Bringing this work forward can help identify issues earlier, create greater transparency and give everyone more confidence in the transaction.
“The Project 28 Charter is important because no single part of the industry can fix this alone. If we genuinely want faster, more certain transactions, we have to redesign the journey around the customer and work together to make it happen.”
And Travis Scholes, commercial director at LMS, said: “When stakeholders can share, consume and reuse data more effectively, we remove unnecessary friction, reduce duplication and unlock better outcomes for everyone involved, particularly buyers and sellers.
“The infrastructure exists to support that change. The focus is now on accelerating connectivity and adoption across the industry so trusted information can flow more effectively and deliver real impact at scale.”
Main picture: Financial Times Consumer Editor Claer Barrett (moderator); Derek Burt; Verona Frankish; Ben Davidson and Travis Scholes.
