Residential conveyancers are implementing changes to property transaction processes up to three years ahead of government mandates. The government has committed to introducing buying and selling reforms by the end of the current parliament, with a deadline of 9 July 2029, assuming no snap general election occurs.
These reforms are expected to be phased, with sales packs likely mandated before early binding agreements. The Ministry of Housing, Communities and Local Government stated that sales packs will be mandated when parliamentary time allows, and the government is working with the industry to identify information that can be voluntarily provided immediately.
Industry professionals have expressed unanimous support for the government’s direction on transaction reform. Conveyancing firms are using terms like seller readiness, legal packs, upfront information, and early instruction to familiarise clients with future requirements. Janine Wellington at Convey Law highlighted the need for a clear public education campaign, stating that providing information upfront can reduce delays, uncertainty, and failed transactions.
Several firms have already launched preparatory programmes. ASAP introduced Buyer Information Packs and plans a 'sales pack ready' campaign, while iamproperty launched 'Sale Ready' to enable the preparation of Material Information, searches, and legal documentation from listing.
Research from Ochresoft indicated that 89% of sellers would instruct a conveyancer before listing for a faster sale, and 71% would pay their conveyancer upfront for better data sharing. Iamproperty's tracker data showed 54% of consumers would pay for a solution that brings more information upfront to speed up transactions.
The reforms have drawn comparisons to the previous Home Information Pack (HIP) scheme. However, the government has acknowledged lessons learned, with MHCLG's preparation including communication on how the new approach differs, particularly regarding trusted data sources and clear standards. Janine Wellington noted that today’s market, with digital technology, Material Information requirements, and consumer expectations, is very different from the HIPs era.