Conveyancers reminded fast track ‘expedite’ service still available
HM Land Registry (HMLR) wants to remind conveyancers that they are still able to expedite an outstanding application, enabling urgent applications to be processed within 10 working days, for no extra charge.
In the first two months of the year, data released by TwentyCi has revealed that over 56,500 housing transactions have fallen through. The figures are 37% higher than the same period in 2020 and 46% higher than 2019.
Ian Lancaster, CEO of the TwentyCi Group, commented:
“It is clear to many within the property industry that the process of progressing a transaction from sale agreed to completion needs to speed up dramatically. Indeed, there are several initiatives currently underway that are attempting to do this.
“Until progression times fall, we will continue to see issues with fallen through transactions and in times where progression to completion lengthens, these issues will be exacerbated.”
The launch of the Safe Harbour initiative, The Buying and Selling Property Information data set and a pilot for a TA6 Part 1, are schemes which have the aim of increasing the property transaction speed and helping improve the home buyer journey.
The fast track service offered by HMLR, wants to help reduce the number of fall throughs from occurring.
Simon Hayes, Chief Executive and Chief Land Registrar, said:
“HM Land Registry is committed to ensure no property sale is put at risk – we always prioritised the deliver of services that enable property sales to be completed.”