Property Logbooks What Does The Future Hold?
Property logbooks seem to be gaining some momentum in the property market. Tom Lyes from Today’s Conveyancer spoke to Stuart Young from PropertyLogbook.co.uk, Angela Hesketh, Director and Property Head at Jackson Lees and Maria Lati, Partner and Head of Residential Property at Grant Saw to get their views.
Although many of us understand the concept of logbooks, and there are various organisations in the sector including the CLC and the Home Buying and Selling group, arguing about the need of the document. It appears that the momentum for the use of these in the sector will continue to grow.
When explaining why property logbooks are so important, Stuart Young explains:
“By creating a logbook for a property now, that sits with the property forever. So when the client comes to sell the propert again there is a full history from the previous seller which the conveyancer can use.”
What are the challenges to agree a process that works for all stakeholders? How are you overcoming that challenge?
Jackson Lees and Grant Saw are two of the participants on the trial. Angela Hesketh explains why the firm got involved and what their experiences have been so far? Whilst Maria shares her thoughts on who property log books are instructed by.
Is a key part of this educating stakeholders, for example estate agents, encouraging clients to instruct a solicitor whilst on the market. Where does the agent fit into all of this?
What timescales do you think are feasible for property logbooks with regards to conveyancing?
From a law firm perspective, what have you been saying to your referrers about property logbooks?
Who should pay for property logbooks?
“Ultimately, the consumer will pay for the logbook in the end for a nominal fee. It should be part of the process of selling the property quickly and effectively. It also increases the buyer’s confidence.”
We know the property market can be the proverbial jewel in the crown for fraudsters, due to the large amounts of cash involved. How can logbook creators nullify the threat of fraud, particularly ID fraud?
Looking to the future, there are a few providers of property logbooks at the moment, do you think as this begins to take off, more organisations will join the market and begin to produce them? How will this be regulated?
What would you like to see happen in the next 12 months?
Keep your eyes peeled for some more information on the upcoming Residential Logbook Association.
What are your thoughts on property logbooks? Are they a good thing?