Government Confirms Plans to Digitise House Buying Process

Many of us will have experienced the delays, concerns and stresses when buying and selling property.

Delays in application, survey’s, valuations, energy performance, local searches e.g., is the property on built on a mineshaft, are there chemical risks, overhead pylons or even plans to build a motoway through your back garden.  In addition to mortgage applications, underwriting, credit searches and HM Land Registry dealings and stamp duty.

The average delay between offer acceptance and completion is 5 months.  The Government has confirmed it is work on digitising property information and well as personal identity details being digitised.

The government has confirmed a 12 week consultation process between the legal profession, mortgage lenders, local authorities and HM Land Registry to develop a plan to deliver this.

Comment

We have long suggested that adopting ‘blockchain’ technology to ensure that each property has a digital audit trail that is constantly updated with local enviornmental changes, insurance claims, flood records, surveys and energy performance certification could be retained in a blockchain digital certificate to reduce the time is takes property lawyers and mortgage underwriters to secure uptodate information and enable speedier property sales and of course avoid those purchases that collapse due to delays.