ESTAS Newsletter Edition 22

Upfront data in property transactions: Is it finally becoming a reality?

We’re all probably familiar with the idea of upfront data: information on a property being available right at the start of the transaction to reveal and mitigate any issues that might occur further down the line.

In theory, it sounds quite simple. So why aren’t we there yet? Liz Jarvis, Managing Director of Landmark Search, explores a brief history of upfront data and whether 2024 might be the year it finally becomes a reality in England & Wales.

Upfront data is simply about having as much relevant information at the start of the homebuying process to help a buyer make a better-informed decision on a property, and their conveyancer handle the process as quickly and predictably as possible. Whilst some of this information is already included in a property listing – such as an EPC – a lot of valuable information is not usually available at the start. Details of alterations, disputes, ownership, boundaries, certificates among others would all be more valuable if made available sooner in the process.

The idea of upfront data is nothing new. How many of you remember Home Information Packs (HIPs)? The original idea, conceived in Labour’s manifesto back in 1997, proposed to address the problem of gazumping. HIPs were officially launched in August 2007 and although the concept was a good one, the scheme was scrapped in May 2010.

Research at the time suggested that home buyers baulked at the up-front costs and were “very concerned” about the reliability of the information they received from the sellers, since house buying is based on the caveat emptor model, where the buyer and the conveyancer are both fully liable for their purchase and the discovery process. The seller is not obligated to guess what the buyer’s concerns are or act against their own best interest.

The reason is clearly rooted in the length of time it now takes to buy or sell a property. When we looked inside our own Landmark Information Group data, spanning 20 years of property sale and purchase information, we found something striking: in 2007, the same year that HIPs were introduced, the average time to complete on a home purchase was 83 days – that's 50 days shorter than it is today (133 days). There are many reasons why transactions are taking longer. For example, the process demands for more information than in the past and spans topics like building safety, various new lender risk concerns and increasing levels of anti-money laundering and fraud protection.

With longer transactions, it’s inevitable that the risk of them falling through is higher. Much of the answer to enabling a quick and efficient transaction appears to lie in getting the buyer and their conveyancer as much reasonable information as early as possible to remove any blockers.

There are various industry initiatives which look at the most suitable information and data to be made available at the point of listing. Landmark believes this principle makes complete sense. The industry is founded on a large number of information types, data suppliers and a great many documents that can relate to the rich and various aspects of the UK’s dwellings. These are the things which can define the concerns one should address when buying a house.

Landmark’s businesses provide many of the underlying platforms that span estate agency, compliance, conveyancing, geospatial mapping, valuation, surveying and mortgage services. It is remarkable how varied and complex the forms and templates can be across so many regulatory frameworks and individual industry brands in each market. We continue to standardise as many of the documents and data we use and offer to our clients more and more useful data upfront.

The predominant change we have seen in the last 12 months is the scale of inbound enquiries we now get asking how these changes can be made real. People who previously were not involved in the conversation are being brought in as the move towards providing more data upfront becomes better understood. We also can now show how real clients already using these methods are seeing significant benefits.

We encourage businesses to consider how, what and when they’re going to use upfront information in the future. As a starting point, companies can ensure their systems are able to accommodate these changes by starting to plan and building data collaboration into their workflows.

If you’d like to learn more, we have compiled a quick video that explains more about upfront data.

Liz Jarvis is Managing Director of Landmark Search.

Helping hundreds of thousands of families successfully move home

As the UK’s leading independent conveyancing and property services group, Simplify continues to build a reputation for outstanding service.

Simplify includes six of the largest conveyancing firms in the UK (Premier Property Lawyers, DC Law, JS Law, Advantage Property Lawyers, Cook Taylor Woodhouse and Gordon Brown Law), the two leading independent property services businesses (Move With Us and Moving Made Easy) and the market-leading direct to consumer online conveyancer (My Home Move Conveyancing).

In a challenging market, we have continued to serve introducers and home movers with exceptional customer care.

We have improved already industry-leading conveyancing standards in the past 12 months, as evidenced by ‘Excellent’ Trustpilot ratings and Customer Satisfaction scores across all our brands.

This is in spite of extended completion times experienced by the whole industry and volatile market conditions, including the destabilising November 2022 mini budget and ongoing base rate rises resulting in mortgage product reductions.

We’ve also experienced exceptionally high levels of return business thanks to great relationships, speed of service and a commitment to great communication. The majority of our partners are willing to commit to long-term relationships, which is testament to the success of our approach.

Simplifying moving with a first-class service

We know how stressful moving home can be for their customers, so it’s vital that introducers are able to fully trust their conveyancing partner.

That’s why, at the heart of Simplify’s proposition, is a consistent conveyancing experience that creates a smooth journey from the beginning of the property transaction to the end.

Our ambition is to simplify moving, which we do by focusing on personalised service and proactive communication, backed up by depth of expertise and market-leading technology.

We also believe in working as collaboratively and cooperatively as possible with other solicitors involved with a home mover’s case, because we ultimately all have the same end goal in mind.

Getting better all the time

Our people are central to the high quality of our conveyancing delivery service. They are the first point of call for customers and introducers alike, and act as guides throughout the process. We understand and empathise with our clients, working tirelessly to hold their hands throughout their respective journeys.

Continuous improvement is an intrinsic part of our culture. We encourage 360-degreee feedback from our teams, and constantly upskill our conveyancers, so that they have the knowledge to answer questions in real-time and give clients what they need.

We also have a team of technical specialists on hand to help assess and swiftly solve more complex queries.

Where possible, each case is allocated to one dedicated conveyancer throughout the entire journey, and we leverage data to ensure that cases never slide.

In addition to a dedicated conveyancer, we provide dedicated sales account management to help introducers boost their conveyancing income by more than 47% on average.

With you every step of the eWay

We have a ‘high tech but high touch’ approach that combines technology designed for our customers’ specific needs with exceptional personal service.

Our revolutionary online case-management service, eWay, matches the best in retail and banking, allowing clients to manage their case 24/7 on any smart device. Clients can complete documentation online, make secure payments and always keep up to date with how their case is progressing.

The ieWay app, meanwhile, is a one-stop sales progression tool that gives introducers at all levels full visibility of individual customer journeys. ieWay allows introducers to track fee income and offers a level of detail and transparency unrivalled by any other conveyancing portal.

One of the reasons why our conveyancing brands enjoy great reviews and high Trustpilot scores is because eWay and ieWay enables the client to share their feedback in-flight during the journey, which we use to tweak and enhance service delivery.

True to our values

Simplify’s core values are ‘Inspire’, ‘Innovate’ and ‘Care’.

Inspire: our expertise in conveyancing and sales inspires confidence and trust.

Innovate: our creativity and passion make it easier to deliver positive property transactions experiences.

Care: our approach and support mean customers and colleagues feel valued.

We live by these shared values every day, making them apparent in everything we do.