A new group has been launched to standardise the production of material information and digital sales packs, under the umbrella of the Residential Logbook Association (RLBA).
Upfront Information Group (UIG) has been established by the self-regulatory body of logbook providers to enable it to engage with the Ministry of Housing, Communities and Local Government (MHCLG) on home buying and selling reform.
Buoyed by the inclusion of property logbooks in the government’s home buying and selling reform roadmap, the RLBA says the UFI Group will “drive adoption of standardised upfront information as part of its response to the MHCLG consultation”.
The RLBA says the MHCLG consultation signposts two upfront information products that will need to be to be codified and regulated: a marketing pack containing material information targeted at agents and portals, and a digital sales pack containing the wider conveyancing-grade information required to be exchange ready.
The RLBA claims it is currently the only self-regulatory solution for the two products, which are already included in the RLBA core logbook specification and are part of the regulated data structure required by logbook companies.
The UFI Group gives a home to the 12 or more standalone companies currently offering forms of upfront information (UFI) product, many of whom feel under-represented on industry committees and weren’t consulted prior to the MHCLG consultation, according to the RLBA.
UFI provides the government with a single point of contact to enable it to speak to the suppliers as a whole, which the RLBA says is particularly important given the providers are “already delivering hundreds of thousands of material information and digital sales packs annually” and are well placed to support the industry in delivering upfront information “in a trusted, regulated environment”.
The sub-group has been convened by Sally Holdway of Homeowners Passport (HOP), a company offering both a logbook and upfront information products.
Holdway, who is also buying and selling lead for the RLBA, said: “We recognise that material information and digital sales packs have been provided at scale for several years now by the UFI providers, but having a regulated standard will ensure that any UFI company can be recognised and have their product accepted and used by any agent or conveyancer in a transaction.”
The National Logbook Register currently shows whether a logbook has a completed digital sales pack, which will be expanded to allow UFI companies to list their products on the register. A supporting ‘RLBA Regulated’ kitemark will be part of the validation process.
The RLBA’s self-regulatory process has been widened to include the UFI companies who recognise that upfront information will fail unless it is standardised and regulated to guarantee data standards to agents and conveyancers.
Nigel Walley, chair of the RLBA, said: “We need to create an open market for upfront information products and we know that won’t happen without mandation around a standard and regulation to guarantee data quality to all users.”
A primary objective of UIG is to provide a standard for conveyancing regulators to endorse for members based on existing protocol requirements and data formats, with a set of rolling trials of both packs in Q3 this year. The RLBA and UFI Group aim to work with MHCLG to plan the evolution towards smart data and the use of trust frameworks, such as the Property Data Trust Framework.
Ruth Beeton is director of upfront information provider Home Sale Pack. She said: “We have been delivering digital sales packs for several years now, and as lawyers we have an in-depth knowledge of what is required for packs to be compliant for the conveyancing process.
“Having an industry wide ‘kitemark’ for digital sale packs will mean that UFI providers are clear on the standards they need to reach.”
2 responses
I wish they would stop spouting the “digital packs will save the day and speed up home buying”. The cause of fall throughs is not the information itself, it is the interpretation of that information. Every client is different and risk tolerances are different.
None of these digital pack providers appear to comprehend the difficulties of leaseholds, shared ownership and newer properties on re-sales where estate management companies are involved on site. And yes, what are they doing to prove we can “trust” them? It has to be earned, not given/granted.
MHCLG only appear to want to live in an echo chamber.
Anonymous Cat,
Where in the article does it mention that digital packs will save the day?
Both Sally & Ruth are qualified conveyancers/Solicitors, both working with UFI and using it well. It’s not a silver bullet, nobody has said it is.
Maybe you’re the problem with your negativity.