The Residential Logbook Association (RLBA) has issued two guidance notes to support the new digital products included in the MHCLG Roadmap roll-out.
While the RLBA explained it understood ‘Non-Statutory Guidance’ from the Ministry of Housing, Communities and Local Government (MHCLG) Buying & Selling team was planned for Material Information, no such guidance was planned for the two other key product groups being introduced through the Home Buying and Selling reform roadmap; Digital Sales Packs and Property Logbooks. The RLBA Guidance will provide a ’safe harbour’ standard for property professionals and lenders engaging with logbooks and sales pack in advance of legislation.
The guidance for property logbooks includes definitions alongside information for firms acting on both sides of the transaction.
As anticipated by the roadmap, the guidance for digital sales packs includes details on when and how information can be relied upon by conveyancers “in the same way as documents they have obtained themselves under the Law Society Conveyancing Protocol” – so called “Conveyancing Grade” data. The guidance further notes: “As these are the same sources relied upon in reporting to lenders under the UK Finance Mortgage Lenders’ Handbook, a Verified Sales Pack can equally be relied upon for lending purposes.”
Explaining how the documents have come about Nigel Walley, Chair of the RLBA said “We were requested to create these two documents by the MHCLG team and they were workshopped with them in Marsham Street. These documents detail the Governments specific intention behind the broad comments on Sales Packs and Logbooks in the Roadmap”. Most importantly the documents outline the need for ‘verified’ versions of both products within a recognised self-regulatory process.
Sally Holdway, the RLBA’s Head of Buying & Selling said “These Guidance documents have been issued under the RLBA banner with formal Government ‘Non-Statutory Guidance’ to follow. The immediate intention is to use these documents to discuss roll-out of these products with other trade and regulatory bodies. Specifically this will include co-ordination with the Law Society to support industry adoption of their proposed changes to the Conveyancer Protocol regarding contract bundles and logbooks.”
RLBA: Digital Sales Packs Non-Statutory Guidance for Property Professionals
RLBA: Digital Property Logbooks: Non-Statutory Guidance for Property Professionals
