Does Project 28 contain a Charter for faster, more certain property transactions, or will it be another well intended but ultimately partially successful attempt at improving the home buying and selling process?
Having watched the development (I mean decline) of the home buying and selling process for over 50 years now I will fully support any initiative that attempts to improve it for all. And by improve, I mean make it quicker (i.e. more certain earlier on), more transparent, and less stressful,
Having read the Charter, the eight commitments are for the most part, sensible and logical:
Early instruction of seller-side conveyancer; Provision of relevant upfront information and condition reports; Ensuring data collection and availability; Ensuring trusted data; Access to a secure, interoperable data repository; Early commissioning of leasehold packs; A recognisable marque to indicate best practice; A quality fee for quality service.
However, all the good intentions in the world will count for nothing unless they are delivered well and adopted by most, if not all, of the stakeholders involved in the home buying and selling process. There are, of course, many questions about how the eight Charter commitments will be implemented, and sight of a clearly mapped out delivery plan with an estimated timescale, would be welcomed.
In my opinion, there are at least two glaring omissions from the Charter that weaken its potential impact:
1. The regulation of estate agents
There are thousands of professional, diligent agents raising standards in the industry. But there are also many whose practices stifle, confuse, and sometimes undermine transactions. Without proper regulation, training, and monitoring, commitments such as; early conveyancer instruction; providing upfront information and a condition report; and leasehold pack commissioning, risk being ignored or unevenly applied. Delivery of these Charter commitments will be very difficult until it is clarified as to who will pay for them, how much they will need to pay for them, and when will they pay for them.
2. A transparent framework for referral fees
Personally, I am not a big fan of referral fees, but it is unlikely that referral fees are going to go away completely. In many cases they remain a murky part of the process, often skewing conveyancer recommendations toward the highest payer rather than the most competent provider. If we want trust in the process, we need referral fee caps, clear disclosure, and most importantly a system where law firms are recommended because they deliver quality, not because they are the most generous. Law firms should be being recommended because they (see Charter commitment 8), commit to the principle of a fair fee for a quality service.
Ultimately, Project 28’s success will hinge on what might be the most difficult commitment of all, winning the hearts and minds of the thousands at the coal face of the home moving process. Every participant and stakeholder must see the benefit of change. That will require leadership, education, and a mapped-out delivery plan with timelines, accountability, and clarity on costs.
I will watch the progress of Project 28 with optimistic anticipation.
Rob Hailstone is CEO of Bold Legal Group
