The Society of Licensed Conveyancers (SLC) has welcomed the introduction of a new property sales process which will reduce leasehold transaction times by five to 10 days.
We announced the new process, based on a standardised questionnaire for the industry, on Monday.
The SLC helped develop the process alongside all the major trade bodies, including The Law Society and the Royal Institution of Chartered Surveyors (RICS).
Simon Law, Chairman, SLC said: “For some time now leasehold properties have been a minefield for all parties concerned, the creation of an approved set of enquiries will remove uncertainty with sales and help to reduce the exchange times for leasehold transactions.
“It has long been acknowledged that where a chain involves a leasehold property there is likely to be a significant delay in being able to proceed to exchange of contracts. A standardised format will be of benefit for all parties involved, providing clarity and speed. A single form will inevitably make the process more cohesive.
“The SLC is delighted to have been part of this joint industry initiative, which shows what can be done when all parties within the industry work together to benefit the consumer experience.“
