Last week the UK Prop Tech association, in conjunction with the British Property Federation, hosted a roundtable discussion designed to inform the DCLG as part of their consultation on how to improve the home selling and buying process. Present were some agents, solicitors and various tech entrepreneurs. No mortgage experts though.
I sincerely hope that the mortgage industry had their own discussion with DCLG as they’re every bit as important and hold just as many keys to speeding up the process as any other stakeholder?
Indeed if there were two things that could be done – it would be for anyone thinking of selling to get all their documentation ready with a solicitor BEFORE they instruct an estate agent and for buyers to get an ‘in principle’ mortgage offer BEFORE they start looking to buy.
The Times recently reported that the school curriculum was going to include an EconMe module which would teach 14-16-year-old school kids about ‘everyday economics’ and sounds like a good idea. I hope it includes simple stuff explaining mortgages and rentals – my kids would have benefited and I’m sure anyone would give it their undivided attention.
Education about what the home buying/renting process is all about would help the process every bit as much as technology I reckon – imagine if it was the norm to simply do the two things I mentioned above. When I was an agent it would have revolutionised my job and made any conveyancer’s job so much easier and cost efficient – that’s cheaper to you and me.
I can only comment about what I know about on the legal and property side, but would very much like to know what the mortgage profession has to say, and indeed whether they were actually asked.