Standardization will help to reduce the time of the transaction in the real estate market in the UK

The British Property Federation welcomed the introduction of a new mechanism of transactions, which allows to reduce time for registration of transactions in the residential property market in the UK to five to ten working days, which will allow you to save UK consumers a total of over a million days each year.

A new process of transaction is based on a standard questionnaire, which was created by the British property Federation with the participation of the largest companies in the real estate market, including the Law Society and the Royal institution of Chartered surveyors and the online resource “Move with Us”

The British Property Federation noted that earlier in the sales process as buyers and sellers constantly experienced difficulties and delays in processing transactions, which are very costly and the other side. There were delays due to the different information requirements that must be received from the buyer and seller for processing the transaction.

But it is certain that every time you are faced with a specific set of questions.

Creating a standardized list of questions that market participants have significantly simplified the task itself. After all, if all issues are agreed, you can save up to 10 business days on average for each transaction.

The system will also save money, since the need for more detailed queries, there is no General or request more detailed information is sent only in case, if any issue requires more careful study.

In the commercial real estate sector in the design of transactions for more than 10 years used a similar system. And she showed the advantages of demonstrating more efficient process the transaction. Now it is logical to introduce a similar mechanism in the residential sector and try to adopt appropriate standards for market participants.

A new form, referred to as the Leasehold Property Enquiries Form, LPE 1 has Already been approved, approved by the Council of Mortgage Lenders and the Association of Building Societies and will be available to market participants from 10 October 2013.

Homeowners, agents in the management of real estate and realtors interested in access to a new form can apply directly to the resource “Move with Us” to Bethde Montjoie Rudolf

® Helen Antre 11.10.2013 G.