HM Land Registry unveils strategy to speed up home buying process

HM Land Registry (HMLR) has launched its five-year strategy to create the what it terms as the “home buying process of the future”, designed to ensure that it is “quicker, more efficient and user friendly”.

The main aims of its Strategy 2022+ is to reduce delays for homebuyers and influence the market to realise the potential of cutting-edge digital tools and solutions, with a view to improving speed of service, automating and personalising the conveyancing service, investing in expertise and increasing resilience to fraud and cyber threats.

Simon Hayes, chief executive and chief land registrar of HMLR, said: “Strategy 2022+ comes at a pivotal moment. The very high level of activity in the property market in recent times has underlined the urgency with which all players need to work together to improve the system.

“With property transactions taking record time to complete, it is imperative that we work as partners to innovate and remove friction so that the process is as quick and painless as possible.”

He added: “For HM Land Registry, that means a step-change in our offering to customers so that they receive an outstanding, fully digital service. As we do so, we are placing people – those buying and selling property – at the heart of our transformation.”

The strategy is supported by Chartered Institute of Legal Executives, the Conveyancing Association, the Council for Licensed Conveyancers, the Council of Property Search Organisations, the Law Society, the Royal Institution of Chartered Surveyors, the Society of Licensed Conveyancers and UK Finance, and Propertymark.

Timothy Douglas, head of policy and campaigns at Propertymark, commented: “Accurate information is vital to a functional and prosperous property market. Through the home buying and selling process, consumers need to know and understand what they are purchasing.

“The technological mindset of consumers has advanced considerably in recent years, and HM Land Registry’s 2022+ strategy compliments moves we are seeing in the sector to enhance and improve home buying and selling.

“With demand for homes recently reaching soaring levels and estate agents reporting record high completion times, the strategy will help improve the efficiency of the sales process and in turn the satisfaction of agent’s customers.”

SOURCE: Property Industry Eye | SEPTEMBER 5, 2022 | MARC DA SILVA