Improving the home buying and selling process
Last updated: 5 Jan 2018
- Consulting body:
- Department for Communities and Local Government
- Period of consultation:
- Runs from 5 December 2017 to 15 December 2017
- CML action:
- Response submitted
- There is already a very strong focus on customer experience and efficiency in the mortgage sector, which is driving innovation; however, all parts and players in the process need to innovate to work well together.
- There needs to be a balance maintained between efficiency and speed; and allowing enough time to carry out sufficient checks and controls, particularly from fraud prevention and regulatory perspectives. Such checks and controls are in the customers’ best interests.
- There is scope for greater collaboration between parties involved in the home-buying process, including lenders, and government in relation to online ID assurance, to speed up this aspect of the process.
- Government and bodies including the Law Commission, which have already consulted extensively on the operation of land law in relation to e-conveyancing, must work with one another to identify and take forward the common issues and ideas raised by stakeholders, some of which we detail below.
- We are not aware that the mortgage process is viewed as a major cause of delay (and the government’s consumer research does not appear to indicate differently).
- Ultimately, the type of property chosen is key to establishing the level to which a lender may be prepared to lend to a customer.
Download the full response below.