17 July, 2018
The Law Society of Northern Ireland, the Royal Institution of Chartered Surveyors and NAEA Propertymark have agreed a new Memorandum of Understanding (MoU) which aims to facilitate a more efficient conveyancing process for all involved.
The initiative is a positive move for the property market, setting a great example for the rest of the United Kingdom to follow.
Timelier and better communications between all parties involved in the conveyancing process are a critical part of the commitments made by the new MoU. These improved communications should mean that problems can be identified and resolved at a much earlier stage in the process.
The MoU seeks to offer another layer of reassurance of ‘best practice’ in home-buying and selling. The anticipated consumer benefits include an improved conveyancing process which reduces delays without impacting costs.
A key part of the initiative is to help make the process of buying and selling property less stressful for all involved, creating a better customer experience throughout the process.
Kirsty Finney, Northern Ireland representative for NAEA Propertymark said, “The launch of the MoU is a positive step to drive change in the industry. It is fantastic and also very reassuring to see the three main professional industry bodies collaborating to produce a document that outlines new processes which is aimed at improving the customer experience.”
This is the first initiative by the three professional bodies who have been actively involved in working together to find ways to facilitate smoother operations in the residential property market in Northern Ireland.
Mark Bentley, President of NAEA Propertymark said, “Driving change in the industry is a key focus for NAEA Propertymark as a professional body in the sector. The MoU is an excellent example of key industry bodies coming together to further enhance professional standards. We are committed to working with relevant parties to investigate ways for a similar initiative to be developed across England, and Wales.”
Dame Janet Paraskeva, Chair of the Council for Licensed Conveyancers added “As the independent regulator of specialist property lawyers in England and Wales, we are taking a multifaceted approach to our work to improve the home buying process.
This initiative underpins the importance of all professionals involved in the process working together to improve the consumer experience. We welcome efforts to demystify and streamline home buying and selling and we are keen to see how a similar approach could be rolled out in England and Wales with the support of regulators and professional bodies.”