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A year-long trial of the use of Upfront Materials Information by home haulage company Thomas Legal and Conveyancing Data Services (part of tmgroup) showed it reduced transaction times by up to 70 days.
A 12-month pilot in the UK was completed in partnership with six real estate brokerage firms, reducing the time from condition manager to exchange from the national average of 133 days to 63-83 days.
For this agent, the difference in transaction times between properties for sale that agreed to exchange in the pilot and properties outside the pilot was 51 days.
The results support similar findings in the north of the border, where the Scottish Housing Report already shows that the average property transaction takes four weeks less than in England and Wales, with a 60% reduction in fall-through. It is shown.
Richard Pickles, tmgroup’s Director of Sales (Housing), has been working with Thomas Legal on the pilot from the beginning.
He said: “By increasing the transparency of information and providing it early in the communication process and in a format that is acceptable to both parties, the use of advance critical information has the potential to bring about the change urgently sought by groups like housing groups. It has been experimentally proven that there is This result is not at all surprising. “
Thomas Legal Chairman Simon David added: “By having search information at the time the property hits the market, we can already get up to four weeks ahead. This allowed us to overcome a potentially major hurdle.
“Another potential problem, that local government searches expire after six months, and in some cases even before replacement, is that CDS agrees to update search details after six months. In most cases, it was avoided at no extra cost, and in some cases at no extra cost.It was also a big deal.”