New Digital Homebuying Service Aims to Fast-Track Property Transactions
The homebuying process in England and Wales is to receive a tech-led facelift, thanks to the launch of a new digital service using Connells branches, LMS-panel solicitors, and Lloyds Banking Group as lender.
A new fixed-fee service, backed by government and designed to tackle lengthy conveyancing and mortgage approval, is aiming to speed up residential property transactions. The service, which involves a panel of surveyors, solicitors and other key professionals, is designed to facilitate smoother transaction by bringing all parties closely together.
Together, a major high street estate agency such as Connells, a specialist conveyancing panel provider like LMS and a ‘Big 5’ lender such as Lloyds aim to create a streamlined process between all parties to reduce delays, eliminate bottlenecks and eliminate duplicated checks.
Although digitisation has the potential to speed up the real estate process, there are still several traditional roadblocks that will need to be tackled by home buyers including issues with property valuation, mortgage eligibility and legal aspects.
We also note that the involvement of Lloyds Banking Group as a credible lender is a positive, while buyers and sellers will at least experience some reduction in wait times for the service to go live, with the true benefits feeling likely to depend on breadth of adoption.
Practical Takeaways for Buyers:
- When buying or selling a property with a Connells branch, ask if our new digital service is available and how it could affect the timeframes.
- Form close relationships with the appropriate conveyancers on LMS's approved panel. Together, you can ensure the process is as efficient as possible and cuts down on potential delays.
- Consider if using Lloyds Banking Group as the lender could be an option in order to benefit from lender-side efficiency gains.
- The legal and valuation checks still need to be carried out as required.
The Final Takeaway
Technology and digital marketing innovations can ease some of the pain in an otherwise slow real estate market. However, there is still room for significant improvement and home buyers should be cautious not to expect a speedy closing process.
