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The introduction of property logbooks could have come a step closer as the property sector looks at ways to speed up conveyancing.
Industry body the Home Buying and Selling Group (HBSG) has set up a working group to look at how best to create a logbook, which would be a digital file containing the vital data needed to complete a property transaction.
The information, which would be added to over time, would be designed so it could also be integrated into digital systems belonging to conveyancers, estate agents and local authorities.
The government has already said it supports the concept of property logbooks.
Solicitor Andrew Garvie, joint head of real estate residential at JMW, told the Law Society Gazette that a logbook could provide an easily understood idea of a property for a potential buyer and could slash the time between an offer being accepted and final completion of the deal.
“It will be interesting to see if it becomes compulsory and what the logbook might contain,” Garvie added. “Land Registry records are already publicly available so if this does not take off then instructing a solicitor early on, even when you are listing your property, could help prepare the groundwork for any eventual sale.”
Beth Rudolf, director of delivery at the Conveyancing Association, added: “Making property logbooks the norm will make it incredibly straightforward for homeowners to collate and update information during their ownership. Property logbooks must be regulated to avoid the same issues which we had at the beginning of the century with searches which was eradicated by the regulation brought in via the Search Code.”