How Will The Buyers’ Conveyancing Process Change Once Disclosure And Searches Are Provided With The Contract At The Time Of Engagement?

The Buyer / Agent should not have to make contracts subject to due diligence as regularly – as that is contained within the Form 2. There will obviously still be some solicitors who want to laboriously check the Form 2 and searches, but this should have been done by the Buyer prior.

Buyers’ conveyancers will have access to the complete disclosure bundle reducing the risk of delays or adverse findings later in the transaction.

This change enables more efficient contract reviews, faster progress to unconditional status and reduced post-contract renegotiations. 

If you’re an agent who also gets B&P inspections done upfront, you can very easily just contract subject to finance.

For auctions, there should be less need for a buyer to worry about engaging a solicitor prior to conducting due diligence and searches. So buyers for auctions wont have costs typically associated with getting pre-contract advice – though I am sure lawyers will still want to charge.