The Residential Logbook Association (RLBA) has launched a new Upfront Information Group in a bid to create more standardised and consistent upfront information during the homebuying process.
The new group, created under the RLBA’s regulatory framework, is intended to bring together providers offering upfront information products and establish a more unified approach across the market.
Led by Sally Holdway of Home Owner’s Passport (HOP), the initiative forms part of the RLBA’s response to the government’s MHCLG consultation on property information and transaction reform.
The group is targeting more than a dozen companies currently operating in the upfront information space, with the aim of creating common standards and a validation process backed by the RLBA’s self-regulatory model.
Under the plans, qualifying providers would be able to use an “RLBA Regulated” watermark to demonstrate compliance with agreed standards for upfront information products.
Sally Holdway said “We recognise that Material Information and Digital Sales Packs have been provided at scale for several years now by the UFI providers, but having a regulated standard will ensure that any UFI company can be recognised and have their product accepted and used by any agent or conveyancer in a transaction.”
The RLBA said it is currently the only organisation operating a self-regulatory framework covering both of the key upfront information products expected to form part of future regulation following the MHCLG consultation process.
These include a Marketing Pack, containing material information aimed at agents and property portals, and a Digital Sales Pack, which includes the more detailed conveyancing-level information needed to progress a transaction towards exchange.
Both products already form part of the RLBA’s Core Logbook Specification and are incorporated within the data structures used by member logbook providers.
The association said it is now extending its regulatory framework to include standalone upfront information providers, amid growing industry concern that inconsistent formats and data standards could undermine wider adoption of upfront information.
The RLBA argues that standardisation and some form of oversight will be necessary if agents, conveyancers and consumers are to have confidence in the reliability of property data being shared at the start of the transaction process.
As part of the changes, the National Logbook Register — which currently records whether a property has a completed Digital Sales Pack – is being expanded to allow standalone upfront information providers to register their products on the system.
Nigel Walley, chair of the RLBA, commented: “We need to create an open market for upfront information products and we know that won’t happen without mandation around a standard and regulation to guarantee data quality to all users.”
A first objective therefore is to provide the conveyancing regulators a standard that they can endorse for their members based on existing protocol requirements and data formats, with a set of rolling trials of both packs in Q3 this year. Secondly, the intention will be to work with MHCLG to plan the evolution towards ‘smart’ data and the use of trust frameworks like the PDTF.
Ruth Beeton, director at Home Sale Pack, added: “We have been delivering digital sales packs for several years now, and as lawyers we have an in-depth knowledge of what is required for packs to be compliant for the conveyancing process. Having an industry wide ‘kitemark’ for digital sale packs will mean that UFI providers are clear on the standards they need to reach.”
