Agents are being invited to take part in a pilot of buyer and seller property information (BASPI) packs that would aim to speed up transactions.
The Home Buying and Selling Group (HBSG) has been working on a digitised form that agents could send for vendors to complete before marketing a property.
It would contain all the relevant property information, and the idea would be for it to be included on portal listings and sent with a memorandum of sale.
The form would also be accessible to lenders and valuers to help reduce queries, and conveyancers could match information with their own searches.
Beth Rudolph, chair of the HBSG, said industry bodies such as the Council of Licensed Conveyancers (CLC), Law Society, RICS and NAEA Propertymark are supportive of the idea.
Speaking at yesterday’s CLC annual conference, Rudolph said: “We are going to pilot it and are hoping to have 500 transactions through large estate agents to establish the impact on the chain.”
She added that the group had originally said “Let’s get Home Information Packs back” but realised this would not be acceptable.
She said: “We have tried to produce something that can be done for free and encourage people to add more information.”
NAEA Propertymark has concurrently been triallling its own property information questionnaire and point of sale protocol that can be completed online at the point of instruction.
Simon Wilkinson, from NAEA Propertymark, said 200 properties have been put through this system and it has reduced completion times from an average of 13 weeks to eight.