How title insights can sharpen your selling process

Ever taken on a property where the sale has got tangled up in problems arising from the title register? It’s a stressful situation for you and your clients, and one that believe it or not, could be easily avoided.

How? Spotting, understanding and resolving title register risk issues early, which could lead to delays or worse still, fall throughs, can help your property transaction proceed more efficiently and speed up your sales.  

Veya Title Check Reports are now available to order on the award-winning mio sales management hub. mio agents, who order a Sellers Information Pack (SIP), will have an instant view of the risk associated with the property through a simple, easy-to-understand Veya Complexity Score rating, using the Land Registry property information provided in the SIP. Then, if the agent wants to investigate further or has concerns about the complexity score indicators, they can order a comprehensive Veya Title Check report at the click of a button, for more detailed analysis.

The report highlights various risk factors that could lead to delays or even  prevent the property from being sold, such as identifying an unregistered title.

What Title issues might I uncover?

Complexity issues around the Title Check may be as simple as an administrative name change to the title deed. Even simple restorative measures like these can shave a couple of weeks off the transaction time if they’re dealt with proactively, while the property is on the open market. Other common Title issues found can include:

Unregistered Property

There are around 2.9 million of these in the UK, and often belong to people who have lived in the same property before registrations were made compulsory. These cases require more administration, and often probate, and the original deeds sought, or failing that, proof of ownership over the last 15 years, so an application can be made for Land Registry registration.

Class of Title

If the Proprietorship Class of Title is Possessory or Qualified, it may indicate that the property may take longer to sell or that a mortgage may be harder to obtain.

Unmatched Vendor and Proprietor Names

If the vendors’ full names do not match that on the Title Register, match their IDs, you can request additional documents before the house is listed for sale.

Charges against the property

The report may uncover a restrictive covenant, for instance that alterations can’t be made to the property or a white van or caravan cannot be parked at the property. Knowing what restrictive covenants are in place and being transparent with your buyers about these can help reduce fall throughs later down the line.

How to use the Title Check information

The Veya Title Check information can be used in a number of ways in the sales journey.  Share the insights with your sellers and encourage them to instruct a conveyancer straight away, evidence from HBSG says engaging a conveyancer at point of instruction could shave 3 weeks off transaction time. If a client instructs their conveyancer at the beginning of the process, you can collaborate with them to ensure any potential issues are dealt with early by the conveyancer. Your Land Registry title insights can also be used to inform prospective buyers, as part of your upfront material information obligations, and facilitate your buyers in making well-informed purchasing decisions.

It pays to improve the property sales process for consumers

The Veya Complexity Score and Title Check report are part of a range of innovative digital data tools available in the mio sales management hub, designed to create greater operational and time efficiencies within the property sale and transaction process. By making the transaction work better for consumers, it’s good for agents’ success too.

The mio SIP ensures agents have CPR compliant and detailed upfront material information required for producing full and accurate property listings, and informing buyers during valuations. Shared early, this material information, with the complexity score or full Title Check report findings, helps agents produce accurate property listings, reduce fall throughs and progress sales even faster with the mio sales progression chain view platform.

mio Sales Director, Nick Ball, comments, “The mio Sellers Information Pack with its Veya Complexity Score, and the Veya Title Check report, support agents in delivering a professional and well-informed sales service. In showcasing a proactive and investigative approach, agents can win the confidence of prospective sellers and the commitment of prospective buyers. This benefits everyone involved as sales can transact with less associated risk and greater speed and efficiency.

Not only this but by encouraging their clients to instruct a conveyancer at the beginning of the process, and utilising the Veya insights, conveyancers are better informed and can address and resolve potential issues early potentially avoiding delays or fall-throughs later on in the process.”

The mio Sellers Information Pack and Veya Title Check report are available on the mio sales management hub now. Contact mio for further information or to book a demo.