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PropTech partnership to speed up property transactions

Friday 23 April 2021

Propertymark has teamed up with Hipla, an official licensee of the Law Society, to combine Propertymark’s Property Information Questionnaire (PIQ) with the Law Society’s TA6, TA7, and TA10 forms within a mobile-friendly digital platform to get vendors transaction-ready at the point their property goes to market.

The platform drastically cuts down the admin involved in gathering vital information by removing the duplication between the multiple forms they need to complete, pre-populating data where possible.

This satisfies estate agents' Consumer Protection Regulations (CPRs) obligations, whilst fully completing all the necessary transaction protocol forms required by conveyancers, allowing vendors to provide their solicitors everything they need as soon as they instruct them.

Speeding up transactions

The digital process replaces the need for a standalone PIQ, so the TA6, TA7, and TA10 are already complete (with supporting documentation) which can be digitally sent to conveyancers. It will save the conveyancer time, enabling them to issue a contract legal pack much, much quicker. A quicker transaction also means fewer fall-throughs and improved cash flow for agents.

What is the Hipla pack?

Included in the Hipla pack is the optional HM Land Registry title register and title plan (there is an automatic connection to HMLR to download these), TA6, TA7 (if it’s a leasehold), TA10, answers to additional supplementary questions, and any supporting documentation the vendor has provided. It is an intuitive, user-friendly workflow where additional documentation can even be uploaded using the camera on a mobile phone.

There is no upfront cost for using Hipla, however if the property sells using Hipla then the fee is £10 per transaction.

As standard the platform is Hipla branded, but Propertymark members can order a white label version to customise with your own branding, free of charge. Giving you a saving of £250.

Why use the Sales Protocol Toolkit?

Propertymark’s Property Information Questionnaire, part of the Sales Protocol Toolkit, has been updated to cover fire safety and cladding concerns, including questions on EWS1 forms and smoke and carbon monoxide alarms.

By encouraging vendors to supply all the necessary information for selling their home at the start of their sale, the Toolkit saves time at all stages of the transaction and helps prevent frustrating delays when key pieces of information are missing during the legal process.

The Sales Protocol Toolkit has proven that businesses that fully adopt its use, ensuring their staff are all trained to use it, can reduce transaction times down to as little as seven weeks.

Needed now more than ever

The partnership comes on the back of record-breaking activity in the market according to official data provided by HMRC. There were over 190,000 property transactions nationwide during the month of March 2021, double the total in March 2020.

This continues a long-lasting trend since the start of the Stamp Duty Holidays across the UK, with several record-breaking months recorded in the Propertymark Housing Market Report since July last year.

Find out more about Hipla