PropTech partnership to speed up property transactions

We have teamed up with Hipla whose distinctive platform combines our Property Information Questionnaire (PIQ) with the Law Society’s transaction protocol forms: TA6, TA7 and TA10.

The mobile-friendly digital platform drastically cuts down the admin involved in gathering vital information by removing the duplication between multiple forms needed to get vendors transaction-ready.

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 property 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. Propertymark members can order a white label version free of charge and customise it with their own branding—saving £250.

Why use the Sales Protocol Toolkit?

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.

Our PIQ which forms part of the toolkit, has been updated to cover fire safety and cladding concerns by 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.

Sales Protocol Toolkit

The toolkit offers huge potential to speed up transactions, reduce fall-through rates and comply with Consumer Protection Regulations.

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 our Housing Market Reports since July last year.

Housing Market Report

Our Housing Market Report takes a monthly look at the trends affecting the UK housing market. The stats are gathered by surveying estate agents who are NAEA Propertymark members.

Find out more about Hipla