Information Providers
The role of an information provider
Information providers supply data needed to support stakeholders in the home buying process to:
-
Deliver their service to advise or to enable the funding of the consumer
-
Enable the transaction to go through
Following implementation of the protocol, all stakeholders will have the opportunity to collaborate to ensure an efficient customer journey.
Benefits and opportunities in collaborating to share information
Benefits and opportunities in collaborating to share data through the process:
-
Opens the market for the data up to new customers and use cases
-
Reduced turnaround time for property searches
-
Data driven market efficiencies
-
Data with provenance (trusted and verified)
If information providers had access to more data, their customers would see the following benefits:
For the customers of Information Providers
-
Regulatory/legislative compliance
-
Identifying issues and giving sellers the choice whether to resolve title issues before a buyer is found
-
Speed up property transactions by sharing property information and client information e.g., seller ID verification
-
Digital ID verification and relationship with the property will reduce seller impersonation fraud
-
Opportunity to simplify the process by reducing duplication of information
-
Property logbooks can ensure data is consistent, accurate and the provenance verified
-
Preventing fall throughs by reducing delay and highlighting, finding and sharing information
-
Reduces enquiries raised on missing or conflicting information
-
Helps ensure all parties can read all information available and verify provenance of information shared
-
Reduces time wasted when transactions fall through, or sellers instruct another agent
-
Improves professionalism, customer satisfaction and creates trust in the sector
Rules and Regulations
The following rules and regulations apply to information providers:
Regulated search companies are signed up to The Search Code | CoPSO and some are licensees of Land Data – The NLIS Regulator.
Environmental Information Regulations 2004 requires a public authority to make certain environmental data available electronically.
HM Land Registry, Infrastructure Act 2015 and Local Land Charges Act 1975 also outline the requirements for the sharing of public data and charges applicable.
Failure to comply brings the risk of fines or losing regulatory membership but compliance brings multiple opportunities.
The current process
