Solving The Conveyancing Puzzle
The eternal problem of the often tricky conveyancing process continues to be the most time-consuming part of any property buying or selling transaction. Whether it be Norwich, Norfolk or anywhere else, heavy solicitor workloads and poor communication can often lead to problems further down the line, with hidden fees and the search for the perfect online deal not always making for the perfect level playing field.
The Cost of Moving
According to reallymoving.com’s most recent ‘Cost of Moving’ report, the average cost of moving is £7,356, a record high. Of this, total conveyancing fees for both a sale and purchase cost on average £739, with an additional £410 on disbursements and expenses, resulting in a total cost of £1,149.
An everyday transaction will typically involve a seller, buyer, sellers’ solicitor, buyers’ solicitors, estate agents, mortgage lender and mortgage broker. There could even be other parties working through the process. Each individual will undertake a slightly different role, so naturally, everyone will do things in their own time. This is fine of course, except they may not tell all other parties where they are in the process. It’s not rocket science to work out why the whole thing can take up to 12 weeks in some cases, with the average being a little over seven.
Dealing in property can be expensive, especially when considering things like survey problems, complicated leases and restrictive covenants. Clients need highly professional, motivated representatives to help them through the process, and getting this wrong can mean costs escalating.
Recent research has revealed 30 per cent of clients experience an average delay of 6.4 weeks because their property lawyer was not in the office. A further 25 per cent weren’t told when their lawyer would be back, with 27 per cent not knowing when their property lawyer would return.
You may not be aware of this but experts in the industry have reported that thousands of buyers and sellers each year lose more than £400m, or £2,700 per abortive transaction, equating to around 300,000 affected transactions. That’s an awful lot of frustrated people.
Communication is Key
The main lesson we need to learn here is that first-class communication is vital. Buyers and sellers won’t get so hot under the collar if they understand exactly what’s happening and when. But there is another solution in the offing. In these heady days of cutting-edge technology, new process management and tracker systems can help speed up conveyancing dramatically. We can add to this the emergence of the long-overdue digitisation of the Land Registry.
Improving The System
It’s also very clear that customer service has to improve dramatically to avert any potential problems – this is something Agile Property Partners pride themselves on. Master this, and working in combination with technology and high standards of efficiency, and 21st-century conveyancing will surely rise to a new improved level.
If you would like to chat about anything to do with property investment or conveyancing, give us a ring on Norwich 01603 567804 or send us a message.
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