Homebuyers are more than twice as likely to blame conveyancing than property chains for preventing a smooth property transaction, new research reveals.
A survey of 1,000 recent homebuyers by Lyons Bowe finds 42% identify conveyancing as the biggest barrier to a smooth transaction, compared with 19% who point to property chains.
Slow communication between buyers’ and sellers’ conveyancers emerges as a particular frustration, cited by 23% as the leading cause of the legal process taking longer than it should.
Almost half of buyers – 49% – also believe conveyancers have the greatest influence over whether a transaction progresses smoothly.
COMMUNICATION PROBLEMS
However, a third of respondents say responsibility does not rest with any single party and that smooth transactions depend on everyone involved working together effectively.
Asked what would have improved the speed and efficiency of their most recent transaction, 24% identify faster responses from and between conveyancers.
Better communication between everyone involved is cited by 20%, while 17% say having more legal and property information available upfront would have improved the process.
The findings come as the property industry increasingly focuses on upfront information and better data sharing as ways of reducing transaction times and avoiding unnecessary delays.
LACK OF VISIBILITY
Transparency is another source of frustration, with 42% of buyers saying their visibility of what was happening was at its lowest during the conveyancing stage.
Almost a quarter – 23% – say reducing the length and complexity of conveyancing would be the single change they would make to improve the homebuying experience.
Paul Lyons (main picture, inset), Managing Director at Lyons Bowe Solicitors, says: “Conveyancing will always involve legal complexity and depend on information coming from a number of different parties, and while this means things can take longer than buyers and sellers might hope for, it does not mean the process needs to feel opaque or unnecessarily difficult for the client.
“The survey findings show why that matters. Buying a home is stressful, especially when you’re working to a deadline. So an easy, smooth transaction is not simply about completing the legal work quickly, it is about making sure everyone involved has the information they need and that the client is kept informed throughout.”
