More than eight in 10 homebuyers experienced problems with the conveyancing process, with poor communication and lengthy delays damaging confidence, according to LawtechUK.
The YouGov survey of 1,251 UK homeowners found that 25% regularly chased their solicitor or conveyancer for updates, while 24% said their transaction took much longer than initially expected.
More than one in five did not understand what was causing delays, 14% felt they had no visibility over their transaction and 10% believed they were never being told the whole story.
The findings come with average transaction times reportedly reaching 211 days and a quarter of buyers saying they had experienced at least one sale collapse involving financial losses.
BUYERS CONSIDER WALKING AWAY
Almost one out of ten seriously considered abandoning their purchase because of the stress involved.
Women were more likely than men to have chased for updates, at 29% compared with 22%, while 21% described the process as something happening to them rather than something they controlled.
Buyers aged between 35 and 44 appeared particularly frustrated, with 27% saying every stage was inefficient.
Scottish respondents reported a better experience: 42% completed within the expected timeframe, 41% said their transaction was handled professionally and 27% described their solicitor as responsive and helpful.
TECHNOLOGY ALREADY AVAILABLE
LawtechUK says 22 UK conveyancing and residential property technology companies have collectively secured £140m of investment.
One in five respondents would actively seek a conveyancer offering real-time updates when buying again, while 17% would consider a technology-led service if it accelerated completion. However, 13% were unaware such services existed.
Chris Grant (main picture, inset), LawtechUK panel member and Managing Director, Client Value at Goodwin, says: “This research points to the pressure that conveyancers are under. They are still operating a largely manual communication process under extreme capacity pressure, while buyers expect the real-time visibility they receive in every other area of their lives.
“However, the technology to bridge that gap already exists. Lawtech platforms offer consumer and business services, providing real-time case tracking, automated updates, digital document management, and shared dashboards, which also cut transaction times dramatically and reduce fall-through rates.”
GOOD SOLICITORS ‘NOT THE PROBLEM’
Conveyo says its technology can reduce transaction times to 30 days and fall-through rates to 5%, compared with the respective industry benchmarks it cites of 22 weeks and 33%.
Konrad Rotthege, Co-founder and Chief Executive Officer of Conveyo, says: “Good solicitors are not the problem – the problem is the outdated, manual process they are often forced to work within.
“Buyers and sellers now expect visibility and control, but too much of the transaction still relies on chasing emails, fragmented information and manual updates.”
