Conveyancing causes more stress than property chains
The latest research by Lyons Bowe has found that 42% of recent homebuyers say conveyancing is the biggest barrier to a smooth property transaction, compared with just 19% who point to property chains.
The survey of 1,000 recent homebuyers* examined which aspects of the transaction process had presented the biggest barriers to a smooth journey, as well as what could have improved the speed, efficiency and overall experience of their most recent purchase or sale.
The findings show that 42% of buyers believe conveyancing to be the biggest factor in slowing down or hindering a smooth transaction.
When asked why, the most common response was slow communication between buyers’ and sellers’ conveyancers, with 23% of respondents saying it was the leading cause of things taking longer than they should throughout the legal stages of a transaction.
When asked who has the greatest influence over whether a property transaction progresses smoothly, almost half of recent buyers (49%) pointed to conveyancers. However, 33% said that responsibility does not sit with any single party and that a smooth transaction requires everyone involved to work together efficiently.
When asked how the process could be most improved, a quarter (24%) of respondents said faster responses from and between conveyancers would have made the biggest difference to the efficiency and speed of their most recent purchase.
Better communication between all parties was cited by a further 20%, while 17% said having more legal and property information available upfront would have improved the process.
A lack of visibility may also be contributing to homeowners’ frustrations with conveyancing.
Some 42% of buyers said that their own visibility of the process was at its lowest during the conveyancing stage, making it difficult for them to know and understand what was happening with their purchase.
This lack of transparency may help explain why, when asked what single change they would make to improve the experience of buying a home, almost a quarter of respondents (23%) said they would reduce the length and complexity of the conveyancing process.
Paul Lyons, Managing Director at Lyons Bowe Solicitors, commented:
“Buying a home is a significant financial and emotional commitment, so it is understandable that people want greater certainty about what is happening with their transaction and when they can expect it to progress.
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.
At Lyons Bowe, this is at the heart of what we call The Lyons Bowe Way. It is about combining the legal expertise customers and our business partners expect with a clear, proactive approach to communication, so that people understand where their transaction is, what needs to happen next and who is responsible for it. We believe that our customers and our business partners should have the answers to their questions before they feel the need to even ask them. This is why we give 24/7 updates through the Lyons Bowe Portal & App and twice weekly sales progression reports which reduces sales progression chasing times for our business partners.
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.”
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