How Conveyancers Keep Up with Property Market Demands

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After a bumpy 2020 for the real estate industry, the latest property market figures show that residential listings and purchases rose to pre-pandemic levels early in 2021, culminating in a 66 per cent increase in property completions compared to March 2019 to March 2021. 

With buying and selling properties subjected to some restrictions, how has the real estate market achieved such numbers? And how will these practices be implemented in the long term to make conveyancing more efficient?

Here are some of the factors that played a part:

1. Technology

Digitising the conveyancing process was crucial in dealing with the surge in transactions. For the first time in 2020, Land Registry began accepting electronic signatures for transfers of property ownership. This was a revolutionary move to the digital age, where agents and buyers are encouraged to work with Covid-secure conveyancers.

On average, a sale takes about 28 days, from the agreed deal to the conveyancer onboarding the client and completing all forms. However, this was reduced to five days when conveyancers used fully automated digital platforms. 

Digitising the processes gave conveyancers the ability to provide online quotes, onboard clients, order searches, complete ID checks and sign documents digitally. It effectively speeds up entire transactions, and more real estate agents are embracing the change.

2. Communication

Aside from practical and legal processes related to conveyancing, prioritising communications has always been crucial in moving the transaction. While UK lockdowns resulted in the need for professionals to work flexibly, use technology and communicate virtually, it also transformed into working practices and communication with clients.

Conveyancers had to learn when to communicate progress to let the process run smoothly, keep customers calm, manage expectations, and stay positive. Moreover, the need to work to a deadline also contributed to making all parties work towards a common goal.

3. Buyer Participation

Moving house is considered a stressful time in one’s life without guaranteed timelines. On average, a move takes over 20 weeks but can vary significantly with the properties involved. 

While much of the timeline will be handled by the solicitors, buyers still need to play their part in helping the process move forward efficiently. 

An analysis of the UK property market showed that most buyers and sellers would only instruct a solicitor once an offer has been accepted. However, it has long been found that instructing the solicitor early on in the transfer process to ensure they are compatible with the lender is crucial to make the entire transaction smooth-flowing. 

In the 20 weeks average that a transaction takes place, every second counts to ensure that completion of the transaction is achieved without significant delays. That makes it crucial for solicitors and estate agents to play their part in educating consumers and helping them make informed decisions. 

Moreover, being organised with finances and paperwork also speeds up transaction times, lowers fall-through rates and sends the conveyance process off to a good start. 

Conclusion

While the last year and a half of the pandemic might not have been the residential property sector’s best conditions, it has shown an ability to adapt to different market conditions, buyer behaviour, and technology. Now, some of these working practices are here to stay.

At Conveyancing Expert, we deliver excellent and efficient service to ensure your property transaction is completed with expert legal advice and assistance. We are dedicated and honest and work following our culture statement to ensure that every client benefits from our expertise and is delighted with the legal service provided. Through the entire transaction process, we’ve got you covered. Call us today at 0161 794 7799 to get a free conveyancing quote!

122 thoughts on “How Conveyancers Keep Up with Property Market Demands”

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