Over the last couple of years, the housing market has witnessed notable fluctuations as a result of several environmental, economic, and socio-political conditions. Many properties have been sitting on the market for far longer than expected, challenging sellers’ patience while they anticipate a favourable offer. But while the slower housing market comes with certain disadvantages, there are also potential benefits. One of the key questions arising in this scenario is: Has the slowed housing market sped up the conveyancing process?
To answer this, we’ll first delve into understanding what the conveyancing process entails, and subsequently discuss if a slower housing market affects its speed.
Understanding Conveyancing:
Conveyance is referred to as the legal process involved in transferring property ownership from one person to another. It involves several stages, from the acceptance of an offer, contract exchanges, to the final completion stage where the buyer becomes the official property owner. A licensed conveyancer or a solicitor often handles this process, ensuring all legalities are observed and that the transaction is legally binding.
Conveyancing can be a prolonged process due to several factors such as documentation requirements, searches, mortgage approval, and chain delays (when multiple buyers and sellers are involved in interconnected property transactions).
So, Does a Slower Housing Market Speed Up Conveyancing?
On the surface, it might seem like a slower housing market would necessarily result in a quicker conveyancing process. The underlying notion is that with fewer properties being bought and sold, conveyancers have fewer caseloads, and hence can process individual cases more quickly.
However, in practice, this is not necessarily the case. The reason is quite simple: The conveyancing process primarily depends on the complexity of individual transactions rather than the overall pace of the housing market. For instance, property transactions that involve leasehold properties, listed buildings, or properties in conservation areas or areas of outstanding natural beauty may require additional searches and checks which add time to the conveyancing process.
Moreover, even with a slowed market, multiple parties are involved, from buyers and sellers to mortgage lenders, estate agents, and surveyors, and co-ordination between all these stakeholders can still cause delays. The speed of the conveyancing process is also contingent on how quickly these individuals can process and respond to requests for documentation or additional information.
Speeding up Conveyancing in a Slower Market:
That said, a slower housing market does present opportunities to make the conveyancing process more efficient. Here’s how:
1. Advanced Preparation: With fewer transactions, sellers, buyers, and their solicitors should have more time to prepare the documentation, resulting in fewer delays when the process begins.
2. Ensuring Mortgage in Principle: Buyers obtaining a Mortgage in Principle before making an offer can speed up the mortgage application process part of the conveyancing timeline.
3. Using experienced conveyancers: Experienced conveyancers are more likely to anticipate and prevent potential roadblocks that might slow down the process.
4. Comprehensive property information: Providing comprehensive and accurate information about the property can help prevent delays due to additional queries or unexpected issues.
While the slower housing market has not necessarily resulted in a faster conveyancing process, it does offer more room for preparation and thoroughness, which can lead to smoother transactions. Buyers and sellers should take advantage of this by assembling a competent team, getting all paperwork in order as early as possible, and staying proactive throughout the process. This approach can significantly reduce the potential for delays, leading to more efficient and expedient conveyancing, regardless of the overall housing market’s pace.
