Are conveyancers causing house sales to fall through
I recently came across some research that claimed that almost three out of 10 property purchases have fallen through in the past five years, largely due to conveyancers holding up the process.
It astounds me that tens of thousands of property purchases fall through between offer and exchange of contracts each year. What is causing this to happen?
The research found that the average time it takes for property lawyers to progress to this stage nears three months. In this modern world of technology why is it taking so long?
It seems in almost half the cases conveyancers are holding up the process and taking too long to exchange contracts.
Some very basic research would indicate that more than 96,000 sales collapsed last year as a result of poor conveyancing services. Should they be held accountable and have to reimburse any costs associated with the sale up to that point?
The survey found that the most common complaint from homebuyers related to the service provided by their conveyancer included poor communication and slow and ineffective service.
Those who used a conveyancer recommended by their estate agent pay £400 more on average, and are less likely to be happy with the service.
It seems that in many instances the conveyancing industry isn’t working for consumers and those who simply take their estate agent’s recommendation are most likely to pay the price.