Speed to survive: Property conveyancers need to up the ante, says Dutton Gregory Solicitors
Speed to survive: Property conveyancers need to up the ante, says Dutton Gregory Solicitors, who report some estate agencies risk going out of business.
National law firm Dutton Gregory reports that many estate agency practices are at risk of going out of business, due to the amount of time conveyancers are taking to complete property transactions.
The highest interest rates for 15 years have taken some heat out of the housing market, but the UK is not in a recession, high employment levels continue to rise, and there is healthy demand from those wanting to buy and sell.
This time last year, Rightmove reported that it took 150 days on average to move house, and the situation remains virtually unchanged, despite Covid restrictions fully lifting in March 2022. Dutton Gregory Solicitors stresses that many of its peers are taking too long to raise enquiries and progress cases collaboratively, which can impact completion timescales by several weeks.
Paul Sams
Paul Sams, Partner and Head of Property at Dutton Gregory Solicitors, said:
“I don’t understand why any lawyer would want to slow the process down or turn it into a combat sport.
“Clients want certainty and efficiency, and the completion of their property transaction is essential for Estate Agents to be able to pay staff wages.
“It’s not uncommon for our conveyancing team to receive over 40 new enquiries 48 hours before the whole chain is expecting to exchange contracts, which can put every linked transaction in jeopardy.
“It astounds me that some folks just won’t work as a team.”
Dutton Gregory has a transaction time that is well below the industry average for property conveyancing. While the average is currently 61 days, a new build transaction handled by Dutton Gregory from receipt of contract to exchange typically takes 25 days.
The firm has placed a strong focus on investment in people and as a result can offer its customers a much more efficient service. It also values highly working closely with introducers and other lawyers to make the process as smooth as possible.
Paul Sams continues:
“Slow transaction times increase the chances of a property transaction falling through, which is why most housebuilders insist on a 28-day exchange of contracts, whether it’s an off-plan sale, or a finished plot.
“This timescale can be at odds with the current norm in the resale market. Buyers and sellers are facing too much uncertainty around timeframes for their conveyancing process and completion.
“While unexpected issues can arise, enquiries should always be raised when the contract is first received.
“If a local Estate Agents practice folds, it’s a blow for not only the individual business but also for the overall health of the housing market let alone the economy at large.
“At a time where there is a shortage of housing, completing transactions in the shortest time possible is in everyone’s interests.
“We want to work with our industry peers to improve service levels and help the whole supply chain to stay in business.”
During 2023, Dutton Gregory has significantly expanded its team of highly qualified legal professionals, invested in its internal training programme, and is trialling various new industry-specific software programmes to achieve and maintain highly efficient conveyancing transaction times.
The firm won four awards in 2022, including ‘Law Firm of the Year’ at the South Coast Property Awards 2022, and ‘Business Development Champion of Year’ at the British Conveyancing Awards 2022. The practice also had four more notable shortlistings, including at the Modern Law Conveyancing Awards 2022 for Southern Conveyancing Firm of the Year, and the South Central Business Awards 2022 for the Professional Services Award.
Dutton Gregory Solicitors is a full-service national legal firm for private and corporate clients. The multi-award-winning practice has offices in Bournemouth, Chandler’s Ford, Poole, Liverpool, London, Winchester, and Woking.
Kindly shared by Dutton Gregory Solicitors
Main article photo courtesy of Pixabay
