Over a third of consumers believe that conveyancing process is leading factor causing transaction delays

Over a third of consumers believe that the conveyancing process is the leading factor causing transaction delays, latest data shows.

New industry data reveals that more than a third of consumers (36% – iamproperty data) believe conveyancing is the leading factor causing delays to property transactions.  

The data has been released by iamproperty following National Conveyancing Week and the growing focus around strengthening relationships across all parties. It signals that there is still work to be done to guide consumers on how they can best support the conveyancing process, to help reduce timescales and improve their moving experience. 

When asked about ideal timelines for moving, almost a third (29%) of consumers said they would like to move within three months of putting their property on the market. However, with Private Treaty timelines sitting at 150 days (iamproperty data), vendors are facing disappointment. 

As a key part of the conveyancing process which is currently taking up to eight weeks on average, the findings showed that the majority of respondents (94%) would be open to ordering searches sooner in the process to speed up the transaction, despite them usually being ordered by the buyer’s solicitor weeks into the conveyancing process.  

iamproperty’s online movebutler solution is currently being used by over 2,200 UK Estate Agency branches to eliminate the common pinch points in the Private Treaty process, reduce admin for all parties and help speed up transactions, with a focus on conveyancing.  

With movebutler, information is shared across parties to support efficiencies and avoid duplication, plus information is gathered upfront across Material Information Parts A, B and C. Searches are also ordered sooner in the process, once a purchase is agreed, saving up to 4 weeks of valuable time versus the standard process. 

Michael Bailey, Director at EweMove Stafford, commented:

“iamproperty movebutler helps to onboard clients in a quicker timeframe and enables me to get them legally prepared before we go to market, which helps to save time during the process and can reduce the overall transaction timeframe.

“It’s key to our success and client relationships as it helps them to feel more in control.” 

Ben Ridgway, Co-Founder of iamproperty, said:

“Conveyancing often takes the brunt of consumer frustration around long timescales or delays, so with movebutler, agents can bring more information upfront and give their vendors the option to get ahead on things like initiating searches sooner in the process, helping to reduce transaction times and deliver on consumer expectations.” 

For more information on iamproperty movebutler, visit here.   

Kindly shared by iamproperty