A new conveyancing Portal is due to go live at the end of March 2015. Ahead of its launch, a poll of 2002 adults was conducted, gathering the thoughts of homebuyers in regards to the conveyancing process.
The poll showed that one in four homebuyers would be willing to pay more for a faster conveyancing experience.
We’ve all been there haven’t we? You’ve found the house of your dreams and are desperate to move on…and move in. How long can it really take to complete a few bits of paperwork and to transfer some money? You might be surprised…and not often pleasantly so.
The process can easily be derailed at various junctures, and every hold up ads a little more stress to the pile.
The new portal is designed to streamline the conveyancing processes, with the aim of improving upon both speed and efficiency.
The key findings of the survey were as follows:
- The waiting aspect of buying a home is the most stressful part.
- The average conveyancing process is reported to take 11.3 weeks.
- A quarter of respondents are willing to pay more for a faster service.
- Dealing with solicitors is a key stress point when buying or selling a house.
- Just under a third of respondents (29%) felt out of touch during the conveyancing process and just over a third (36%) have very limited knowledge of the process.
- Significant repeat business is lost - a third of respondents are considering selling again in the next three years but 42% of respondents are not sure or unlikely to reuse their conveyancer/solicitor.
- Solicitors dominate the conveyancing market with 78% of consumers using a solicitor, 11% using a licensed conveyancer and the remaining respondents undertaking their own conveyancing or using an online conveyancing service.
The average conveyancing process takes 3 months, and ‘time’ is the main issue that most home-buyers suggested that they would like to see change. And what’s more, they’d be happy to pay for it.
Along with the speed and efficiency of the process, a failed transaction is also right up there as a major area of concern to any homebuyer. Once you’ve had an offer accepted on a property and spent money on Solicitors fees and surveys, things can still go wrong…and they often do.
What if you’re gazumped or the survey highlights a huge amount of required work that you hadn’t factored in to your budget? If the transaction fails, you’ve lost the money you spent, making an already costly process even more expensive.
So, whilst the poll shows that Solicitors who can offer speed and efficiency are likely to be the most popular in one respect, homebuyers are also looking for a solicitor who can allay their fears about a possible failed transaction.
This is where we think we can help. We have created our MoveSafe Insurance product to help take some of the stress out of the conveyancing experience, and to afford some peace of mind to the client.
In short, the MoveSafe policy provides protection when a conveyancing transaction fails to proceed. By the time a sale or purchase proves abortive, there has often been considerable expenditure on all sides. The policy covers all of a client’s conveyancing expenses, including the solicitor’s charges and disbursements.
The premiums are competitive, and offer an extra level of protection to clients at a stressful and vulnerable time.
Clients will of course be looking for speed and efficiency in the conveyancing process…and now you can also give them peace of mind by offering MoveSafe.
For more details see https://www.boxlegal.co.uk/movesafe/