More needs to be done to improve the “antiquated” conveyancing system in order to speed up property sales, according to Gazeal.
The PropTech supplier says that the additional pressure on the conveyancing process caused by the stamp duty holiday has highlighted its shortcomings and that evolution is needed as soon as possible.
Bryan Mansell, co-founder of Gazeal, believes that the conveyancing process could become a lot smoother if it followed a similar path to the lettings system where the agent stays with the tenant and landlord from start to finish.
At the moment, tenants find properties in the same way as buyers with a similar viewing, offer and negotiation process, but that is where the similarities end, according to Mansell.
He said: “During the homebuying process, once the offer has been accepted, buyers and sellers go off independently which is where many of the problems start.
“Of course, the lettings process will always be faster than sales as a title is not being transferred, but the way in which letting agents are plugged-in to the whole process has a range of benefits.
“If more of the conveyancing work could be carried out by agents, with them able to guide consumers through the process, transactions could become smoother and more efficient.
“In the lettings sector, there is an onus on agents to provide documentation and information to both sides of the transaction. This moves the process along and ensures everyone knows where they stand.
“There is plenty more to be done to improve the conveyancing process, but mirroring some of the most effective parts of the lettings system could be a good starting point.”
Mansell says that improving the knowledge of the conveyancing process among homemovers would also have a positive effect and help to minimise issues.
He continued: “With people moving home less frequently, their knowledge of the conveyancing process is understandably patchy. It would make a huge difference if movers had a better understanding of what they need to do when it comes to providing upfront information and instructing solicitors as quickly as possible.
“What’s more, the language and complexity of documents used by agents and conveyancers is counter-productive as it scares consumers and adds to their confusion.
“The other issue revolves around the price of conveyancing services. If consumers were better educated not to choose their representation solely on cost, this could prevent fall-throughs and reduce the chances of buyers and sellers running into problems before they’ve even started.”
With the stamp duty holiday deadline fast-approaching, Gazeal says the conveyancing system is likely to struggle in the coming weeks as the rush to complete transactions continues.
As well as the unusually high number of transactions, the ongoing impact of the pandemic on the resources of local authorities continues to cause delays.
Mansell added: “The conveyancing system has been struggling to cope with demand during an unprecedented period. However, even before the pandemic, there were still significant issues with fall-throughs, delays and confusion,” adds Mansell.
“Post-April, there is still likely to be a huge backlog of transactions in the pipeline and a high level of activity could be sustained thanks to an economic boost associated with a successful vaccine rollout.”
Maybe it’s early, but I’m none the wiser about it for having read it.
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It’s about speeding up transaction times and less sales falling through
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Let me help you, Sellers want transparency around the moving process, so educate them about how they can help speed things up. They do not simply want an agent to put their property on the market, they want the agent to help them move. Become more transparent about what sellers can do to help themselves through the process by educating them about it.
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Ah. Ok. Assumed agents did that anyway.
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I don’t think it’s anything to do with the time!
Why would consumers want to be educated about the process? It’s complicated, uncertain and technical.
We could ask the same question about installing networks in their homes to get better Sky coverage.
People want to get Sky in different rooms but installing mesh systems is complicated and technical. Why would they want to waste time learning how to do it?
They just want Netflix in their kitchen.
( And yes – I speak from bitter experience ! )
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It’s about speeding up transaction times and less sales falling through. Australian agents do it and are much better than us.
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Look at some of the agents you meet in the UK – young kids who have no idea at all – I would not let them near my conveyance
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Read the article! they are not suggesting that agents should be conveyancers!! they should be educating sellers more about how they can help speed things up. He continued: “With people moving home less frequently, their knowledge of the conveyancing process is understandably patchy. It would make a huge difference if movers had a better understanding of what they need to do when it comes to providing upfront information and instructing solicitors as quickly as possible.
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I understand what you are slaying but I have come across many EA who do not have a scooby about the process other than searches and exchange -would be the blind leading the blind
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Why would customers want to be educated more? ummmm.. because they go into the process confused and blind. Clearly, they are not talking about training them to be conveyancers. For the last number of years Zoopla has reported that the #1 aspect that sellers want is transparency around the process and fees from their agents. You a conveyancer as well? or work with them?
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Just read this and wondered if I had been asleep for two months or so and 31st March was yesterday.
All that needs to be done by the agent is to:
1. Recommend a conveyancer who does not gain work solely on low cost, or by paying a high referral fee.
2. Get the seller to instruct the conveyancer before a buyer has been found.
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And that is your answer to the outdated and painfully slow process? Charge customers more? Sell conveyancing to them earlier? How about educating them. Let me guess, you are a conveyancer or work alongside them yes?
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No, that is not my answer, but it might be the beginning of an answer. And where did I say charge more?
When I was a conveyancer I tried, many, many times, and in many different ways to explain the process to my clients. The majority are not interested in the process; they just want to exchange and complete. And I don’t blame them. They expect the professionals, agents, conveyancers to work together.
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You can educate them all they want ifthey use a sols who is as they are now totally inundated it makes no difference
I have an idea how a petrol english works but when I need a service i go to a mechanic
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True genius.
And agents could step in and help the NHS. They could take over from brain surgeons for starters.
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or run for Gov?
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Or scientists
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Isn’t that what Countrywide and Connells started doing over 20 years ago?
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did they ? who were their candidates?
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For those of us of ‘older years’ we will remember Countrywide and Connells believing they could do Conveyancing better than solicitors back in the late 90’s onwards.
Will leave it to other agents to comment on how that worked out.
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Well the customer experience and other agent experience may not be great but CWD Conveyancing turns a tidy profit and is probably one of the main reasons that Connells want to buy CWD as they don’t have ‘in house’ conveyancing anymore.
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I believe the time is right for Estate Agents to get more involved in helping both sellers and buyers negotiate the antiquated legal process of moving home and I don’t mean recommending a good removal firm. Conveyancers have been under tremendous pressure of late largely fuelled by the SDLT holiday but exacerbated by COVID and the furlough scheme. Too much emphasis is always placed on winning instructions, champagne corks flying everywhere! BUT not enough on focusing on results – Who in the office is the superstar? The lister or the Progress Checker (I rest my case!) There are many changes coming to the industry (unique property reference numbers, property passports etc) all of which bring genuine opportunity for innovation in the sector which will help elevate the role of the Estate Agent into the property professional that many already are.
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