Moving home, a very British process

I’m not particularly proud that I invented a new swear word last time I moved home. 

My solicitor reminded me that he would no longer act for me if I said it again, so I know he wasn’t impressed! I, of course, apologised profusely as my remarks weren't directed at him personally but at my abject frustration with my situation.

That was 2004, over 20 years ago, what has changed?

To say moving home is stressful is an understatement and randomly loosing my third buyer (way back then) just made me snap! I always try to be 'British' with a stiff upper lip but there is something uniquely desperate about being at the mercy of your chain and the vagaries of individuals that don't follow through on their promises.

An overhaul of the moving process is well overdue in my view, not dumbing down but streamlining what has become a very clunky process. Conveyancing has been very much left behind by technology and many transactions now take over 20 weeks to complete. Conveyancers are asked to do more and more to safeguard their clients in what has become an increasingly complex and treacherous process, clients expect better, but are unlikely to want to pay for it.

Approximately 1million properties are sold each year in England & Wales but it is important to understand how many fall through. Estimates vary, but it hovers between 20 & 30% and represents around 300,000 transactions.

These losses cost homebuyers over £750 million & Estate Agents £1.3 billion in lost fees, every year! Clearly the prize to improve the process is enormous and dozens of companies are beavering away in their sheds to solve the problems.

It would be remiss of me not to mention Home Information Packs (HIP's) that are a cautionary tale for all Tech Companies that might be spending fortunes to work with Government that can be rather flaky when push comes to shove. HIP's were forced upon the market, were a well intentioned sledgehammer to crack a nut, that wasn't well received by anyone, apart from those compiling them! In short they were too expensive, too slow and often contained rather questionable data. Annoyingly, I believe we were on the right lines with a few changes but it was not to be.

So what is the solution?

1. Upfront Data

We are now seeing more information being made available in transactions BUT not nearly enough! Fully transparent information should be made available for all property that comes to the market enabling everyone to make decisions based on facts. What's the point in proceeding for months on a property that is fundamentally wrong for you? (RIP HIP's!)

Shouldn't a seller be responsible for the provision of Searches and make the data available to interested parties?

2. Communication

Many home movers describe a 'black hole' in conveyancing which occurs after a sale is made, the conveyancer is instructed, and then nothing happens for weeks on end. Rarely is there any warning of this which comes as a surprise to first time buyers.

Secure messaging between all parties to prevent constant chase, report, chase again cycle. Conveyancers need to be left to get on with doing their jobs and currently spend far too much time answering the same pointless questions. 

3. Infighting

When will Estate Agents & Conveyancers realise that they are on the same side both retained by the same client! Estate Agents need to bury the hatchet with conveyancers, understand better what they do and why they do it before they criticise their performance or prioritise speed over detail. 

4. Conveyancing Fees

Conveyancers need to put their prices up, value their profession and charge appropriately accepting that 50 cases at a £1500 fee is the same as 100 cases at £750! Clients that are looking for cut price conveyancing need to accept a cut price service, standards need to improve and technology embraced. 

5. Proof of Identity & Source of Funds

ID/AML KYC It is ludicrous that even in the shadow of Safe Harbour standards that clients need to verify their identity multiple times! One report shared between all parties really should be enough.

Property Searches Direct have advocated for improvement in the house buying process whilst championing the Home Mover for the last 6 years. We make access to information and advice easier through our e-commerce platform and are ready willing an able to help you too. Whether you are a buyer, seller, Conveyancer, Agent, Developer or Architect we look forward to hearing from you.