Financial & Legal News

INSIGHT: What is More Important In Conveyancing: Speed or Service?

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A recent survey identifying ‘waiting’ as the most stressful element of buying a home may not offer us any surprises but it does raise a number of questions.

The survey was conducted by Veyo, the joint venture conveyancing portal being launched by the Law Society at the end of March. It found that the average conveyancing process takes almost 12 weeks and that a quarter of homebuyers would be willing to pay more in solicitor’s fees to speed things up.

While, in theory, the principle of paying more for a faster service sounds like a perfect solution, in practice it is much more complicated than that.

Paying a ‘fast track’ supplement may give the buyer some reassurance that their own conveyancer will speed things up but what about the seller? If the seller’s solicitor has not been incentivised to speed things along, will it really be possible to reduce delays?

The most important factor in achieving a swifter transaction is a good relationship between solicitors on both sides and the best route to achieving that is for both buyer and seller to work with a proven partner-led firm like Pearson. Only then can the buyer benefit from their conveyancer’s experience in dealing with some of the more problematic aspects of property purchase, such as complex titles.

Ultimately, however, a property purchase is not like buying a sandwich, a TV or even a car; for most buyers it is the most significant transaction they will ever be involved with so it’s important that the legal team involved gets the detail right.

As a result, the emphasis should not be on getting the job done as quickly as possible, it should be on setting deliverable goals for each element of the transaction, maintaining effective communication with all involved and demonstrating the value of the professional service and specialist expertise provided.

Victoria Marshall is a solicitor in the conveyancing department. For more information about conveyancing issues, please phone 0161 785 3500 or email victoria.marshall@pearsonlegal.co.uk

Please note that the information and opinions contained in this article are not intended to be comprehensive, nor to provide legal advice. No responsibility for its accuracy or correctness is assumed by Pearson Solicitors and Financial Advisers Ltd or any of its members or employees. Professional legal advice should be obtained before taking, or refraining from taking, any action as a result of this article.

This blog was posted some time ago and its contents may now be out of date. For the latest legal position relating to these issues, get in touch with the author - or make an enquiry now.

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