Many estate agencies are at risk of going out of business due to the amount of time conveyancers are taking to complete property transactions, one law firm has claimed – and conveyancers have responded en masse.
Dutton Gregory Solicitors say many of their peers are taking too long to raise enquiries and progress cases collaboratively, which can impact completion timescales by several weeks.
They point out that this time last year, Rightmove reported that it took 150 days on average to move house, and the situation remains virtually unchanged, despite Covid restrictions fully lifting in March 2022.
“I don’t understand why any lawyer would want to slow the process down or turn it into a combat sport,” said Paul Sams, Partner and Head of Property at Dutton Gregory:
“Clients want certainty and efficiency, and the completion of their property transaction is essential for Estate Agents to be able to pay staff wages. It’s not uncommon for our conveyancing team to receive over 40 new enquiries 48 hours before the whole chain is expecting to exchange contracts, which can put every linked transaction in jeopardy. It astounds me that some folks just won’t work as a team.”
Dutton Gregory pointed out that it has a transaction time that is “well below the industry average for conveyancing”.
“While the average is currently 61 days, a new build transaction handled by Dutton Gregory from receipt of contract to exchange typically takes 25 days,” claimed the firm, adding:
“[We have] placed a strong focus on investment in people and as a result can offer its customers a much more efficient service. [We] also highly value working closely with introducers and other lawyers to make the process as smooth as possible.”
Paul Sams continues:
“Slow transaction times increase the chances of a property transaction falling through, which is why most housebuilders insist on a 28-day exchange of contracts, whether it’s an off-plan sale, or a finished plot.
This timescale can be at odds with the current norm in the resale market. Buyers and sellers are facing too much uncertainty around timeframes for their conveyancing process and completion. While unexpected issues can arise, enquiries should always be raised when the contract is first received.
If a local estate agents practice folds, it’s a blow for not only the individual business but also for the overall health of the housing market let alone the economy at large. At a time where there is a shortage of housing, completing transactions in the shortest time possible is in everyone’s interests. We want to work with our industry peers to improve service levels and help the whole supply chain to stay in business.”
11 responses
Not a story. It’s a press release designed to garner publicity for the firm mentioned. Shame on all involved ?.
I am sorry but to put the blame on conveyancers/solicitors for issues is entirely wrong. I have multiple matters at the moment where agents are putting properties on the market without probate being granted, offers are being accepted and sales are being agreed without complete chains without chain checks and without source of funding being confirmed. The vast majority of chains currently being delayed certainly from my perspective are because agents cannot do the basics. Frankly, agents have had it easy over the past couple of years and have seemingly lost the art of the sale. To see this kind of article on a Conveyancing website is incredibly disheartening. Are we here to merely keep agents in business? Solicitors/Conveyancers are not perfect and there are delays, however, I will remember this article when I next pay an agent 3 or 4 times the fees we make plus referrals on top.
Perhaps Paul Sams, Partner and Head of Property at Dutton Gregory should check some of his own reviews before preaching.
Is this supposed to be a genuine article, or just Dutton Gregory trying to promote themselves whilst taking a swipe at their competitors?
Im a conveyancing solicitor, and all I’ll say is I had a file which gregory dutton were acting on for the vendor and Ive never had such a hard time getting replies to enquiries. In the end the estate agent had to get them.
Nice try at gaining publicity, but you’re no better than any other practice.
For what it’s worth my average turn around is 4 to 5 weeks so you’re not even that quick any way.
Shall we care? If the agents did their job properly at the beginning when they take properties on it would speed up the process
What did the agents do with all the profit they made over the last 3 or 4 years when; matters boomed, they were selling houses in 24 hours over the asking price, charged what they like and were making thousands on transactions plus plenty of referral fees?
This isn’t difficult to fix. Keep recommendations local – those lawyers tend to work hard for the sake of their clients, and don’t spend all day counting the new openings and stream of (potential) income. If some (generally larger, corporate) estate agents keep referring work to the lowest bidder then this problem will only get worse. Frankly, I expect more from Mr Sams – perhaps try to diagnose the root problem here rather than brandishing an entire industry as slow and unhelpful. The SRA aren’t currently interested in stepping in on referral fees – astonishing really, because the firms that perform best for their clients don’t have to pay for their work! – but until they do it’s on the estate agents that demand fees to change their ways. And for those that don’t I have little sympathy
Well done Paul. You’ve now probably alienated the people you are criticising against your own firm. Dutton Gregory’s files will now find their way to the bottom of the pile whilst the rest of us get on with the job.
Putting an end to no completion no fee for conveyancing solicitors would change the dynamic completely.
I find this quite ironic given I am selling to Dutton Gregory currently and myself and the chain above have been ‘exchange ready’ for approx. 4 weeks and yet I am still getting piecemeal style enquiries from DG. Their own client keeps telling the agent we should have exchanged weeks ago…
This is a bold claim to make if your own house isn’t in order!