Every year I forget how busy it is in the run up to Christmas. Because we are busy all year around, the rush somewhat takes me by surprise – but this year has been particularly bad.
I think it is because of a late Budget and clients waiting to see what was going to happen which then caused a rush at the end of November and beginning of December from those who want to complete before the break. Because Christmas Day is on a Thursday, the cut off day for last completions is a little earlier this year.
The other thing I forget is that it is not only about those who want to complete before Christmas, but there is a mad rush to get as many transactions as possible exchanged with completion in the New Year.
To be honest, it is horrible.
I wake in the night worrying about things, stressing that I have forgotten to order mortgage monies or do final searches, fretting that clients may not be able to book a removal company. But I also think it is nice to exchange contracts before the Christmas break and then have something to look forward to in the New Year.
But what also struck me this week was the number of transactions that just seemed to fall apart – and for no reason that I could do anything about.
We all know that if there is something in the title or on a search that is an issue, we can all (hopefully) work together to sort it out and keep the chain together. But this week, I had a number of transactions, some of which were due to complete before the Christmas break, where chains just collapsed because sellers or buyers changed their minds about moving.
This ends up with distraught parties in a chain and even though we are really busy with those who want to try and move before Christmas, we find ourselves counselling and consoling those cases where the client is faced with the prospect of not moving at all whilst being surrounded by boxes.
I think long and hard about what can be done in these circumstances; yes, reservation agreements seem like a good idea, but it can take as long to agree the terms of such an agreement as it can to do the actual conveyancing job. And let’s face it – clients don’t want to pay for such an agreement to be negotiated. Let’s just get on and do the conveyancing. Both buyers and sellers want the comfort of knowing a deal is secure but also that they can walk away if they have to… It is so uncertain and the slowness of a chain just adds to that uncertainty.
With the government consultation underway, have a look at the questions in it and make your thoughts known. It is important that we all have a say in how conveyancing is done because if we don’t say it and make our thoughts known, then we may find ourselves in the position where we have no choice as to how this is done in the future.
This column is written by a real high street conveyancer who wishes to remain anonymous. Read more in Today’s Conveyancer every week.
