With the Levelling Up, Housing and Communities (LUHC) Committee launching an investigation into the property transaction process in England, Managing Director at Property Academy, Danielle Nash is calling for agents to consider ways they can help improve the system.
Danielle believes the main way to ensure movers have a stress-free experience when buying or selling a property is to alleviate the main frustrations they have; lack of transparency and slow conveyancing speeds.
While the Committee investigate the whole process in a bid to make buying and selling homes more efficient and consumer-friendly, Danielle says agents must be proactive and tackle their clients’ frustrations head-on. She said:
“Many agents still don’t understand the nitty-gritty of conveyancing, leading to frustration as they struggle to properly relay all the necessary information to clients.
As we know, material information is becoming more and more prevalent in the industry. With the National Trading Standards Estate and Letting Agents Team now recommending agents include all material information in property listings, it’s important they know all the ins and outs of what’s required.
If agents undergo conveyancing training as part of their professional development, they will be able to fully understand the process and its nuances, helping them improve communication with both legal professionals and buyers and sellers, reducing any misunderstandings or confusion and ensuring smoother sales.”
Delays and blocks in the conveyancing chain are often what lead to sale fall-throughs, making it even more important for agents to negate this issue. As part of its commitment to ongoing training and development for industry professionals, Property Academy has recently partnered with Property Conveyancing Consultancy to launch an innovative Conveyancing Course, providing agents with the necessary skills to make transactions more efficient.
During training, participants will learn more about material information requirements and discover how to give thorough, transparent updates to their clients throughout the transaction, helping to manage the progression of their sale.
By understanding the conveyancing process thoroughly, Danielle believes agents can significantly increase their transaction speed and customer satisfaction, alongside managing expectations more effectively and reducing fall-through rates.
One Response
Ways to support the Conveyancing Process:
a) Standardise the CML Handbook. Every lender has the same instructions
b) Stop working from home
c) Stop any sale pro forma’s being issued until all parties have instructed Conveyancers, dealt with due diligence, chains are complete, the chain check is provided, agents have AIP’s/source of funds and Conveyancers have money on account
d) Take a reservation fee from buyers at the outset and standardise a reservation agreement
e) Have the Law Society and the CLC support Conveyancing re: Indemnity insurance costs, lenders requirements and instructions, proper guidance on Leasehold etc…
f) Properly regulate Managing Agents and Management Companies
Everyone is at fault for delays; Agents, Solicitors/Conveyancers, Managing Agents, Management Companies, Buyers, Sellers, Lenders, SRA/CLC. No one party is wholly to blame, we all contribute towards the mess this industry is in.
A lot of people need to understand that the threats made on Solicitors/Conveyancers to sue from lenders/clients makes us completely risk adverse and will mean things take longer. The fees paid for Conveyancing matters are no where near enough for the risk we take. What is the answer? Increase fees? No. Reduce the risk? Yes. Don’t make us accountable for so much.