Solicitors and estate agents are in the firing line from consumers as research reveals a lack of proactivity on the part of professionals is causing half of home movers delays in their transaction.
A survey conducted amongst 1000 home movers who have had an offer accepted on a home within the last three months and are currently progressing towards completion has provided insight into concerns many will not complete before the SDLT deadline for first time buyer relief in at the end of March 2025, prompting many to reconsider their financing and move.
51% of respondents said they had experienced delays since their offer was accepted. Of those, one third said a lack of proactivity by their solicitor had, in their view, been a factor in the delay. The selling agent also came in for criticism with 10% of respondents pointing the finger of blame at a lack of proactivity by the seller’s agent.
Material information and digital property pack provider Moverly conducted the research which also showed delays in collating information from the seller, including material information (16%), and chains (13%) were significant contributing factors to delays.
What has been the reason(s) for your property transaction delays (tick all that apply) | % |
Lack of pro-activity by solicitors | 29 |
Seller hadn’t provided material information/took time to provide the required information | 16 |
The chain I am in | 13 |
Delays due to local authority search times | 9 |
Lack of pro-activity by sellers estate agent | 9 |
Issues found during the survey process | 8 |
Issues with the property title | 6 |
I’m purchasing a leasehold | 5 |
Issues with mortgage application | 5 |
As a result 82% of homebuyers suggested they were ‘concerned’ they will fail to complete before 1st April this year and, in doing so, will be hit with an increased stamp duty cost. Three in four said they planned; 12% said they would need to reduce their offer; 9% would need to reassess their mortgage and financing options; and 5% would pull out in the event they missed the SDLT deadline.
Commenting on the research Moverly CEO Gemma Young said
“Nothing grinds the market to a halt quite like a stamp duty deadline, as heightened buyer activity puts a serious strain on the process of purchasing, particularly with respect to the conveyancing process. So it’s no surprise that half of those who have had an offer accepted since the Autumn Budget are now experiencing delays with the progression of their purchase and this number is only likely to climb over the coming months.”
“Whilst a lack of pro-activity from solicitors is cited as the key reason for these delays, the reality is that they are simply struggling with the increased level of demand for their services. Interestingly, a lack of material information on the side of sellers is also a key factor and, if addressed, would go a long way in reducing the strain on solicitors during the conveyancing process. For homebuyers hoping to find a property in the next three months, a seller with comprehensive material information is key, as this will put them in a considerably stronger position when it comes to progressing a purchase through to completion.”
One Response
An interesting question would have been “how did you choose your Solicitor/ Licensed Conveyancer?” (presumably some of the buyers are using a Licensed Conveyancer rather than a Solicitor??)
Inefficient businesses should not be force fed work for a fee.