A survey of 1000 home buyers ahead of the SDLT deadline has identified two thirds consider their property purchase has taken longer than expected; with nearly four in ten saying the conveyancing process was the key reason for delays.
Conducted amongst movers who had an offer accepted but had not yet completed, the survey identified 62% of respondents said their transaction had taken longer than expected, with 71% saying they were likely to miss the stamp duty deadline at the end of March.
The survey was conducted by London-based independent letting and sales agents Benham and Reeves. Director of Benham and Reeves, Marc von Grundherr, commented:
“Many homebuyers don’t fully understand how long the property purchasing process can take and so it’s little surprise to hear that many have faced frustrating delays. Even the most proactive of buyers can fall foul to a protracted purchasing timeline and, unfortunately, it’s the conveyancing process that is often to blame.
For today’s homebuyers, the cost of such delays is particularly profound because it could be the difference between beating and missing the SDLT deadline which can itself dictate whether or not buyers have to pay thousands of pounds in land tax.There’s a good chance that those who do miss the deadline may have to rethink their position within the market, as the likelihood is that a large number simply won’t be able to cover the increased cost of stamp duty and will therefore be unable to proceed.”
38% of respondents said the conveyancing process was the key reason for their delay. Delays with surveys taking longer than expected was the next highest reason, at 28% of respondents, with a quarter saying it took time to find the property they wanted. 3% of respondents said securing a mortgage offer was the key reason for delay.
Recent research from Landmark Information Group has identified purchase transaction times are up 60% since 2007. The average time from conveyancers being instructed to completion for purchase transactions was 120 days in 2024, up from 75 days in 2007. Sale transactions are up 88% against 2007 timescales, 160 days in 2024 up from 75 days.
One Response
I thought AI might offer a response.
Yes, it could be argued that conveyancers (like many professionals) often operate in line with Parkinson’s Law, which states that “work expands to fill the time available for its completion.”
How Parkinson’s Law Might Apply to Conveyancing:
1. Deadline-Driven Progress – Many conveyancers work towards a completion date, and tasks tend to take as long as the time available. If a transaction has a 12-week timeline, it often takes the full 12 weeks, even if the actual legal work could be completed faster.
2. Slow Initial Progress, Rapid Final Push – There’s often a lull at the beginning of the process, followed by a last-minute rush as the completion date nears.
3. Excessive Correspondence & Formalities – The back-and-forth between solicitors, lenders, and clients can sometimes be drawn out unnecessarily, not always because of complexity but due to habit and systemic inefficiencies.
4. Perceived Busyness – Some firms may appear constantly busy but take on more work than they can handle efficiently, leading to longer-than-necessary processing times.
However, not all conveyancers fall into this pattern. More proactive firms that focus on efficiency, automation, and customer service can break the cycle and complete transactions much faster.