Why Does it Still Take 127 Days to
Buy a Docklands House?
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As an experienced Docklands estate agent, I have seen many Docklands
homeowners frustrated by how long it takes to buy and sell their property and
complete the sale.
In this article, I will explain why buying and selling a home
in Docklands takes so long and how you can speed up the home-buying process.
One of the main reasons why it takes so long to sell a house
is the conveyancing process.
Conveyancing refers to the legal process of transferring
property ownership from the seller to the buyer, which is the time between the
offer being accepted and the completion of the sale.
In the last 12 months, it has taken 125 days on
average from the time an offer is accepted to the completion of the sale
(up from 117 days in 2021).
125 days or just under 18 weeks is a long time on anyone's
calendar!
This can be frustrating for everyone as their life is on
hold for over four months, waiting for the conveyancing (and mortgage) to get
sorted.
The problem with the conveyancing process is that it
needs
to be fit for purpose in the 21st Century.
Many blamed local authorities for taking too long to
complete their searches (a vital part of the conveyancing process), often
taking up to seven or eight weeks to complete in 2021.
However, the national average in the last nine months has
now dropped to two weeks (although there are some local anomalies) ... and it
still takes just as long to sort the conveyancing out.
So let me look at the local Docklands stats first, then
discuss what can be done.
In the last 12 months in Docklands, it has taken 127
days on average from when an offer is accepted to the completion of the sale
(up from 123 days in 2021).
Interestingly, it took an average of 103 days from putting
the Docklands home on the market to agreeing on the offer – although anecdotal
evidence is suggesting that figure is getting higher for the most recent sales
in the last quarter.
(Docklands is E14).
So, what are the issues?
Firstly, the number of annual property sales nationally has increased
by 50% in the past decade, up from 803,800 in 2012 to over 1,263,440 in 2022. That
means more work for conveyancing firms.
However, the number of conveyancing firms decreased by 10%
in that period, meaning the number of conveyancing cases a solicitor was
dealing with increased from an average of the early 40’s at the end of 2012 to the
late 70’s by 2022.
To speed up the conveyancing process,
here are five things that should help.
To start, a good Docklands estate agent should value your
property accurately, price it correctly, and market it effectively to attract
the right Docklands buyers. They should also be able to manage the conveyancing
process effectively, ensuring that everything runs smoothly and quickly.
The second is the greater adoption of technology to increase
efficiency in the conveyancing process. This could include standardised online
sellers' information packs, digital logbooks, automated Land Registry and local
authority searches, and electronic platforms to share information between
estate agents, conveyancing lawyers, mortgage brokers, surveyors, buyers and
sellers. These innovations could speed up the buying and selling process,
reduce the workload on conveyancers and allow for a smoother and faster
completion of sales.
Thirdly, by choosing the right Docklands conveyancer/solicitor.
Docklands homeowners can reduce the timescales for
getting to exchange and completion.
Fourth, the government has started intervening (for good,
for once). One
massive issue is ensuring the relevant ‘material information’
prospective Docklands home buyers need to know about a property is available up
front when the property is marketed. This information will undoubtedly speed up
the sales process and reduce sales falling through. Trading Standards
are implementing a 3-stage strategy for the disclosure of 'material
information' on the property when it comes onto the market. Part A was
implemented in 2022, and Parts B & C will follow soon.
Finally, as a Docklands homeowner, you can also do several
things to speed up the transaction.
When buying a Docklands property, there are several
steps
you can take to speed up the conveyancing process.
To start with, instruct your conveyancer/solicitor before
making an offer on the property (if you need any advice on choosing a
conveyancer/solicitor in Docklands, drop me a line), so they can conduct
anti-money laundering checks and be ready to start work. It's also essential to
arrange your mortgage as soon as possible (again, we can help with that if need
be), so you can complete your full mortgage application without delay and avoid
potential hold-ups.
Other steps to speed up the conveyancing process include
instructing your conveyancer/solicitor to order your Local Search as soon as
possible, paying for your survey promptly, and getting your home paperwork (such
as planning etc.) in order. It's also a good idea to use the estate agent and
ask for regular updates from your conveyancer and estate agent so you're fully
informed about your sale's progress. Lastly, don't delay answering queries and
nudging people along, as this can help speed up the conveyancing process.
Overall, taking these steps and being proactive can
ensure a smoother and faster conveyancing process when buying a property.
To conclude, the Docklands (and UK) housing market has seen
a surge in transactions, placing more significant pressure on the system,
resulting in longer timescales to sell a property.
However, by adopting new technologies and choosing the right
Docklands estate agent and conveyancer/solicitor, Docklands homeowners can
reduce the time it takes to sell their property and get to completion.
Please let me know your thoughts on this crucial property matter.
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