Having been involved in the business of home buying and selling for just over 40 years, I thought I had experienced all of the frustrations that one could. However, I did not consider how annoyed and frustrated I would feel when my daughter (Anna) and future son-in-law (Chris) tried to purchase a property for the first time.
First off, they obtained a few quotes for conveyancing. None of them looked the same. It was a devil's own job to work out which was the best, and I don't just mean on price. They decided to instruct a local conveyancer, because someone had said to Chris's dad they were ok.
Emails were rare (let alone texts), personal visits to the conveyancer were nigh-on impossible and phone calls were slowly returned. The conveyancer himself took off for a two week holiday, which we are all entitled to, but it would have been nice if he had said he was going away and that locum cover would be in place when quoting for the work.
The mortgage offer was issued (no delays there at all) two weeks before a contract was sent out and a number of reasonable additional enquiries were raised. However, it took nearly a fortnight for them to be replied to. Yet no one (buyer's lawyer, seller's lawyer, estate agent or seller) could explain where and why they were delayed
The conveyancer sent a query to the lender, the lender sent it to the valuer, and a delay ensued because the valuer said he never received it. Had I not suggested that Anna and Chris should ask the broker to investigate this, they would still be waiting.
A contract package was sent to Anna and Chris consisting of;
Contract and Report
Property Information Form
Fixtures and Fittings Form
SDLT Form
Office Copies and Plan
Water and Drainage Search
Local Search
Environmental Search
Additional Enquiries and Replies
Mortgage Deed
Planning Permission
Very few of these documents meant anything to my Anna and Chris. However, having now spent an hour with me, they signed and returned the required documents and now hope that exchange will take place very soon.
For all the safety procedures that exist, and the instructions that were given, Chris quite rightly pointed out that he and Anna could sign the mortgage deed (the one document that needed witnessing) in front of no one and he would take it to work to be witnessed. They didn't, but one has to wonder how often is that done
Another relatively simple first time buyer transaction, with a short chain, took ages to proceed, was wrapped in mystery and confusion, was stressful and was not as watertight as it should have been.
Fifteen years ago, when I was still a conveyancer, nine times out of ten, my simple contract report to my client was;
I have read all of the documents provided to me by your seller's conveyancer and, in my opinion, they reveal nothing which would affect the value, use and enjoyment and saleability of the property.
I calculate that I have helped nearly 10,000 people move home. I have not had one claim for a mistake or negligence levied against me by a client, or lender.
The trouble is I can't blame their conveyancer. He has to prove that his client has seen and approved everything, and he belts and braces that by sending everything to them (even though the contents of most documents appear to be rubbish, as Chris put it). He can no longer use his knowledge and experience to take a view on certain matters. And yet for all this red tape and bureaucracy it doesn't mean that the conveyancer is safeguarded, the lender is safeguarded or the client has any idea what all of the paperwork really means.
I was going to write an article on whether or not a shortage of conveyancers was slowing down the home buying and selling process. That will probably be my next article. However, I decided to write a piece on how slow' and inefficient' the home buying and selling process really is anyway.
What needs to be done
*Rob Hailstone is Founder of the Bold Legal Group
rh@boldgroup.co.uk www.boldgroup.co.uk
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