Source: Landmark Information Group
There’s no doubt about it. Residential property transactions are taking longer. As our latest market research reveals, the average time it takes from instruction to completion is 19 weeks. That’s a 64% increase compared with 2007. It’s perhaps no surprise then that 72% of the conveyancers we spoke to said protracted timescales were impacting chain certainty.
At the same time, the wider economic climate is still being felt keenly across the sector. We wanted to understand the impact of this. As a first step, we arranged for three property professionals – a conveyancer, an estate agent, and a lender – to meet for an open and honest chat about the challenges they face.
Would there be any finger pointing? Or would they be able to find common ground?
In this blog, we look at some of the key themes explored within our lively and informative video from a conveyancer’s point of view.
“I wish people understood how difficult and technical conveyancing can be. It’s complex. Your lawyer is there to protect your investment.”
– Partner and Head of Residential Conveyancing
– Wilson Browne Solicitors
Communication woes
Communication is a major frustration for many in the conveyancing industry. Recent research by Landmark underscores this, revealing that poor communication among stakeholders was the second most popular response from conveyancers when asked about their top frustrations in the transaction process, with volume of work/ resources as the leading concern.
But the problem goes beyond just talking and sharing more. Conveyancing is a complex, high- stakes process requiring sharp legal acumen. As highlighted in our video, conveyancers must protect the interests of both the buyer and the lender, while their responsibilities continue to expand. Rob Gurney, MD at Ochresoft, notes: “A conveyancer’s remit has expanded beyond belief in recent years. For example, we had never heard of Japanese knotweed 15 years ago, now it’s a standard part of the conveyancing process. Yet, fees haven’t increased and the pressure continues to build in the form of new obligations.”
The chase for clarity
A recurring theme in the video is the relentless chasing for updates. Conveyancers are inundated with calls and emails daily, as Rob Gurney explains, “While seeking clarity on a transaction is understandable, constant chasing often becomes a self-fulfilling prophecy, pulling conveyancers away from progressing cases to provide updates.”
Our market research confirms this: conveyancers spend an average of 39% of their working day either chasing or being chased for updates.
The human toll
This mounting pressure is taking its toll on conveyancers. The Conveyancing Foundation Wellbeing at Work Survey 2024 found that workplace stress is significant for 68% of conveyancers, with 14% reporting constant stress. This persistent stress makes it hard to attract new talent and retain experienced professionals, many of whom left the profession post-pandemic.
Landmark’s research found that 45% of conveyancers believe better technology to reduce workloads is key to attracting and retaining talent.
Is technology the answer?
Conveyancers broadly agree that it’s inefficient to obtain information from multiple sources, as explained in the video. So, could technology facilitate better information sharing? The group talked in length about technology, with everyone seeing potential for more modern processes to break down barriers.
In a recent conversation with The Legal Software Suppliers Association (LSSA), Chelsea Goldsby, Operations Director of Osprey Approach also cited AI as an opportunity for the sector: “AI isn’t just about tools like ChatGPT: it can be embedded into existing tools to enable them to work smarter. For SME law firms, it’s about a shift in mindset to be open to change and innovation. A cultural shift is needed to enable firms to take advantage of the AI opportunities as they come, encouraging experimentation, testing theories, and trial and error.”
With time being a conveyancer’s most precious commodity, technology can help to alleviate the administrative burden and allow lawyers to focus their expertise on value-add tasks. In fact, Landmark research shows that conveyancers believe the biggest productivity boosts would come from assigning workloads more effectively and digitising more processes.
All participants in our video agree: speeding up transaction times and bringing greater certainty benefits everyone. But the picture is complex – particularly for conveyancers.
Can the three of them reach any kind of consensus on the way forward for the industry as a whole?
Watch the Common Ground video to find out.
Watch now
