Most people underestimate how long it can take to purchase a property. Unless they have sold or purchase recently my clients are often shocked when I tell them after an offer is accepted, it will take at least 3 months to complete the process. Conveyancing is a complex process, it is often exacerbated and prolonged by the lack of communication and efficiency by parties involved. A study conducted by ‘When you Move’, provided some shocking statistics highlighting the issues faced by those during the conveyancing process:
75% of buyers said the process was longer than anticipated, these people said it took 7 weeks longer. While 10% of people said it took 10 weeks longer than expected.
21% of buyers are left without a home due to delays in the purchase process.
27% of buyers (4.31 million people) are forced to live with friends or family while awaiting completion.
58% of buyers found the process stressful and confusing, this is mainly due to the lack communication leaving them feeling they were in the dark.
These figures demonstrate just how much inconvenience is caused by the lack of efficiency and communication between the buyer and the professionals involved. Hiring an estate agent, solicitor and mortgage advisor who is able to chase effectively throughout the process, stay in touch regularly and communicate honestly is paramount and often underestimated by those involved.