We’re all acutely aware that the process of purchasing a home can be either relatively ‘painless’ or extremely painful. For every seemingly straightforward case which moves to exchange and completion quickly, there is bound to be one which is mired in multiple hold-ups and seems like it is never going to get to its final destination.
To say this is frustrating for both broker and client would be an understatement and very often the blame is placed firmly at the door of the conveyancing firm however it is important to realise that there are many, many reasons why a case can get stuck and delayed in the system. And, while we might not want to accept this, those reasons can have nothing to do with the conveyancing firm – in fact they may actually be delayed because of oversights by other parties and the conveyancer is the one left to piece all the varying bits of the puzzle together.
I recently saw a piece of research which looked at the top 10 causes of delay in the conveyancing process. It makes for interesting reading – the top 10 causes were as follows:
- Obtaining leasehold packs.
- Incorrect information on mortgage application forms.
- Not declaring gifted deposits.
- Longer mortgage affordability assessments due to new regulations.
- Waiting for the mortgage valuation to be completed.
- Mortgage offer expiring before exchange of contracts.
- Receiving responses and legal documents from others in the chain.
- Transferring funds to the conveyancer.
- Others in the chain not being ready to exchange or having different timescales.
- Not signing required legal documents on time.
Now, quite justifiably, a mortgage adviser might look at those reasons for delay and suggest that not one of them will be down to them. ‘Incorrect information on mortgage application forms’ – well if the client has provided that information and the adviser has taken it in good faith, what is the adviser to do? ‘Longer mortgage affordability assessments due to new regulations’ – this is a consequence of the MMR and generally out of an adviser’s hands, isn’t it? ‘Mortgage offer expiring before exchange of contracts’ – again, surely not much the adviser can do if the process suffers long delays. And so on.
However, to my mind, if an adviser is not involved in the conveyancing process at all and is leaving the client to their own devices in terms of their choice of conveyancer, then the chances of these delays occurring grows and grows. The reason is a lack of control and information – most advisers we deal with recognise the great importance of being in full receipt of all the facts when it comes to their client’s case. Clients want to know what stage the process is at – and who do they generally go to in order to secure that information? The adviser of course. If the adviser has recommended the conveyancing firm, has a strong relationship with them, and is ahead of the curve when it comes to potential problems, then the chances are that the delays above may either not happen or might not be so severe.
The good will this can engender from a client is immeasurable. Clients do not forget, or choose not to use again, an adviser that has held their hand through the entire process, has counselled and informed them, and effectively pushed the deal through at the right pace in order to get them to the place where they want to be. Instead, they seek them out time after time; they tell their friends, family and colleagues about them and effectively act as their marketing champion for many years to come. The benefits from recommendations and referrals can change the very nature of that advisory business – it can be that important.
So my continued advice to those not yet offering conveyancing recommendations is to think about the client’s (and your) experience if you are not involved in this process. Think of the delayed cases of your recent business past and think whether you could have made a difference by being more fully immersed in the process. I suspect you might come to the conclusion that the benefits of being involved far outweigh any potential negatives. Whatever they might be.
Harpal Singh is managing director of BrokerConveyancing.co.uk