In a startling revelation, Home Sale Pack, a leading up-front information platform, has highlighted the prolonged duration of the UK’s conveyancing process, which averages an astonishing 154 days. This extensive wait time means that the average home mover could theoretically make more than 25 round trips to the moon while waiting for their property transaction to conclude.
The protracted conveyancing timeline threatens to plunge approximately 370,000 movers into a state of “conveyancing limbo” this summer, unable to travel or fully relax due to the constant need for input and availability in the legal proceedings of their home sale.
The Lengthy Path of Conveyancing
Conveyancing, the critical legal procedure in property transactions, involves meticulous work to ensure the smooth transfer of home ownership from seller to buyer. However, current market analysis by Home Sale Pack reveals that this process, now averaging 22 weeks, is fraught with delays, requiring persistent engagement from both parties.
Ruth Beeton, Co-Founder of Home Sale Pack, voices her frustration: “It’s absolutely inexcusable that in this day and age the conveyancing process takes 22 weeks. There is no good reason for this. If the process was dealt with the efficiency that modern technology now enables, the whole process can take as little as 24 hours.”
Conveyancing Limbo for Hundreds of Thousands
Home Sale Pack’s estimate suggests that nearly 371,000 movers, based on the current figure of properties sold subject to contract (SSTC), are facing an entire summer mired in the conveyancing process. This figure is anticipated to grow as market activity picks up momentum post-spring.
What Could Movers Be Doing Instead?
The drawn-out 154-day wait offers ample time for movers to indulge in other activities. In this period, one could fly from London to Sydney 168 times, embark on 1.5 around-the-world cruises, drive around the globe almost 7.5 times, or walk the length of Britain twice. Alternatively, it’s enough time to take 11 fortnight-long holidays or complete nearly 26 round trips to the moon.
Beeton advises movers to seek agents using upfront information packs to expedite the sale process: “Instead of wasting your summer in conveyancing limbo, too scared to even go on holiday in fear of causing a delay, make sure you work with an agent who utilises upfront information packs to speed up your sale. That way, you can get the contracts signed and the sale completed quickly, leaving you free to enjoy the summer with absolute freedom and peace of mind.”