The fact homebuyers are so concerned with increasing the speed of conveyancing transactions – and are willing to pay more to get it – should perhaps come as little surprise to anyone involved in the market for buying and selling property in the UK. Few would argue against the importance of speed, flexibility and liquidity when it comes to real estate transactions, not least the solicitors and conveyancers who play an essential part in the process.
However, the spirited pursuit of an ever faster, quicker process must not come at the expense of proper due diligence and risk management. The complexity of property law, coupled with the myriad possible risks involved in any transaction – such as title defect or fraud, to name just two – make the commitment to a thoughtful, thorough and rigorous procedure more important than ever. The significance of this will only increase as technology and automation play a wider role in future.
Although homebuyers claim to prefer ‘speed over beauty’, going too far in this direction risks negative repercussions.
Reema Mannah, solicitor and senior underwriter, Titlesolv, London EC3