One in four homebuyers is willing to pay more for a faster conveyancing experience, according to a national survey of homebuyers and sellers that identifies dealing with solicitors as a ‘key stress point’.
Poor customer loyalty is also a characteristic of the sector, with nearly 50% of respondents unsure or unlikely to offer repeat business to their adviser.
The poll of 2002 adults was conducted by Veyo, the conveyancing portal venture between the Law Society and Mastek UK due to go live at the end of March.
The portal will bring together the processes, checks and documentation prepared and undertaken by solicitors and licensed conveyancers in the sale and purchase of residential properties, with the aim of improving the efficiency and speed of the process.
The survey’s findings also include:
- The waiting aspect of buying a home is the most stressful part.
- The average conveyancing process is reported to take 11.3 weeks.
- A quarter of respondents are willing to pay more for a faster service.
- Dealing with solicitors is a key stress point when buying or selling a house.
- Just under a third of respondents (29%) felt out of touch during the conveyancing process and just over a third (36%) have very limited knowledge of the process.
- Significant repeat business is lost - a third of respondents are considering selling again in the next three years but 42% of respondents are not sure or unlikely to reuse their conveyancer/solicitor.
- Solicitors dominate the conveyancing market with 78% of consumers using a solicitor, 11% using a licensed conveyancer and the remaining respondents undertaking their own conveyancing or using an online conveyancing service.
When respondents were asked what single change they would like to see, more opted for a faster, quicker process than lower costs, fees and stamp duty. With the conveyancing process reported to take almost 12 weeks, 65% of respondents were either willing or undecided as to whether they would pay more for a faster service.
Elliot Vigar (pictured), chief executive of Veyo, said: ‘An average conveyancing time of three months in our digital era is simply not good enough for homebuyers and they have made it clear what they wish for. With many homebuyers even willing to stump up more money for a fast track service, it is clear that conveyancers or solicitors who are able to demonstrate their speed and efficiency will have a competitive edge to their business offering.’
In a separate development, Veyo has hired QualitySolicitors’ sales and partnerships director Stefanie van den Haak as commercial director.