How Residential Property Contracts Could Still Complete Before Christmas

Christmas is just around the corner, but for many people, it marks a turning point in the conveyancing process. With offices closing early for the festive period, clients in the midst of a house move or property purchase may well be wondering if their plans will be on hold until the new year. 

Despite the challenges of the past year, buyers and sellers alike have shown that they’re adaptable to virtually any obstacle. Similarly, businesses have demonstrated that when there’s good will, there’s certainly a way.

The property market has been riding high all year, with more people seeking rural properties and an increased demand for space – and with an increase in activity leading up to the festive period, there’s hope yet that residential property contracts could still be exchanged this side of Christmas. So, what can be done to speed up the process for conveyancing teams?

Improve communication with clients

Communication is often the pitfall of conveyancing, slowing down the process when each party isn’t doing their bit to update the other, whether it’s conveyancers neglecting to update clients or information not being passed on when necessary. 

The pre-exchange period when contracts are being reviewed is the most time-consuming portion of conveyancing, so the more information that can be provided early on, the better. It’s worth encouraging clients to engage with conveyancers when the property goes on the market, rather than later on when a buyer is confirmed, so that any necessary documents are already in place for quicker conveyancing.  

Another way to enhance communication is to blind copy clients in for all outgoing emails, which will keep them updated and ensure that there’s no radio silence which can be disconcerting for the client. They’ll be kept aware throughout each stage and often have their questions answered without needing to waste their time and yours getting in touch for an update. It also means that any misunderstandings or errors can be spotted and dealt with early on, so there’s no mixed messages which can slow down the process considerably. 

Encourage clients to work with a mortgage broker

Client finances need to be in place early on – without this essential factor sorted, clients could be looking at lengthy delays. Referring clients to a specialist mortgage broker can help ensure that affordability has been factored in from the start, to speed up the process of applying for a mortgage and getting the right rate. Conveyancers should keep in contact with brokers from day one to ensure that communication is maintained. 

“Conveyancing teams should be particularly mindful of recommending mortgage advisors with experience of the clients’ circumstances, such as if they’re in need of a mortgage for the self-employed or if they’re purchasing with bad credit, as this can add significant delays to their buying journey if the broker isn’t familiar with lenders who can help clients in these situations.” Pete Mugleston, Managing Director and Mortgage Advisor at Online Mortgage Advisor.

The key to delivering a swift service is maintaining constant communication with everyone involved, so if a mortgage broker has been used to arrange the client’s finances, they have a vested interest in closing the deal as early as possible too. For this reason, ensure that they’re CC’d into emails whenever necessary and that they’re kept up to date when documents are required from the lender to avoid anyone slowing down the journey. 

Combine surveys

One of the major areas of confusion for clients during the conveyancing process is the difference between a valuation report and a full survey. They often believe them to be the same, but the differences are significant and need to be highlighted to buyers. The money invested in a property should be reason enough to spend the money on a full HomeBuyer Survey. And since many Chartered Surveyors can turn a report around in a matter of days, it’s a worthwhile step that shouldn’t be skipped. 

However, it is possible for lenders to upgrade their valuation report to a full HomeBuyer’s survey which many clients don’t realise they can request. Highlighting this to clients can help to speed up the process by combining the two instead of clients needing to book a separate survey, which can add weeks to the process. It’s also worth mentioning the target move-in date to surveyors to keep everyone in the loop and hopefully encourage a quicker turnaround time. 

Utilise technology for residential property contracts

The property sector hasn’t been quick to adopt technology, historically. But the huge pressure on property professionals has meant that there’s been widespread calls for property tech to be used to enhance the customer journey and create a streamlined system. 

And it seems start-ups are taking note, with over 400 proptech businesses in the UK – accounting for 58% of companies in the industry – focusing on residential properties to support this difficult housing market. 

Technology has the potential to massively speed up areas of the conveyancing process that typically take time, such as sending back signed contracts. In a recent update, HM Land Registry updated Practice Guide 8 to allow electronic signing and witnessing to be used to sign deeds and other Land Registry documents, in a bid to reduce the burden on conveyancers and to speed up processes within the market. eWitnessing is just one example of how tech can be used to deliver promptness in conveyancing for tasks that could otherwise take days to complete. 

Final thoughts

Moving home is always stressful and there are inevitably deadlines that need to be hit for buyers and sellers alike. With Christmas approaching, many people will be looking for ways to speed up their move so they can be settled in before the festive period, ready for a fresh start in January. From utilising technology to avoiding postal delays, these tips can go towards a quicker conveyancing process and enable clients to complete before Christmas.