The current market of first-time buyers is used to speedy transactions and congruent, digitalised processes. These expectations do not align with the traditional conveyancing process, which can be slow and heavily reliant on paperwork.
With the current unstable market and uncertainty around interest rates, it is now more important than ever for buyers to see a process that is fast and efficient.
Almost one in four property sales fail to reach completion, with the reasons including the inability to secure a mortgage, unstable interest rates, and lenders withdrawing offers for more expensive options.
Problems with the process
There have been many advances in digitalisation, such as options for e-signatures, information sharing, scanning of documentation, and electronic identification methods. Despite these advances, some conveyancers still resort to the slower method of paper-based working.
More than one-quarter of home buyers are frustrated with archaic methods of providing paper-based supporting documentation, while ten per cent are unhappy with how identity is proven.
Specialist legal matters
Legal advice is not exclusive to purchasing a property, so other specialist legal services are sometimes required as a matter of urgency.
A mortgage lender may make it a requirement that someone has undertaken legal advice and the party must sign a declaration confirming they have done so. This could include an occupier consent form, also known as a deed of consent.
There is a range of specialist conveyancers that can use the latest advances in technology. They may offer Skype or Zoom meetings, e-signature technology, and digital information sharing. For more information on specialist services or occupier consent form completion, contact a company such as https://www.samconveyancing.co.uk/news/conveyancing/occupier-consent-form-what-does-your-mortgage-lender-need-6019.
When instructing a conveyancer, be sure to check their methods of working to ensure a fast and efficient service.
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