There’s no denying that conveyancing is so important in the property transaction process that it can either make or break an investor.
It involves making sure that all the details surrounding the transfer of ownership is accurately detailed in the contract – from the property’s price, its fixtures and fittings, to the restrictions in planning and development of the estate. These processes can be tremendously complicated and time consuming without an efficient conveyancer to oversee the drafting of the document and address all questions that a buyer or seller may have.
Whilst buyers and sellers need to make sure that they get the right conveyancer to work on this process, it is equally important that the latter meet or even exceed their clients’ expectations. Apparently, it was reported by the Legal Ombudsman roughly two years ago that conveyancing was second most common form of legal service that people had complaints about. 15% of the legal complaints they received at that time was conveyancing related.
At present, the government and numerous real estate organisations and companies have been working together to brighten up the housing market. Schemes have been developed to help buyers afford new build homes, as the government backs them up with an equity loan. This has given people an opportunity to buy a property with a deposit as low as 5% of the selling price. And even though it was criticised by the real estate industry, it had served its purpose by seeing the number of first time buyers grow at a given period.
Whilst the process of property buying has transformed quite radically and inexperienced buyers and sellers have increased, finding a good conveyancer to represent them in the legal aspect of the transaction seems to become quite a crucial challenge. With many conveyancing solicitors and firms offering their services, their reputation has yet to be proven. What conveyancers need to build and maintain that is to consistently meet their clients’ expectations.
What do property investors look for and expect in conveyancing solicitors?
Everyone involved in the property transaction, from developers and agents to buyers and sellers expect a reasonably quick turnaround of the processes, including the legal aspect. When the Internet became a popular venue even for property transactions, it became possible. Transactions can now begin as quickly as possible.
It also gave people an opportunity to make the housing market more accessible to potential buyers, and an increasing number of inexperienced investors became interested in real estate. All the while conveyancers have also become easier to reach and talk to. They have been given a brilliant platform to address investor enquiries regarding the legal aspects of the transaction, and a few other questions about finding, buying, or selling properties. Needless to say, conveyancing has become a less stressful task to find and complete – only if done diligently.
However, as the property market becomes more technologically advanced, regulations and guidelines also need to undergo several changes to keep up. Agencies governing the real estate industry needed to have investors become familiar with updated with restrictions, as well as conveyancing compliance guidelines.
The greatest part about this advancement is that at this time, clients can now expect a more convenient way to communicate with their conveyancing solicitors. Conveyancing solicitors can now respond to their clients, whether they’re in or out of the office.
On the other hand, even though technology has provided a way for conveyancers to meet their clients’ expectations in terms of being able to effectively communicate, some buyers and sellers still prefer a more personal mode of contact. They still seek face-to-face meetings and a personal approach to receiving advice from their conveyancing solicitors. Conveyancers are now expected not just to send emails, voice mails, and text messages to their clients, but to also form a trusted working relationship with their clients by openly talking about where they are at in the process.
The combination of technological advancement and a personal approach to make conveyancing a seamless and stress-free process is expected, especially when we all know that it can be quite daunting and time consuming. Conveyancing solicitors are expected to become more available, faster, and knowledgeable to help clients east the stress. This can be an effective way to build, improve, and maintain their reputation, hence making way for repeat and increased business in the future.
In conclusion, whilst clients should expect diligence and reliability from their conveyancers, they are now to look forward to faster and more convenient ways to communicate and get updates regarding how they are represented in the property transaction they are involved in.