Local law firm support plans to speed up house buying process

The Conveyancing Association (CA) recently reported figures from their members’ survey showing the significant delay that can hold up leasehold property purchases and the impact this has.  Consequently, the group has approached MP’s in Westminster with the proposition to tighten up the process between management companies and solicitors, a move that is welcomed by Sarah Brooks, Residential Conveyancing Partner.

According to the group, approximately 20% of properties sold in the UK every year are leasehold properties.  The process for leasehold properties differs to others, as the conveyancing solicitors need to contact the management company in order to obtain the relevant information needed to process the sale.  The recent CA survey showed that the average time it takes to receive this information is three weeks, but it has been known to take up to eight weeks.  This delay has cost some buyers up to £800, however the average cost is £350, which is still a high amount of unnecessary expenditure.

Sarah explains, “Not only does it add to the cost of the sale, but the amount of time that is added to the process, which can easily be avoided, can be extremely stressful.  Eddie Goldsmith, Chairman of the Conveyancing Association rightly pointed out at Parliament that the delays not only impact the individual sale, but it can have a knock on effect for others if there is a chain involved.”

The plans that were proposed to MP’s include changes to the law which will mean management companies are given a fixed time period to deliver the information, and also to do so at a set cost.

Sarah concludes, “We’re delighted to see some steps in the right direction, which have been a long time coming.  The delays experienced are incredibly frustrating for all concerned, so anything to make the process smoother and more cost effective for the customer will always be welcome.”

If you are looking to buy or sell a leasehold property you can contact Sarah or the rest of the Residential Conveyancing Team on 01329 222097 or visit their website www.warnergoodman.co.uk.

ENDS

This is for information purposes only and is no substitute for, and should not be interpreted as, legal advice.  All content was correct at the time of publishing and we cannot be held responsible for any changes that may invalidate this article.