The conveyancing process has been highlighted as a key pain point among buyers in the property transaction process.
Research by anti-money laundering (AML) platform Thirdfort found 45% of homebuyers say slow property lawyer response time is a key pain point in the house buying process.
The research highlights how compliance and administrative procedures, including paper documentation and ID verification, contribute to a negative experience for people using conveyancers and property lawyers.
The survey of 2,054 UK adults by YouGov also reveals other key pain points for homebuyers, with 32% citing costs and 24% highlight providing paper documents such as bank statements, utilities and payslips.
A fifth of respondents queried why they were providing documents they have already supplied to an estate agent or mortgage broker and 13% were frustrated by the ID verification process.
Olly Thornton-Berry, co-founder and managing director of Thirdfort, said: “Housing market uncertainty and rising interest rates mean it is more important than ever for home buyers to get their property transactions over the line quickly.
“Despite this, transaction times are increasing, creating stress and uncertainty for buyers and sellers. Conveyancers are a critical part of this puzzle. Our research shows that law firm clients value a quicker and more efficient service without the administrative headaches associated with compliance and client onboarding.
“Tech developments, such as Open Banking, and biometric verification, can help make compliance simple, fast and secure. Despite this, many conveyancers still rely on gathering paper documents. We need more forward-looking property professionals to embrace the latest technology to transform the client experience.”
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Sorry, but this is tosh.
Thirdfort is trying hard to be controversial to boost its turnover.
Delays ironically are caused by government red tape, not lawyers. AML and source of funds checks can take weeks. No tec exists to speed up this aspect.
Sorry, but this is tosh.
Thirdfort is trying hard to be controversial to boost its turnover.
Delays ironically are caused by government red tape, not lawyers. AML and source of funds checks can take weeks. No tec exists to speed up this aspect.
ID for onboarding never holds up a transaction. Source of funds/wealth is a highly individual and subjective process and lawyers are not able to delegate the responsibility because they still retain 100% liability for it. It’s almost always the enquiry process that causes delay and frustration sometimes but not always due to inexperience and lack of technical knowledge on the part of those handling it. Properly collated documents up front would help slightly but to be honest not significantly. Knowledge, experience and common sense would go a long way.
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