More than 370,000 movers are set to be stuck in a state of conveyancing limbo during the summer of 2024, market insight from Home Sale Pack has revealed.
Home Sale Pack analysed how long the conveyancing process currently takes in the UK, and how many movers were about to enter the conveyancing journey.
The research revealed that the conveyancing process was taking an average of 154 days, or 22 weeks.
The process is led by a conveyancing solicitor, but requires regular input from buyers and sellers who must be available to provide information, sign documents, and help push the sale along.
Home Sale Pack found that there were an estimated 370,725 properties on the market that were Sold Subject To Contract (SSTC).
While some of these may complete sooner, rather than later, the firm noted that this figure was likely to climb as market activity builds momentum following a spring surge.
Ruth Beeton, co-founder of Home Sale Pack, said: “It’s absolutely inexcusable that in this day and age the conveyancing process takes 22 weeks.
“There is no good reason for this. If the process was dealt with the efficiency that modern technology now enables, the whole process can take as little as 24 hours.
“In other words, a seller can accept an offer on Monday and complete the sale before going to bed on Tuesday. So yes, 22 weeks is inexcusable.”
She added: “Instead of wasting your summer in conveyancing limbo, too scared to even go on holiday in fear of causing a delay in the process, make sure you work with an agent who utilises upfront information packs to speed up your sale.
“That way you can get the contracts signed and the sale completed quickly, leaving you free to enjoy the summer with absolute freedom and peace of mind.”
