Editor's note: This brief was summarised by The Property AI Team from a report by Mortgage Strategy. Read the original article for full details.
Homebuyers Now Expect Same-Day Conveyancing Updates, Survey Finds
Research from Lyons Bowe Solicitors reveals that UK homebuyers are demanding faster and more frequent communication from conveyancers, with many expecting same-day updates throughout the property transaction process. The findings highlight a growing intolerance for poor communication and delays among buyers.
A survey of recent homebuyers found that 68% expect a response to an initial enquiry within 24 hours, and 63% expect confirmation that their file has been opened within the same timeframe. Similarly, 61% want confirmation that their paperwork and identification documents have been received within 24 hours.
When contacting their conveyancer with a question, 75% of buyers expect a reply within 24 hours, with 30% expecting a response on the same working day. Only 6% of respondents consider waiting longer than two working days acceptable.
During the search stage, 52% of buyers expect weekly updates from their conveyancer, regardless of progress. When important information is received from the seller’s solicitor, 86% expect to be updated within 24 hours, including 38% who want to be informed on the same working day.
Communication is seen as even more critical when issues arise. The survey found that 81% of buyers expect to be informed of any problem that could delay their purchase either immediately or on the same working day, with 32% expecting notification straight away.
As transactions approach exchange, expectations for frequent updates increase. More than two thirds (68%) of buyers want updates at least every two to three days, and 30% would like daily updates as exchange nears. On completion day, 56% expect immediate notification once funds have been transferred and completion has taken place, while 22% expect confirmation within an hour.
These findings underline the importance of prompt and regular communication for letting agents and inventory clerks involved in the property transaction process.
Source: Mortgage Strategy