Conveyancing crisis is slowing sales

A Sunday Times investigation reveals that the average time to complete a property sale in the UK is five months, due to a conveyancing crisis and a logjam in the system. Delays in the legal process, understaffed conveyancing companies, and a postcode lottery for local searches are among the factors causing delays. These delays, the report warns, increase the risk of deals collapsing, costing buyers an average of £2,899 in lost legal fees, according to consumer group Which?. The Conveyancing Association's director of delivery, Beth Rudolf, warns that the system "isn't fit for purpose," with transaction times now taking about 22 weeks and 30% of transactions falling through.  

The Sunday Times (16/06/2024)