From Expectation to Reality: Understanding Delays in Today’s Property Market

Whilst property transactions are expected to complete within a matter of weeks, a recent article in Today’s Conveyancer suggests that exchange of contracts can now expect to take up to 19 weeks.

The gap between expectation and reality continues to grow wider, understandably resulting in frustration for clients.

The question is, what is the cause behind such delays and what can be done to reduce this ever-growing gap?

Common causes for delays

Conveyancing is not a process controlled by one single party – it involves a chain of interdependent stages with solicitors, mortgage lenders, estate agents and, where applicable, management companies all playing a vital role. As a result, delays can arise for a number of reasons:

• Third-party reliance – Certain elements of the process such as, searches, mortgage offers, and management information packs, are outside of your solicitor’s control and can take several weeks to obtain.
• Incomplete or delayed information – Missing documentation or unclear responses to enquiries can delay progress and result in additional follow-up queries.
• Property chains – As a transaction is often dependant on others, a delay anywhere within the chain can have a knock-on effect across all linked transactions.
• Regulatory requirements – Compliance obligations, including Anti-Money Laundering and source of funds checks, are increasingly detailed and time-sensitive and must be satisfied before a transaction can proceed.

The reality is that conveyancing is no longer simply an administrative process. Increased regulation, greater due diligence and reliance on third parties mean that timescales are now shaped as much by compliance and co-ordination as they are by the legal work itself.

It is not a question of inefficiency – it simply boils down to the fact that it has become more complex, highly regulated, and dependant on multiple parties than it once was.

What can be done to avoid unnecessary delay?

Whilst some delays are unavoidable and fall outside of your solicitor’s control, here are some practical steps you can take to help keep your transaction moving:

1. Instruct your conveyancer as early as possible

One of the most effective ways to minimise delays is to instruct your solicitor at an early stage – ideally before your property is marketed or as soon as you begin your search. This allows sufficient time for essential preliminary work to be carried out including verification, including Anti-Money Laundering and source of funds checks.

2. Complete your paperwork promptly and accurately

Property information forms can be detailed and are a common source of delay if not completed accurately. Providing comprehensive information from the outset, together with all relevant documentation relating to the property, will assist your solicitor in progressing matters efficiently.

This also reduces the likelihood of further enquiries being raised later in the transaction which can otherwise cause unnecessary delays.

3. Ensure your Source of Funds evidence is readily available

Compliance checks are a fundamental part of the conveyancing process and cannot be bypassed by any means. In recent years, Anti-Money Laundering requirements and regulations have become increasingly stringent meaning solicitors are required to carry out detailed verifications from the outset.

If you are unable to provide clear evidence of your funds and how they have been accumulated, your transaction is unlikely to progress until these have been satisfied. You should be prepared to provide such documentation:

• Bank statements
• Evidence of savings or gifted deposits
• Proof of sale proceeds
• Investment or Inheritance funds
• Any other sources of income

Looking ahead: What does this mean for the future of Conveyancing?

The conveyancing process continues to evolve, shaped by increasing regulation, greater due diligence requirements and a continued reliance on third parties. As a result, longer timescales are likely to remain a feature of the property market for the foreseeable future.

That said, there is a growing focus across the industry of improving efficiency through earlier instruction, better upfront information and increased use of technology. A well-managed transaction – with early preparation and clear communication – can still progress efficiently and in some cases, significantly quicker than the now-average.

For clients, understanding the realities of the process – and taking proactive steps from the outset – can make a significant difference. Early preparation, clear communication and timely responses will help ensure the transaction can progress as smoothly as possible.

Our Residential Conveyancing team works closely with clients at every stage to ensure transactions are progressed as efficiently as possible, providing clear guidance and instruction through to completion.

Please do not hesitate to contact our Residential Conveyancing team on 08000 088 6004 who would be happy to assist on your transaction – providing All The Help You Need.