It got me thinking – why is this? What has it changed? It isn’t the estate agents. I have learned an awful lot about pipeline from my estate agency colleagues in Countrywide. An estate agent’s aim is to sell their client’s property in the timescale required and for the best price.
I would also exonerate the lenders. Their time from application to offer, at most 21 working days for the really slow ones, would seem to indicate that there is no reason at all why this is on the critical lapsed time path. Surveying usually fits into the lender timetable – so it isn’t them either.
So, one has to look at the conveyancing part of the transaction. At Countrywide, our conveyancing division has tried to introduce more knowledge for lenders about how the transaction cycle works from a conveyancing point of view and advise on how we can make the conveyancing process quicker and easier for all involved.
It is evident that there not only needs to be better communication but also more effective co-ordination between all parties. This is really key as lenders, agents and lawyers all share the same simple goal of happy customers moving quickly into problem free properties.
So how can you help? Well Mr and Mrs Mortgage Broker, think through who is doing your conveyancing at the moment – pick recognised and professional experts in the field. You only get paid on completion, so if your lawyer is taking three weeks longer than 12 weeks to complete, which should be the target, then switch to a firm who is an expert in conveyancing and open seven days a week.
At the end of the day it will give your customer a better experience and a better service, which is what we should all be aiming for.
Nigel Stockton is financial services director, Countrywide
