How long does conveyancing actually take?

In the latest episode of the Today's Conveyancer podcast, host David Opie welcomes Rob Gurney, Managing Director of Ochresoft to discuss how long conveyancing actually takes; and why lower the lower transaction volumes of the last couple of years haven't seen corresponding falls in completion times.

A new report from Landmark which interrogates the data held in the Ochresoft conveyancing workflows shows despite lower transaction volumes and advancements in technology, the time taken for property transactions has doubled since 2007. The average time from instruction to completion has increased from 85 days in 2007 to 160 days in 2024 for sales, and from 75 days to 120 days for purchases.

There is, says Rob, a need for fundamental changes in the conveyancing process, including early instruction of lawyers and the adoption of technology. Rob has previously been on the Today's Conveyancer podcast discussing the perfect contract pack; conveyancing nirvana, where unnecessary enquiries are eradicated, and the process is streamlined to meet modern consumer expectations.

For the time being issues around staffing (a 15% fall in qualified conveyancing numbers since the pandemic has caused bottlenecks); increased responsibility during the transaction meaning conveyancers now deal with roughly double the number of requirements they previously did; and regulatory changes including AML and BSA all have an impact on timelines. 

But there are factors within conveyancers' control says Rob, suggesting the earlier instruction of lawyers would go some way to streamlining the process later down the line. Instruction at the point of listing provides time to prepare documentation and data in advance. With search turnarounds now down to c.10 days, fewer complaints can be made about delays here, but ordering them in good time will help. 

And despite an 8 day reduction in the time it takes to deal with pre-contract enquiries between 2023 and 2024, the current 52-day average is double the time it took in 2007. 

Let's not forget, concludes Rob, we're all trying to achieve the same thing and no one gets paid until the transaction completes. For estate agents, shorter transaction times mean faster pipeline turnover and increased revenue. For lenders and consumers, delays can lead to financial losses due to expiring mortgage offers and changing interest rates. And for conveyancers faster transactions means better fees and happier clients.

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