Homeowners urged to get ‘move ready’ as pressure grows

The call comes as the property sector pushes for faster and more streamlined conveyancing amid wider economic uncertainty. Major lenders and property businesses are investing in digital systems designed to reduce delays, cut fall-through rates and speed up transactions.

A government-backed open property coalition is working to accelerate the digitisation of homebuying, while Nationwide recently became the first lender to accept e-signatures. Lloyds is among the latest to announce an initiative focused on gathering key information earlier in the process and improving how data is shared between parties.

Recent geopolitical tensions, including concerns over oil prices and global market stability, have added to uncertainty. Alongside, the spring and summer months traditionally see increased activity in the housing market, which can place additional pressure on all parties involved in a chain.

A significant proportion of property transactions fall through before completion, often because issues emerge late in the process. Missing documents, delays obtaining searches, identity checks or uncertainty around funding can all create hold-ups.

Many organisations across the property sector are working collaboratively to modernise the process through greater use of digital technology, earlier verification checks and improved information sharing. However, lawyers stress that technology alone is unlikely to solve every problem.

Sellers who gather documents early, so paperwork is ready before a buyer is found, and who respond promptly to enquiries and potential issues, are generally in a much stronger position.

Buyers can also help avoid unnecessary delays by ensuring mortgage agreements are in place, having proof of funds readily available and instructing their solicitor and dealing with identity verification at an early stage.

“With ongoing worries about inflation, interest rates and the wider global economy, many buyers and sellers want greater certainty and fewer roadblocks when they move. There is a growing recognition that those who are better prepared are more likely to avoid delays later in the transaction. Our experienced and proactive team at Mullis & Peake LLP will help you through the process”

Joanne Wood

Head of Property