Now that the UK economy has re-opened, many buyers and sellers are wondering how post-lockdown property conveyancing will affect transactions. Months after COVID-19 has swept through the world, there is still a lot of uncertainty within the property market. There are likely to be changes that will affect buyers, sellers, conveyancers, agents, financiers, and all other parties involved in the sale and purchasing process. For property investors, it is natural to turn to conveyancers for help with the many questions relating to lockdown and its effects on property transactions. The role that conveyancers play within the changing landscape is therefore essential. With that said, conveyancers are under more pressure than ever before, which can end up having an impact on buyers and sellers.
What will the impact have on property conveyancing, and how will this impact affect investors? Keep reading to find out more.
Property Conveyancing After Lockdown
Some of the challenges that impact the property conveyancing process after lockdown include the following:
- An increase in sales transactions that may have been stalled for the duration of lockdown.
- Communication delays caused by many closed agencies and over-loaded agencies.
- Conveyancers battling to update files and completions as agencies re-open.
- Files that need to be updated as a result of less staff and paused property transactions.
- Increased enquiries in various aspects of the conveyancing process.
These challenges will affect buyers and sellers as life slowly begins to go back to the new normal. Although it is frustrating for investors to deal with delays, understanding the root causes behind delays is essential. The industry has been greatly affected, especially as there has been a boom in sales and purchases. Similar to the 'Boris Bounce' that arose as a result of Brexit, more people are looking to sell and buy. Paused transactions are able to go through, new properties are now on the market, and there is plenty of activity in transactions. Conveyancers now will be working to set their clients' mind at rest, assisting to finalise transactions in every way possible.
Working with a conveyancer is more important than ever during these uncertain times. With the help of an experienced property expert who is able to give advice on post-lockdown selling or purchasing, you will be able to take advantage of the changes within the property market without the risk of trying to navigate the process on your own. A good conveyancer will be able to guide you through each step of transactions, working alongside your estate agent and even assisting you with finding financial help. This will take away a lot of the stress related to property transactions in the post-COVID world. It will also ensure that transactions go smoothly without any further delays and challenges that may have been experienced over the course of lockdown.
Our team of experts is here to help, whether you are buying or selling. For assistance in your upcoming transaction, get in touch with Home Legal Direct to speak to an experienced property conveyancer in the UK.