LOG JAM FOR LAWYERS
With the average sales volumes now returning to levels not seen for ten years the pressure is being focussed on the law firms to process the sales speedily. The current indications are that the market recovery has surprised many firms, especially those whose specialist conveyancing departments are a shadow of their former selves.
For agents , vendors & purchasers this new reality means that some homework before ones legal advisors are instructed is advised & recommendations to firms who can accommodate the work is sometimes to be taken. Can the firm do the work in the time period sought needs to be the leading question. Our statistics are telling us that current sales are taking longer. The reasons are two fold .. slow legal work plus mortgage finance being slower too to concrete confirmation.
I have no doubt that if this current ‘average’ volume is sustained through to the summer we will see boosted conveyancing teams & lawyers with less bags under their eyes. Until then the agents need to earn their fees jostling & cajoling the various parties along the way to keep the chains intact & making sure their own clients expectations are met.
Ensuring ones own sales aren’t quietly overlooked by noises off in the legal departments from other anxious vendors is the agents task of this spring!
Philip Jackson is founding director of Maguire Jackson Estate Agents