Calls made to restore completion times to eight weeks
Average completion transactions time at Noble Estates have been cut from around 16 to 18 weeks after new processes were introduced.
Calls have been made for completion transaction times to be restored to just eight weeks.
Nick Goble, chief executive of Noble Estates, says average transactions at his group are currently taking around between 16 to 18 weeks.
He says: “Before the internet, we routinely completed transactions within six to eight weeks using little more than post, telephones and fax machines. A sale taking longer than 12 weeks was unusual.
“Despite today’s technology, access to data and digital communication, transaction times have effectively doubled.”
Delay factors
He blames several issues for the delays, including mortgage offers, local authority searches and Land Registry matters.
He also highlights management companies and freeholders supplying LPE1 information.
He explains: “Estate agents cannot continue operating within a system where everybody waits for somebody else to act. We need to take greater responsibility for preparing sales properly from the outset.”
Estate agents cannot continue operating within a system where everybody waits for somebody else to act.”
He says new processes have been introduced at Noble Estates, in a bid to restore completion transaction times to closer to eight weeks.
He claims that the impact, so far, has been a reduction in delays of about two to three weeks.
The process is outlined to vendors in a checklist explaining what they need to prepare in advance, including having vendors instruct a solicitor at the same time as their agent.
Leaseholder delays
Meanwhile, leaseholders are asked to order the management pack early.
In addition, standard TA6, TA& and TA10 forms are provided early to gather required sales information
Other documents can be collated early, including those relating to alternation and building insurance policies.
Goble says: “Estate agents cannot continue operating within a system where everybody waits for somebody else to act. We need to take greater responsibility for preparing sales properly from the outset.
“I would encourage other agents to introduce similar procedures and would welcome The Negotiator opening a wider industry discussion about what agents, conveyancers.”
