Leading players within the property industry have slammed the ‘broken’ conveyancing process which many say has failed to recover from the Covid hiatus that saw many sales fall through as vendors and buyers waited months to achieve exchange.
Those making the comments include half a dozen leading mortgage brokers but also Simon Shinerock (pictured), founder of estate agency Choices, says that although technology has helped streamline the “old-fashioned, cumbersome and bureaucratic conveyancing system we use in this country, things have got steadily worse.
“It’s a bit like David Cameron promising a bonfire of red tape, followed by the largest rise in red tape in history.
“Technology is definitely the answer but to work it has to be joined up and all the players in the game must have access to the system.
“The technology already exists to link buyers, sellers, agents, conveyancers, lenders, mortgage advisers and local authorities, it’s called ‘the blockchain’.
“Yes, the blockchain does have other uses than creating useless crypto currency Ponzi schemes. There is even a company called Coadjute working on a solution and starting to make progress but really, like WiFi for everyone, this should be a Government-sponsored project.
“Unfortunately, it’s not just technology that is not joined up. The government is wholly unable to keep up with the pace of change, much less respond to it or take a lead role.”
Other figures criticising the ongoing long delays to many property sales created by conveyancing include Lewis Shaw, founder of Shwa Financial Services, who says Covid has “simply exposed and turbocharged the failings and cracks in conveyancing processes” while Oli Pearce Guild Mortgage Services says the conveyancing system is “absolutely shambolic”.
And the other firms joining the fray include Missing Element Mortgage Services, Propflo, Peak Mortgages and Protection, Searchlight Finance, Lucra Mortgages, Magni Finance and Langley House Mortgages.