Property expert says conveyancing process like ‘trip to the dentist’
Fundamental differences in approach between solicitors and agents makes for a painful relationship says Alex Goldstein.
The UK’s antiquated conveyancing process is akin to a painful trip to the dentist, according to respected property consultant Alex Goldstein.
This is because both experiences involve unavoidable pain, significant expense and professionals who are essential but not always loved.
Goldstein, who specialises in the Yorkshire and London markets, has told the Yorkshire Post: “With technology and AI storming ahead in recent years, the whole legal process still lags lightyears behind.
Antiquated process
“This is not the fault necessarily of solicitors themselves, but of a process that is antiquated and arguably a system that is broken.”
He highlights, in particular, the misalignment between solicitors’ and estate agents’ motivations, which often creates friction during the property transaction process. He says that, while agents only get paid when a sale completes, solicitors receive payment regardless of the outcome.
They (agents) are then having to pass over their shiny deal to two sets of solicitors with the hope that they do the right thing.”
“They (agents) are then having to pass over their shiny deal to two sets of solicitors with the hope that they do the right thing and get it over the line.”
Another key issue he identifies is how conveyancers approach problems: “Solicitors are there to find problems,” he explains. “That is their job and is why we have them.
“However, the majority of conveyancing professionals will simply serve up a list of problems to the client in their own quirky language. This approach can easily unsettle transactions that agents have spent months nurturing.”
Despite these criticisms, Goldstein emphasises the importance of instructing a “rock solid solicitor” even if it costs more. He stresses that both parties in a transaction need equally capable legal representation to avoid the kind of imbalances that can derail the entire process.
With estate agents also regularly expressing their frustration over slow transaction times and increasing calls for modernisation across the sector, Goldstein’s painful dental comparison is likely to resonate.
It has always been thus and it is true that some conveyancers have an aversion to getting on with it. To be fair though massive responsibilities are placed on the legal profession by lenders and insurers who insist that every I be dotted and t be crossed. The lenders hold them responsible for every aspect of the legal process and their indemnity insurance premiums would put some Estate Agents out of business if they had to pay them. The biggest problem is communication and conveyancers are inclined to think of agents as a nuisance, which doesn’t help..