How Will The Conveyancing World Cope, Post-Lockdown?
Posted on 22nd May 2020
As the world of conveyancing is released from the lockdown restrictions, and house moves are permitted to resume, our Preston solicitors have seen a number of conflicting views on how conveyancing, as we know it, may be set to change.
Lockdown measures have affected us all, in some way or another, however, the reopening of the housing market, last week, saw the positive news that our team of conveyancers have been waiting for. As always, our team of expert property solicitors have still been working at full capacity, and will continue to do so, however, this announcement was the news that our clients, with conveyances that had been placed on hold, had been longing for.
13th May 2020 saw the official confirmation that property sales and purchases may resume. The announcement has, of course, been made subject to certain restrictions, in that social distancing must still be adhered to. See our Preston solicitors’ blog, for more information on exactly what was announced by Housing Secretary, Robert Jenrick, here.
Provided that social distancing guidelines can still be observed, and that those involved have not been advised to self-isolate, securing that Completion date may now be much sooner than anticipated. Government guidance should, of course, be followed, and the safety of our valued clients is of the utmost importance. If you are unsure as to whether you should proceed, see the official COVID-19 guidance, here.
In more ways than one, the recent announcement, has been a cause for controversy, as to how the conveyancing world is to be affected. Here’s what our Preston solicitors have found…
There is no doubt that the recent announcements have seen an uplift in activity, with Rightmove, leading property site, reporting an astonishing 5.2 million visits to its site on 13th May, which saw the easing of the lockdown measures on the housing market. Rightmove have gone on to comment that conveyancers should be expecting a significant influx in those wishing to move home which is, of course, music to the ears of our Preston solicitors. This is because, not only have many transactions been placed on hold, with home movers patiently waiting for the green light, but the majority of us have been at home for the duration of the lockdown period, in the same four walls. This has resulted in many, now able to do so, wishing to market their property and move home, particularly those who haven’t been able to get their hands- on slate grey fence paint.
In addition, digital activity, noted by market snapshot providers Twenty7Tec, has shown a 64% increase in purchase mortgage searches, showing that those keen to move are doing all they can, to get the ball rolling. James Tucker, chief executive of Twenty7Tec, notes these significant changes to the returning market.
Miles Shipside, director at Rightmove has also stated that “those who are ready to take the plunge have jumped immediately into action”. So far as our Preston solicitors are concerned, we are more than ready to assist those who require our services, and will offer a very reasonable, fixed-fee for doing so.
Whilst the above may seem all well and rosy, contrasting comments have been passed on how the adversity of COVID-19 may only be set to increase.
Search providers, Search Acumen, have commented that conveyancing trends, from January to March 2020, can only be described as a ‘conveyancing coronacoaster’. Search Acumen analyse data supplied by the Land Registry, in order to examine the same against competitive pressures. Their research found that, as COVID constraints surged, by March, circa 400 firms did not register one single transaction.
It is thought that, going into the next period being tracked, these trends will only continue, as a result of prospective buyers and sellers being advised to place their conveyancing transactions on hold. Although the flood gates, in some ways, have now been opened, and home moving may resume subject to government advice, the fear is that this will not be enough for many, whom are still living in fear of COVID-19.
Andy Sommerville, director at Search Acumen, comments:
“The freeze on property transactions that began in March, when lockdown measures were introduced, is starting to thaw. ‘But it is clear expectations have changed and the property industry cannot simply go back to old ways of working”.
So, what do we think? Our team have, most certainly, seen a surge of instructions, for both property sales and purchases, be it down to a surge in the market, or prospective home buyers and sellers knowing that MG Legal are quite simply the best. Our reviews speak for themselves, which can be viewed, here.
Our five-star service has not stopped, and our team cannot wait to assist all of those prospective clients who are raring to get things moving with their property sale or purchase.
Our team agree that, whilst this is not a ‘quick fix’ and it will take some time for normality to be resumed, not just in the world of conveyancing, it is a step in the right direction.
So, if you have plans to sell or buy a property, make MG Legal’s expert property solicitors your first port of call. Get in touch with our team today, by emailing email@example.com. Alternatively, you may submit your query online, here, where our local residential property solicitors will be on hand to assist.
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