According to a national survey of homebuyers and sellers, over 25 per cent of people would be willing to pay more for a faster conveyancing service.
The poll was conducted by Veyo, a conveyancing portal created by both the Law Society and Mastek UK, which will go live at the end of March 2015.
The survey also revealed that the waiting time involved when buying a house – currently exacerbated by an average reported conveyancing time of approximately 12 weeks – is the most stressful aspect.
Veyo’s chief executive, Elliot Vigar, said: “An average conveyancing time of three months in our digital era is simply not good enough […].
“With many homebuyers even willing to stump up more money for a fast track service, it is clear that conveyancers or solicitors who are able to demonstrate their speed and efficiency will have a competitive edge to their business offering.”
Mr Vigar’s comments have particular resonance since just 36 per cent of respondents said they had some knowledge of the process, and even then a very limited amount.
The processes, document preparation and checks carried out by solicitors in the sale and purchase of residential properties will be able to be completed much more efficiently in the near future.
With the new Veyo portal set to go live at the end of March, solicitors will be able to offer an even faster conveyancing service and enable their clients to enjoy a less stressful purchasing experience.