Something has to change!
Many of us have been involved in the proper-ty game over the past couple of years. Lock-down showed us that we could live life in a different way. Many have moved further out from the metropolis to gain some much need-ed outside space. Some have had a change in family circumstances. Whatever the reason, the housing market has been remarkably busy.
Our little corner of Surrey (yes Middlesex!) has been proving a very attractive option and property has been in high demand. If you are in the situation of looking for a home, you will have experienced that yourselves.
So lack of stock is certainly a factor. That is something we can’t influence.
What I feel strongly needs to change is the PROCESS of conveyancing.
I have heard horror stories of people in chains with over 20. A chain is dependent on a raft of solicitors, mortgage brokers and banks, which ultimately may cause it to collapse and a sale or purchase to fall through.
Often, buyers face bidding wars just to get a property. But that is just the start. The process of form filling is onerous. You may get weeks down the line to find a spanner in the works which should have been discov-ered much earlier and which has delayed, or even prevented your move. You probably need to tie up a purchase with a sale. If you are lucky, you may be able to buy from a rental position, so you have one less head-ache. But who can afford to do that usually?
If it is not the endless questions posed by solicitors, it is the lack of communication and progress on behalf of lenders. The number of hoops which seem to be put in buyers way just to secure a mortgage is insane! We heard of an instance when a buyer was on the point of exchange, porting a mortgage. The process had been under way for weeks. At the point of exchange, the bank decided not to lend. At that stage the buyer had committed to a sale date and had to move into temporary accom-modation and put all the family furniture into storage. So more expense. More stress. At this point chains often break down, causing heartache and huge pressure.
And the Land Registry is completely swamped with work so deals are held up due to the backlog there. too
England seems to be the only country with such loose rules, making it the most stressful country to buy and sell property. In Scotland you put your offer in, it is accepted and you pay a deposit. That is it. Then the process can take place but at least you have certainty that you have secured a property.
Why on earth do we continue with the out-dated and cruel processes that we have in this country? Something has to change!
Any ideas how we can start a movement to make moving more humane?