Is anyone moving now?

Is anyone moving now?

Author
Discussion

OMITN

616 posts

58 months

Monday 17th May
quotequote all
Sporky said:
Cheib said:
I suppose the problem is most of the “participants” in this market are small local solicitors firms....who probably don’t have the scale required to invest in an IT solution. It’s the old “Turkey voting for Christmas” scenario....none of them will move to make something more efficient that is probably a relatively good fee earner for the business.
But they could do more of it if each transaction was quicker and more easily managed.
This is extremely low margin work. Even in a high street law firm where the solicitors aren’t earning very good money, they can’t afford for solicitors to be doing residential conveyancing - it’s all paralegals and legal executives. And most will operate at 50-80 open files at a time.

It is ripe for being systemised, but that sort of thing was only being introduced in the huge law firms 10 years ago. Legal tech is a rapidly growing sector - globally legal services is worth about $850bn - but it’s targeted at those who can afford to adopt - the legal factories running complex deals and litigation. Who wants to sell tech with a significant number of variables and potentially no other third party systems that can connect to your system to skint high street law firms operating in one legal jurisdiction..?

Whoever above said that lawyers are bad at getting business is wrong. What they are not great at is selling their value to their clients.

Residential conveyancing is a low margin/high volume game - there’s no money in it at the individual law firm level (hence the rise of conveyancing factories). What’s the incentive to individual firms to change when systemic change is required?



Shnozz

23,510 posts

237 months

Monday 17th May
quotequote all
Never have understood how law firms can make resi conveyancing profitable. Even employing paralegals/legal execs, the addition to the insurance premium must be enormous. Extracting staff costs, premises/facilities and insurance contribution, I just cannot see how its worthwhile.

DaffyT4

116 posts

105 months

Monday 17th May
quotequote all
Well things suddenly seem to be happening for us. 10 days ago our solicitor was saying they had heard nothing from our buyers since issuing the contract in the middle of March. We asked the EA to chase and today received the sale contract and deeds to sign.

We are still waiting on replies to enquiries for our purchase but I am cautiously optimistic we may squeeze in completion before the end of June. Keeping everything crossed!

Fast Bug

9,401 posts

127 months

Monday 17th May
quotequote all
Nearly 5 months after having an offer accepted, we're finally completing on Friday. I'm not going to be in a rush to move again laugh

A1Diego

100 posts

72 months

Monday 17th May
quotequote all
Is anyone else having to wait forever for searches and considering an indemnity ? Any downsides and are banks usually ok with this?

AJB88

7,747 posts

137 months

Tuesday 18th May
quotequote all
Fast Bug said:
Nearly 5 months after having an offer accepted, we're finally completing on Friday. I'm not going to be in a rush to move again laugh
Feel your pain! Were at about 15 weeks now and still no exchange.

Sent our solicitor an email yesterday asking for updates, also sent our seller a message to ask him to do the same and asked the estate agents to do the same with the buyer.

servantleader

86 posts

93 months

Tuesday 18th May
quotequote all
A1Diego said:
Is anyone else having to wait forever for searches and considering an indemnity ? Any downsides and are banks usually ok with this?
No, my searches only took 9 days in total to come back, Merton Council is the LA. https://www.searchflow.co.uk/news-and-events/perso...

JeffreyD

3,187 posts

6 months

Tuesday 18th May
quotequote all
servantleader said:
No, my searches only took 9 days in total to come back, Merton Council is the LA. https://www.searchflow.co.uk/news-and-events/perso...
That's interesting.

The website states our council are doing searches in 6 days.

Given the buyer of ours has demonstrated his (considerable) deposit and mortgage offer and has had the survey - why would there be any delay?

DaffyT4

116 posts

105 months

Tuesday 18th May
quotequote all
A1Diego said:
Is anyone else having to wait forever for searches and considering an indemnity ? Any downsides and are banks usually ok with this?
Our solicitor asked for our permission to request searches on a Thursday and was forwarding the results to us the following Tuesday (Mid Devon council)

ExcitableBoy

1,080 posts

39 months

Tuesday 18th May
quotequote all
AJB88 said:
Fast Bug said:
Nearly 5 months after having an offer accepted, we're finally completing on Friday. I'm not going to be in a rush to move again laugh
Feel your pain! Were at about 15 weeks now and still no exchange.

Sent our solicitor an email yesterday asking for updates, also sent our seller a message to ask him to do the same and asked the estate agents to do the same with the buyer.
34 weeks here, still no end in sight. None of the Solicitors have painted themselves in good light. The vendor and I have had to get way more involved than we should.

Estate Agent will have more than earnt their fee in emails by the end of this.

AJB88

7,747 posts

137 months

Tuesday 18th May
quotequote all
We have been getting far too involved as well,

We are now pushing towards completion on the 28th, still not exchanged yet though.

DJMC

3,055 posts

69 months

Tuesday 18th May
quotequote all
On market end Feb.
Sold end March.
Offered 21st March.
Exchanged 6th May.
Complete 27th May.

When viewing in March there were sometimes 10 other viewers on the same property. One we didn't view had 20 offers in one day.
Maddest property market I've seen in 30+ years working in the mortgage marketplace.

We viewed the new house on day one of its marketing. Managed to secure it on day two, up against another couple.

Market certainly inflated due to the stamp duty deadline but we sold and bought for the same price (bar £1,000) so any lowering of prices won't have any different effect from us staying put.

worsy

4,656 posts

141 months

Tuesday 18th May
quotequote all
OMITN said:
Sporky said:
Cheib said:
I suppose the problem is most of the “participants” in this market are small local solicitors firms....who probably don’t have the scale required to invest in an IT solution. It’s the old “Turkey voting for Christmas” scenario....none of them will move to make something more efficient that is probably a relatively good fee earner for the business.
But they could do more of it if each transaction was quicker and more easily managed.
This is extremely low margin work. Even in a high street law firm where the solicitors aren’t earning very good money, they can’t afford for solicitors to be doing residential conveyancing - it’s all paralegals and legal executives. And most will operate at 50-80 open files at a time.

It is ripe for being systemised, but that sort of thing was only being introduced in the huge law firms 10 years ago. Legal tech is a rapidly growing sector - globally legal services is worth about $850bn - but it’s targeted at those who can afford to adopt - the legal factories running complex deals and litigation. Who wants to sell tech with a significant number of variables and potentially no other third party systems that can connect to your system to skint high street law firms operating in one legal jurisdiction..?

Whoever above said that lawyers are bad at getting business is wrong. What they are not great at is selling their value to their clients.

Residential conveyancing is a low margin/high volume game - there’s no money in it at the individual law firm level (hence the rise of conveyancing factories). What’s the incentive to individual firms to change when systemic change is required?

A friend of mine is trying to set up something different.

https://www.todaysconveyancer.co.uk/guest-writers/...

redrabbit29

272 posts

99 months

Tuesday 18th May
quotequote all
DJMC said:
On market end Feb.
Sold end March.
Offered 21st March.
Exchanged 6th May.
Complete 27th May.

When viewing in March there were sometimes 10 other viewers on the same property. One we didn't view had 20 offers in one day.
Maddest property market I've seen in 30+ years working in the mortgage marketplace.

We viewed the new house on day one of its marketing. Managed to secure it on day two, up against another couple.

Market certainly inflated due to the stamp duty deadline but we sold and bought for the same price (bar £1,000) so any lowering of prices won't have any different effect from us staying put.
That is very quick/smooth by the looks of it.

I agreed sale/purchase on 15th October and didn't complete until 2nd May. I know others who have waited longer too.



Jakg

2,702 posts

134 months

Tuesday 18th May
quotequote all
Jakg said:
Wasn't looking to move, with a new baby we thought it'd be the last things on our minds, but things have been going better than we thought, and we realised we've outgrown our current house.

Found somewhere we liked at the end of January, but were not on the market so were a bit stuck.
A mental week later, were on the market and made an offer which has been accepted.
The next day we have our first viewing, and an offer on our place.

We budgeted for stamp duty (£11k!) but at the time it was possible to complete before the end of March, which would be a big win for us.
Were using the same agent for both transactions.

The good:
The place were buying wasn't on the open market (there's a story there I'm sure), and despite being (we think) very well priced we managed to get a chunk off.
We've got full asking for our place - and that price was a bit above what we wanted to factor in negotiations
We are in the middle of a chain of three.
Moving from spannering on the drive, to a double garage (!).

The bad:
We've used the conveyancers before, but they don't appear to have moved with the times - everything must be on paper.
Were tied to our lender so can only get a mortgage on an "advised" basis - lots of long phone calls.
The sellers have been a bit slow - I suspect a divorce, but as above there's something going on.
The agent told us the buyers were keen to progress, but their survey has only just been booked - 2 weeks after they made their offer. And it's another two weeks until it happens.

I doubt that we can complete in the two weeks between their survey coming back and the end of March so unless stamp duty is extended I can see us paying it...

Frustrating as our survey was booked and completed within a week of the offer being accepted - I would've expected quicker progress from them.
Having said that, we had similar problems when we bought the place as despite having an agreement in principle, we were rejected for the first two mortgages we applied for which held things up, but I could hardly tell the agent we were struggling for funds...
3 months since they made their offer, the buyers are still waiting for a mortgage (!).
I'm now worried about missing the stamp duty deadline... again.

AJB88

7,747 posts

137 months

Wednesday 19th May
quotequote all
Last time I moved was 10 years ago and I was a first time buyer then, parents did most of the stuff for me. I currently have Vodafone Gigafast and am moving to a house which also has Vodafone Gigafast. If we are completing next Friday 28th (fingers crossed)

Whats the process for Vodafone/Water (Anglian), Gas&Electric (Bulb). Do I need to ring them as soon as I get an official yes.

Hoping Vodafone is an easy switch over as I'm working nights on 31st from home.

worsy

4,656 posts

141 months

Wednesday 19th May
quotequote all
AJB88 said:
Last time I moved was 10 years ago and I was a first time buyer then, parents did most of the stuff for me. I currently have Vodafone Gigafast and am moving to a house which also has Vodafone Gigafast. If we are completing next Friday 28th (fingers crossed)

Whats the process for Vodafone/Water (Anglian), Gas&Electric (Bulb). Do I need to ring them as soon as I get an official yes.

Hoping Vodafone is an easy switch over as I'm working nights on 31st from home.
Most utilities have instructions on their website. For Electricity/Gas, just take your own readings when you move out. Water is a bit more difficult if you can't get at the meter so try and give the water company a bit of notice.

I hope you have a good 4G connection as that is BH weekend and if your new house doesn't already have a Fibre connection you may struggle. It looks like Vodafone like 30 days notice.

AJB88

7,747 posts

137 months

Wednesday 19th May
quotequote all
worsy said:
Most utilities have instructions on their website. For Electricity/Gas, just take your own readings when you move out. Water is a bit more difficult if you can't get at the meter so try and give the water company a bit of notice.

I hope you have a good 4G connection as that is BH weekend and if your new house doesn't already have a Fibre connection you may struggle. It looks like Vodafone like 30 days notice.
The current owner has the same 200 Gigafast connection that I do so fingers crossed, if I have to, will do my nights from the office.

Rob_125

703 posts

114 months

Wednesday 19th May
quotequote all
Finally complete after 5 weeks of pure unnecessary pain.

Day 1 - (evening) offer accepted
Day 2 - mortgage setup
Day 4 - valuation conducted, previous buyers solicitors instructed, (previous chain collapsed on week of exchange so everything was in place and it should have involved name changes)
Day 6 - Cash deposit in one place.
Then proceeded to wait another 4 weeks for the incompetent solicitors to conduct name changes on the documents (which they got wrong despite me picking them up on it on the draft contract). Zero comms, constant badgering and being kept in the dark. Frustrating to say the least, but hopefully getting the keys today.

Dedshott

146 posts

78 months

Wednesday 19th May
quotequote all
We are having a very frustrating time. My wife and I are both freelance - I’m a writer and she’s an actress, so income can be very up and down, good years and bad years. This makes the getting of mortgages quite tricky sometimes - but we have also always tried to keep our outgoings fairly low. But now we are selling our medium sized property, and are going in with some friends who are selling a similar property, and we are going to buy a big place with land and do some glamping/holiday lets as a side hustle.

The problem is that every single house in the 800k - 1m band is being snapped up in hours. Houses with land and outhouses - just what we are looking for. And it’s all people moving out of London and cashing in. We are in Kent. The landscape has changed in six months, and now it seems like we won’t be able to do it at all, if the landscape stays the same.

Houses in the 300k - 500k bracket seem to be not shifting at all. We’ve only had a handful of viewings.

Moving seems now a distant dream...