Conveyancing: Unexpected costs more of a problem than rising costs
Conveyancing instructions rose by almost a third last year, while completion times fell, a report has found.
Seven out of 10 home buyers said they were more likely to choose a conveyancer that was 100% digital, while four out of 10 said they were happy to receive automated case updates.
While instructions rose by 32% in 2024, fall-through rates decreased by 5% and completion times also fell, by 9% since 2022.
With 69% of home buyers saying they were more likely to choose a conveyancer if they offered an entirely digital and paperless service, 42% said they would be happy to receive automated case updates.
A further 45% said they would be happy for artificial intelligence (AI) to play a role in ID and fraud checks and 39% to use chatbots for generic questions. More than a third (35%) said they would be happy for AI to draft legal documents.
Conveyancing business Smoove commissioned Censuswide to survey 1,000 home buyers over the age of 25 who moved home in the last year for the Home Movers Trends Report 2025.
Some 62% of home buyers said they experienced unexpected costs – rising to 66% for first-time buyers – and 27% said this was “one of the most frustrating parts” of the process. None said rising costs were.
Researchers said the average time taken between an offer being accepted and completion was 4.7 months, but there was “a very broad range” within this.
One in nine transactions took more than six months, and only one in five completed in under three months, despite over two-fifths of respondents believing this should be the norm.
On communication, nearly half of home buyers said there were “gaps here and there”, with only three in 10 feeling “fully informed” throughout the process. Nearly a quarter said they struggled to find out what was “going on at all”.
Researchers said technology could “go a long way” in addressing the top three concerns of clients – unforeseen delays, complicated paperwork and slow responses from conveyancers.
Matt Joy, chief growth officer at Smoove, commented: “In what are normally the biggest financial moments in a person’s life, the lack of clarity in property purchases and sales adds a completely new and preventable layer of strain for consumers.
“Central to this is the potential for spiralling, unbudgeted costs. From unexpected outlays on repairs, moving costs, surveys or searches, unplanned expenses can add up quickly and contribute to the stress and pressure on the transaction itself.
“What this research highlights is the need for greater certainty in the process and better information at the outset, allowing buyers to budget and plan more effectively.
“Resolving issues like this will help reduce delays and fall-throughs, and ultimately build more trust in the process, encouraging consumers to move more frequently.”
Smoove – which provides electronic conveyancing services to law firms and lenders, owns regulation and compliance business Legal Eye and also law firm Amity Law– was acquired by PEXA in 2023.
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