Impact on Land Registry Delays and Market Pressure

Impact of Land Registry Delays and market pressures 

Properties are taking longer to get through the legal process and buyers and sellers need to plan accordingly to ensure they get the move they want.

A recent article in the Sunday Times, by the journalist Rachel Mortimer, on Sunday 11th August, informs the reader of long delays with the Land Registry and conflicting advice and interpretation of Land Registry protocol by mortgage lenders and solicitors and conveyancers acting for the lenders and purchasers.

We have experienced delays as an agency in getting transactions through in comparison to previous years, and this year have come up against: IT delays by local authorities, conveyancers and banks; increased scrutiny by stakeholders on amended Land Registry protocols; and, increased legal obligations for transactions that require mortgage finance.

Currently our average 2024 figures from point of agreement to sale exchanged is 80 days for a house, and 97 days for an apartment.

Michael Bolger, Area Sales Manager, comments:

“If you are thinking of selling this year with a view of moving early 2025, we need to be having a discussion just now.  The length of time it takes to get a transaction through to exchange of contracts from the point of being agreed needs to be taken into account.

“There is a scrutiny on the market and transactions right now that I have not experienced in 25 years, and you need to be prepared like never before.

“We have the excellent Helyn Collins, who is our Sales Progression Manager, and this role is critical to ensuring that we can get our clients prepared and ready for sale.  It is also vital I find that clients heed our advice in terms of selecting their legal representative.

“A strong solicitor is absolutely critical to getting the transaction through, you need them to have excellent communication skills and be responsive to enquiries from the buyer’s solicitor.  Quite often the nature of enquires are more in-depth than in previous years, but this is normally the result of increased demands from mortgage lenders and not the buyer’s representatives.

“The upshot of all this, is that with average times taking just under three months for houses and over three months for apartments – if you are thinking of moving in early 2025, we need to be having a discussion just now over timescales, expected marketing time and when you can look to realistically plan the move. “

To speak with Michael about a valuation on your property and to help plan a move now or in 2025, please get in touch through the details below.

Michael Bolger CeMAP | Area Sales Manager  

Direct: 020 8752 3173 

Email:mbolger@goviewlondon.co.uk