Estate agents and legal professionals need to work more closely together to deal with the pressure caused by the stamp duty holiday deadline, according to representatives from both camps.
Iain McKenzie, chief executive of The Guild of Property Professionals and Rob Hailstone, chief executive of The Bold Legal Group, are both calling on all stakeholders to work together, showing understanding and empathy with the other parties’ role in the home buying and selling process.
Hailstone said: “I knew that if Iain was on either side of transaction, I had an agent I could rely on for help and assistance when needed. I also knew he would not interrupt me unless absolutely necessary and if I said there was a problem to resolve, he knew I would do that in the best and quickest way possible, having discussed it with my client.”
McKenzie added: “When Rob was somewhere in the chain, I was confident that he would keep not only his transactions moving, but as much as he could, those above and below him in the chain.
“I also knew that Rob would give me the heads-up if anything untoward was about to happen. I appreciated that leaving him to get on with his work was the best course of action for all concerned.”
McKenzie and Hailstone, until their paths diverged in the mid-90s, worked together very as agent and conveyancer for nearly five years.
McKenzie went on to say that agents and conveyancers should agree on how best to communicate with each other and set out who will be responsible for chasing whom on each of the aspect pertaining to the property transaction.
He added: “There needs to open communication and regular meetings between the agent and conveyancer, where they can discuss and update each other on the status of the various transactions in the process of being completed.
“It is important to have a course of action in place and good working relationship to ensure the highest number of possible transactions are delivered before the deadline at the end of March.”
The number one tip that both agree on is for the agent to advise not only their selling client to instruct their conveyancer before offer and acceptance, but also to suggest prospective buyers to do the same, even before they have found the property they actually want to buy.
With ID and AML checks, as well as other aspects of the process being de rigueur, the conveyancer/client onboarding process can be cumbersome and time-consuming.
This post has originally been featured in Property Wire.