Conveyancers and lenders are key players in the property transaction process. They work together to ensure that the conveyancing process is smooth and seamless. However, it is not uncommon for there to be frustrations on both sides. Conveyancers may feel that lenders are not responsive enough, while lenders may feel that conveyancers are not providing them with the information they need. In this blog post, we will explore how conveyancers and lenders can improve the way they work together and overcome these frustrations.
Frustrations felt by both parties
One of the main frustrations felt by conveyancers is the lack of responsiveness from lenders. Conveyancers may need to obtain information or clarification from the lender, and if the lender does not respond in a timely manner, it can cause delays in the conveyancing process. This can be particularly frustrating for conveyancers who are working under strict deadlines.
On the other hand, lenders may feel that conveyancers are not providing them with the information they need in a timely manner. Lenders require certain information from conveyancers in order to assess the risk of the transaction and determine whether or not to lend. If this information is not provided promptly, it can cause delays and lead to frustration for lenders.
To overcome these frustrations, it is important for conveyancers and lenders to communicate effectively with each other. Clear and timely communication can help to ensure that all parties are aware of what is happening and can work together to overcome any issues. Regular updates and status reports can also help to keep everyone informed of progress.
Conveyancers may also find it helpful to establish a good relationship with their lenders. Building a relationship can help to establish trust and ensure that the lender is more responsive to requests for information. Similarly, lenders may find it helpful to establish a good relationship with their conveyancers, which can help to ensure that information is provided promptly and accurately.
What conveyancers want lenders to do
Conveyancers want lenders to be more responsive and communicative. They want lenders to provide them with the information they need in a timely manner, and to be available to answer any questions or concerns they may have. Conveyancers also want lenders to be flexible and accommodating when it comes to deadlines, and to be willing to work together to overcome any issues that may arise.
What conveyancers want to know about the current lending market
Conveyancers want to know about the current lending market, including any changes in lending criteria or regulations. This information is important for conveyancers to be able to advise their clients on their options and to ensure that the transaction is carried out in compliance with all relevant regulations. Conveyancers also want to know about any changes in interest rates or other factors that may impact their clients’ ability to obtain financing.
How lenders can improve from a practical point of view
From a practical point of view, lenders can improve by providing clear and concise information to conveyancers. This information should include all the relevant details about the loan, including the interest rate, repayment terms, and any fees or charges associated with the loan. Lenders should also be willing to answer any questions or concerns that conveyancers may have, and to provide regular updates on the progress of the loan application.
Lenders can also improve by streamlining their processes and making it easier for conveyancers to obtain the information they need. This may involve developing online portals or other tools that allow conveyancers to access information quickly and easily. Lenders may also want to consider offering training or support to conveyancers, to help them better understand the lending process and the information that is required.
Housing market predictions for 2023 and beyond
The UK housing market has been through some significant ups and downs over the past few years, with a range of factors impacting the industry. As we enter 2023, it’s important to look at the current state of the market and the trends that are likely to shape its future.
Current State of the Housing Market
The UK housing market has remained buoyant over the past year, despite the ongoing COVID-19 pandemic. The stamp duty holiday, introduced in July 2020, played a significant role in driving demand, as buyers looked to take advantage of the reduced tax rates. The housing market also benefited from the increased popularity of remote working, as people looked to move away from city centres in search of more space and a better quality of life.
According to data from the Nationwide Building Society, UK house prices increased by 7.3% in 2021, the fastest rate of growth in six years. This trend is expected to continue into 2023, albeit at a slower pace, with price growth predicted to slow to around 3-4% over the course of the year.
One factor that could impact the housing market in 2023 is rising interest rates. The Bank of England has hinted that it may raise interest rates in the coming months, which could lead to higher mortgage rates and reduced demand for housing. However, any increases are likely to be small and gradual, and are unlikely to have a significant impact on the market.
Predictions for 2023
Despite the potential impact of rising interest rates, there are a number of factors that are likely to support the UK housing market in 2023. These include:
- Continued demand for housing – The ongoing popularity of remote working is likely to continue driving demand for housing in suburban and rural areas, as people look for more space and a better quality of life. This is likely to support house prices, particularly outside of major urban centres.
- Government support – The UK government has introduced a range of measures to support the housing market, including the Help to Buy scheme and the First Homes initiative. These initiatives are likely to continue supporting demand for housing, particularly among first-time buyers.
- Limited supply – The UK housing market continues to suffer from a shortage of supply, particularly in areas where demand is highest. This is likely to keep prices buoyant, particularly in areas where new development is limited by planning restrictions.
- Economic growth – The UK economy is expected to continue growing in 2023, which is likely to support the housing market. As people’s financial situations improve, they are likely to feel more confident about buying a property, which could lead to increased demand.
Overall, the UK housing market is expected to remain strong in 2023, despite the potential impact of rising interest rates. Demand is likely to remain high, particularly in suburban and rural areas, while government support and limited supply are likely to keep prices buoyant. While there are always risks and uncertainties in the housing market, the outlook for 2023 is generally positive.