Solicitors highly trusted by home-buyers – CCPC
Solicitors are among the most trusted sources of information for home-buyers, according to research published by the consumer-protection watchdog.
The Competition and Consumer Protection Commission (CCPC) said that its report highlighted “significant information gaps” for home-buyers that left them “confused and frustrated in limbo” due to lengthy delays.
According to the report, friends and family were the most trusted source of information (79%) during the process, followed closely by buyers’ solicitors (78%) and engineers (73%).
The seller (16%) and estate agents (22%) were among the least trusted.
Complexity
The research also showed that consumers want more information earlier in the process, with 78% agreeing that, if a potential buyer asked a question about a property, the estate agent should have to identify and disclose the information to other buyers.
According to the report, almost 30% of homeowners discovered something after the sale that they wished they had known about the property, its contents, or the surrounding area before buying their home.
The CCPC says that buyers are at a disadvantage, due to the complexity of the process.
It also points out that buyers do not gain the same level of experience with this process that they might in other markets, due to how infrequently they will buy a property.
Pre-sale information
The watchdog has called on the Government to legislate for the requirement of pre-sale information to avoid delays and possible sales falling through.
“No property should be permitted to go to market without certain details being confirmed, such as whether the property is tax compliant, whether the seller or their solicitor has the title deeds, and if the property is undergoing probate,” the CCPC recommends.
“In addition, the seller or estate agent should make readily available any public information on environmental risks that could be associated with the property, such as flood, noise and radiation maps.”
Conveyancing delays
The body has also reiterated its call to create a new conveyancing profession “to enhance the efficiency of the legal process”.
Its report says that delays are the most significant issue for buyers during the conveyancing stage.
Based on separate research to be published later in the year, the CCPC estimates that the average conveyancing timeframe in 2024 was 17 weeks, with 43% of consumers reporting that it took 16 weeks or more.
The CCPC is also asking the Government to consolidate key location-based information, on issues such as flood plains and mobile-phone coverage, from public bodies and present it to buyers in a more accessible way.
‘Buyer-beware’ principle
The watchdog also says that it will improve its home-buyers’ guide to include advice on what questions to ask at various points in the process.
It also intends to develop guidance for estate agents and developers that it says will provide more and better information to buyers.
“The legal principle of ‘buyer beware’ puts the responsibility of gathering the necessary information about a property into the buyer’s hands,” said Simon Barry (CCPC director of research, advocacy, and international).
“Therefore, the CCPC is calling for that information to be more accessible to buyers much earlier in the process. This will empower them to make more informed decisions,” he added.