The Conveyancing Olympics!

With the Euros now a distant, and perhaps painful, memory, sporting eyes turn to the 33rd Summer Olympic Games. For the first time since 1924, when Eric Liddell and Harold Abrahams won gold to inspire the best picture winner Chariots of Fire, Paris is to host the games and they will undoubtedly be kickstarted in Parisian style on Friday – as around 10,000 athletes and circa 10 million visitors converge on the City of Love across the games.

There will be 329 events across 32 different sports on show across the 16 days – from skateboarding to the 100 metres, there’s something for just about everyone. Though, for me, the various relays will always be the standout event. The event has provided many highlights over the years, from Britain’s great upset in Athens to Jamaica breaking the world record in London. The way in which individual elite athletes come together to combine their specific talents to achieve a greater goal, is something that I’ve always admired. 

In many ways, it could be argued that the relay mirrors the conveyancing process, give or take a couple of additional runners… 

And how, I hear you cry? Well, the relay race provides an illustrative way to understand the different stages and collaborative nature of the conveyancing process. Here's how the conveyancing process can be likened to a relay race:

Just like when the first runner takes off from the starting line, the conveyancing process begins with the instruction of a conveyancer or solicitor. This step involves appointing a legal professional to manage the conveyancing process.

The first baton pass occurs when the seller’s solicitor drafts the contract and passes it to the buyer’s solicitor for review. This step involves detailed scrutiny of the contract, including the protocol forms, and title deeds, similar to how the first runner hands over the baton.

The baton is passed again as property searches are conducted by the buyer’s solicitor. This generally includes the local authority search, environmental search, and water/drainage search. Each search result is like a runner completing their leg of the race, contributing crucial information to the process.

The next handover happens when the buyer arranges their mortgage. The mortgage lender conducts a property valuation to ensure it aligns with the loan amount. The conveyancer coordinates this step, ensuring the baton (process) moves forward smoothly.

This leg involves the buyer’s solicitor raising enquiries based on the contract and search results. It requires back-and-forth communication and negotiation, akin to runners adjusting their pace and ensuring a smooth baton pass.

The penultimate handover occurs when both parties sign and exchange contracts, making the transaction legally binding. A completion date is set, and the final runner picking up the baton for the home stretch.

The final leg of the relay race is the completion date, where funds are transferred, and the buyer receives the keys. The buyer’s solicitor submits a stamp duty land tax submission to HMRC and registers the property transfer with the Land Registry, ensuring all legalities are finalised. Much like the final runner crossing the finish line, completing the race.

Just as in a relay race, timing and coordination are crucial in conveyancing. Any delays or miscommunications between parties can slow down the process.

Conveyancing requires a collaborative effort among solicitors, lenders, estate agents, and clients. Each party plays a critical role in ensuring a smooth transaction, much like each runner’s performance affects the overall race outcome.

Effective handovers (transferring information and responsibilities) and clear communication are essential. Mis-steps or misunderstandings can cause delays, similar to a dropped baton in a relay race.

By visualising conveyancing as a relay race, it becomes easier to understand the sequence of steps, the importance of co-ordination, and the collaborative effort required to complete a property transaction. Each stage represents a crucial leg in the journey, with successful completion depending on the seamless transition of responsibilities and information from one party to the next.