There is a tendency to look at the current market and focus purely on activity levels, particularly after the recent spike driven by lender product withdrawals, but that only tells part of the story because there are other pressure points, one being how unpredictable and inefficient the wider transaction process has become.
We are now seeing a combination of factors at play, where business is being brought forward in response to lender deadlines, while at the same time transactions are taking longer to agree or are falling down due to pricing mismatches, and that mix is what is really starting to strain the system.
This is not simply about more work, it is about more complex work, more uncertain pipelines, and more time being spent on cases that may never complete, which is a very different challenge for both advisers and conveyancers.
A SPIKE TODAY OFTEN MEANS A DIP TOMORROW
The recent uplift in activity, including the rise in conveyancing instructions, was clearly driven by urgency, with advisers doing exactly what they should be doing by securing mortgage deals before they were withdrawn and ensuring the legal process was moving at the same time.
However, when that kind of activity is compressed into a short window, there is usually a consequence, and that is a quieter period that follows as the pipeline resets, because a portion of that business has already been processed earlier than expected.
If that happens, then firms are likely to find themselves in a position where new opportunities slow, but existing cases become even more important, both in terms of client outcomes and income generation. That is where the focus needs to shift, because in a volatile market, you cannot rely on volume alone, you have to make the most of what is already in front of you.
THE RISK OF LEAVING CONVEYANCING TO CHANCE
One of the biggest mistakes any stakeholder can make in this environment is assuming that once the mortgage is secured, the rest of the process will take care of itself, particularly when it comes to conveyancing.
In reality, that is often where the greatest risk sits, because if a client is left to find their own solicitor, or defaults to a recommendation that sits outside the adviser’s control, there is no visibility over capacity, service levels, or even the true cost of the work.
In a stable market, that might not always cause an issue, but in a market where volumes are uneven and transactions are already under pressure, it can quickly become the difference between a smooth completion and a prolonged delay.
Advisers work hard to secure the right mortgage outcome, but if the legal process then stalls, the client experience suffers and the case itself becomes more uncertain.
CAPACITY IS THE REAL PRESSURE POINT
Conveyancers cannot scale up resource overnight, and when they are dealing with a mix of new instructions, accelerated remortgage activity, and slower-moving or fragile purchase transactions, the strain on capacity becomes very real.
We tend to see the same responses in these conditions, with some firms effectively closing to new business, others increasing fees to manage demand, and some simply struggling to maintain consistent service levels, all of which feed back into the adviser experience.
This is why knowing where to place business is so important, because not all firms will be able to handle the same level or type of work at the same time, and making the wrong choice can introduce delays that are difficult to recover from.
TAKING CONTROL IS NOT OPTIONAL
While advisers cannot influence lender behaviour or property pricing, they can control how the transaction is managed once it is in motion, and that includes making a conscious decision about where conveyancing instructions are placed.
By doing so, they are not only improving the chances of a smoother process, but also protecting their own position, because a completed case is what ultimately drives both client satisfaction and revenue. Leaving that decision to the client may feel easier in the moment, but it introduces a level of uncertainty that is hard to justify, particularly when the stakes are higher in a more volatile market.
MAKING EACH CASE WORK HARDER
If we do see a dip in activity following the recent surge, then the importance of each individual case increases significantly, because those are the opportunities that will sustain the business through a quieter period.
That means looking beyond the mortgage itself and ensuring all relevant needs are covered, whether that is protection, insurance, or conveyancing, and doing so in a way that is joined up rather than fragmented.
The early signs suggest advisers are already recognising this when it comes to conveyancing, with conveybuddy’s instruction levels rising alongside mortgage applications, but there is still more that can be done to ensure every case delivers its full potential.
A MORE DELIBERATE APPROACH FOR AN UNCERTAIN MARKET
Markets like this are unlikely to settle into a predictable pattern any time soon, which means advisers need to adapt not just to the peaks in activity, but also to the quieter periods that may well follow.
The firms that perform best in these conditions are those that take a more deliberate approach, controlling what they can control, working with partners who can deliver consistently, and focusing on maximising outcomes.
Because while no one can remove uncertainty from the process, there is still a great deal that can be done to manage it, and in the current environment, that level of control is becoming less of an advantage and more of a necessity.
