Nearly a third of homebuyers in the UK are confused about who actually carries out the conveyancing for their purchase, says a new consumer awareness report.
They believe surveyors will be responsible for conveyancing, and only half those quizzed by home move website Moveme.com realised a solicitor would be responsible for conveyancing.
A further six per cent think conveyancing is down to the estate agent and a surprising 10% believe it is the seller’s task.
Homebuyers also are unaware of changes to the Bank of England base rate, with the majority believing it still is set at 5.25%, when it has been held at 5% for the last five months.
Worryingly, only 29% of homebuyers correctly guessed the current base rate, which suggests quarter-point changes probably do not have a serious impact on buyer sentiment.
Home Information Packs (HIPs) appear to be causing mass confusion, as a result of the government’s indecision concerning new legislation, the study reports.
Only 60% know that sellers are responsible for commissioning and paying for a HIP, with over 20% believing it is down to the estate agent and 12% thinking it is up to the buyer to commission a HIP.
However, the majority of buyers (72%) seem to be aware that a HIP must be commissioned before a property goes on the market.
Keith McNeilly from Moveme.com says, ‘Knowledge of the house buying process is surprisingly poor, with purchasers clearly confused about who is responsible for certain tasks and when they need to be completed.
‘Buying a home is a stressful business, but movers would be much better equipped if they fully understood the process before they set out. The government must tackle this by introducing financial education in schools, teaching young people about important financial decisions such as home buying at the earliest opportunity.’