Most homeowners admit to ‘winging it’
Homeowners are struggling to understand jargon
Buying a home can be complicated and most buyers understandably struggle with the jargon, but many would prefer to ‘wing it’ rather than admit what they do not know.
If anyone is looking for conveyancing solicitors in Essex, one of the biggest things standing in their way is likely to be a lack of knowledge. That’s the suggestion from a new piece of research which says most homeowners are ‘winging it’. The lesson for solicitors is, to get ahead, you need to make yourself easier to understand.
According to the study of 2,000 homeowners by money saving app Moneybox, 61% said they were unprepared due to a lack of knowledge about the process. Jargon seems to be the biggest issue with 62% saying they were confused by terms such as covenant, disbursement, stamp duty and conveyancing. 74% said that, for all the research they may have conducted through this process, they were still unsure what some terms mean.
Professionals it seems don’t always help matters. The biggest offenders when it comes to jargon are solicitors (at 52%) while estate agents, banks and mortgage brokers were some way behind around the 27% or 28% mark.
This lack of knowledge can be a serious problem. 47% of first-time buyers feel they were caught out by something they wished they had known at the time. 48% of homebuyers said they were feeling anxious about missing out important details while 47% described themselves as feeling overwhelmed.
A guiding hand
The research is a worrying sign that homeowners are being left without the information they need for one of the most important financial decisions they will ever make. At a time when the cost of living is rising, and the task of buying a house is becoming more difficult by the month, a lack of trust in their own knowledge and a feeling that the sector is purposely over complicated will weigh on their buying decisions.
Solicitors will have a big part to play in this, but if this research is anything to go by too many of them are leaving their clients feeling confused. They are in a position to provide a guiding hand and help people through the process.
Importantly, this is something they can be more proactive about. The fact that homeowners admit to winging it, suggests many will be reluctant to come forward and ask for information. 31% say they are embarrassed at having to ask for terms and phrases to be explained to them. As a result, many choose to nod along and hope everything would work out for the best.
Solicitors, therefore, can help by cutting down on their use of jargon and using plain English where possible. When they do use jargon, they can help by explaining what they mean. It avoids any client having to actively ask for help and ensure they are fully informed throughout the process.
Moreover, building trust is a great way to attract more clients. Conveyancing solicitors in Essex who want to get ahead, therefore, could do well to make help their clients understand what can feel like an intimidating and complex business.