Reported increase in local demand and rise in people off-Island seeking properties
The Isle of Man Law Society says it's aware some property conveyancing firms are warning clients that the average timeframe is currently eight to twelve weeks.
The Council of the Society says some of its members say they've seen an 'exponential increase' in the number of conveyances taking place.
Reasons given include significantly increased local demand and a big rise in the number of people who live off Island seeking to purchase properties here.
Responding to Manx Radio the Law Society says it's not aware that member firms who undertake conveyancing services are short-staffed or that there are issues particular to the legal profession that are the cause of any material delays.
It points out that the sale or purchase of a property is a complex transaction with a number of participants, all of whom play interrelated roles, which can impact on the length of time the process may take. Consequently, delays may arise at any point.
In a number of circumstances they are not necessarily within the control of the conveyancer.
Meanwhile, meeting the requirements of anti-money laundering and financial crime regulations can sometimes take a period of time to complete.
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