Conveyancing has hardly changed over the last century due to the legal profession’s conservative outlook, and their preference for using Royal Mail or a fax machine instead of cutting-edge technology. Moreover, modernisation has been held back due to the law itself. All these elements slow down the conveyancing process and estate agents’ business turnover.
The good news is that due to the effect of the IT revolution on other financial services, pressure has been growing for more online conveyancing processes and initiatives which can bring conveyancers and estate agents into a single online system. This can provide each party with information on the housing chains which can be so problematic. It is also a prime reason why estate agents lose sales. Furthermore, clients who find themselves in the middle of a slow chain are often uncomfortable about the shortage of information on the delays they are suffering, and drop out.
The Conveyancing Partnership is an exciting innovative software platform which delivers a white labelled hybrid compliance and conveyancing solution to help estate agents. The 2017 launch comes after a year’s beta testing with various estate agents. The process of conveyancing can be speeded up by the state-of-the-art software which also supports estate agents who chose to work with conveyancers, and require their assistance.
As soon as a property comes on the market, this software enables a major aspect of the conveyancing procedure to be completed over the internet. Sellers are urged to fill out their fittings and fixtures forms and questionnaires online. These procedures have been approved by the Law Society, and are digitally signed and completed by the seller.
As soon as these elements are completed, the transmission control protocol generates a web link for the property which is estate agent branded, and contains all the necessary information that is needed by the purchaser and the conveyancer. This is shown in a user friendly style, allowing purchasers to make informed judgements on a purchase. Another advantageous aspect is that once an offer has been accepted, within 24 hours, the draft contract can be delivered as the property information questionnaire and form for fixtures and fittings are already completed.
Another great benefit is the exclusive ‘traffic light’ report which underlines elements of concern, and as a consequence helps to minimise fall-through rates. After each instruction, this is transmitted to the estate agent. This way, the estate agent is able to extenuate the possibility of any problems prior to finding a buyer,
The Conveyancing Partnership enables estate agents to carry through their Consumer Protection Regulation obligations whilst simultaneously working with their chosen conveyancers. Because of the transmission control protocol property reports, the preparatory activities are completed at the start of the selling process. This means a seven day reduction in the conveyancing procedure, something which is is beneficial to all parties. Moreover, the efficiency of the upfront reports and structure is highly advantageous for the relationship between estate agents and solicitors.