By Legal Futures Associate SearchFlow
Avoiding the glib response – ‘automate your business’ – there’s very practical guidance that can help legal firms to improve the speed of their workflows, and the pace of the property chain. Small steps, which are easier to implement.
If one party has issues then everyone in the chain risks falling like dominoes as the paperwork, delays and stress-levels increase. The uncertainty of the chain collapsing increases. Some elements of homebuying will always be beyond your control, such as mortgage availability and the reticence of clients to commit quickly, but there’s a lot that can be done to reduce delays – and those delays are tangible. Landmark’s Residential Property Trends Report showed that completions were 13% slower in Q2 than Q1 of 2023, and 39% slower, compared to Q1 in 2019.
Download our market research: Residential Conveyancing: What does the future hold for 2024?
Consider the immense value of Up Front Information (UFI)
Having can be a huge factor in speeding up the chain. With accurate UFI to hand, law firms get an advantage. When a comprehensive contract pack hits the table, it boosts confidence in the whole transaction.
However, while every residential agent prepares standard marketing packs, some may stop short of collecting all the data needed, to mitigate costs if the sale falls through. It becomes a Catch 22 situation – but UFI can reduce the delays that might impact the chain, and that, in turn, should help a sale to progress with more certainty. In addition, legal representation can be secured much earlier in the process and UFI helps mitigates the risk of errors creeping in while chasing clients, getting wires crossed, and handling a mountain of documents.
Start property searches earlier in the process
Searches can take anywhere from 48 hours to 180 days. Much depends on complexity, and on how busy a Local Authority is, but the longer the wait, the more pressure is on the chain.
One solution is for the seller to order a search as soon as the property goes on the market. This defies convention. It’s usually the potential buyer who controls the search. And there are two stumbling blocks to changing the norm – both of which you’re ideally placed to handle:
- The first challenge – local searches are valid for 6 months and there is often a preference for them to be no more than 3 months old
- The second – sellers will need to recoup the costs from buyers
Placing early searches are the epitome of efficiency, and the incoming National Trading Standards’ Part C calls for maximised efficiency before contracts get exchanged. Agents who advise sellers to order searches early will need support from legal firms to ensure accuracy, but the provision of that information certainly helps to speed up the conveyancing process.
A digital search platform, such as SearchFlow, helps legal teams to provide that support. Getting searches in place promptly in a format that’s helpful for everyone – addressing any concerns about time spent organising the information – and being of the highest quality, which provides confidence in recouping costs. In addition, using the SearchFlow platform means that local authority queues aren’t an issue. Transactions can be fast-tracked on land registry details, environmental data, water authority and chancel repair information.
The value of earlier surveys
If the survey uncovers issues a seller wasn’t aware of, or – perhaps – something surfaces that wasn’t pro-actively highlighted at the right time, the brakes can go on. Quickly.
Being vocal about the value of early surveys can help. An early survey significantly reduces the timelines involved, and it also gives sellers time to fix unforeseen problems promptly. Early surveys can sometimes flag common or garden issues (such as temporarily blocked drains, or damaged chimney stacks) that would otherwise risk a complete collapse of the chain.
Communicate regularly with everyone in the chain
Clients are more likely to relax if they understand the conveyancing process more fully, how its in-built delays are for security and handling their own responsibilities in facilitating a sale.
Keeping the lines of communication open – typically using a dashboard for sharing documents, for example – can speed everything up. When conveyancers, legal teams and agents spend less time fielding enquiries from anxious clients, there’s more time available to strengthen client relationships and deliver excellent customer service.
Download our market research: Residential Conveyancing: What does the future hold for 2024?
Start the conversation
‘In practice, how can we reduce the delays in conveyancing?’
If you’re curious about conveyancing technology that can help your law firm to speed up the property chain, do speak to us.
At SearchFlow, we offer an open invitation to talk about proptech, search services, data, time savings and the cost efficiencies available via our platforms and conveyancing technologies.
We work closely with law firms up and down the country, every single day, to build a clear and deep understanding of what conveyancers need most. Here’s how to reach us, if you’d like to know more about which conveyancing technology might be right for your law firm.
