Homebuyers seek technology advances in conveyancing process
Homebuyers are pushing the conveyancing sector for technology that will offer improved access to information, but only a small portion of conveyancers are dedicated to making this change.
A recent article on Today’s Conveyancer analysed research done by InfoTrack, a conveyancing software business. The company surveyed 178 legal professionals to find if conveyancing firms are planning to advance technology and innovation. InfoTrack has also previously released research on the improvements buyers would like to see in the conveyancing process.
Is the conveyancing sector committed to technology and innovation?
Many experts admitted new technology helps them stay competitive in the conveyancing market. However, only 3% said their firms allocate resources to research, development, and innovation. In the InfoTrack survey, 50% of respondents claimed decisions were “ad hoc” when it comes to their firms adopting new technology.
The leading provider of search and services to conveyancers, tmgroup, concluded similar results in a recent report. Additionally, the report stated that many lenders and surveyors are already using decision-making engines in order to make certain decisions quickly. It also claimed the conveyancing market is close to having a digital framework where information and data related to a transaction will be stored and made available to the authorised parties.
Joe Pepper, chief executive of tmgroup, stated: “The consumer could then be kept up-to-date through a website or mobile app, prompting them to complete their own tasks, and providing an audit trail to avoid the potential different parties blaming each other for a lack of progression.”
Homebuyers push for improvement in conveyancing process
Homebuyers have made it clear they want to see improvements in the conveyancing process. A previous survey by InfoTrack showed that 55% of homebuyers said conveyancers could improve their communication and give more clarity.
Some believe the process could be improved by using online communication methods instead of mainly relying on phone calls and letters. In InfoTrack’s research, it was estimated that 34% of firms should be discovering and trialling new technology in order to be efficient and effective and to meet the demands of homebuyers.
Liverpool’s conveyancing market sees improvement
Leading the UK property market, Liverpool has jumped ahead of the crowd by being one of the first cities in England and Wales to use the Local Land Charges online register. In the area of Liverpool City Council, local land charges searches are now done through HM Land Registry instead of the local authority.
The online register has made homebuying easier for buyers, sellers, conveyancers, estate agents, and the local authority. Once all English local authorities migrate their data, the digital register on the Government’s website will offer instant search results to anyone in England, which will be a big step in improving the conveyancing process throughout the country.
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