(Previously published in Today’s Conveyancer)
Recently it was announced that, as part of the new guidelines from National Trading Standards, lawyers will be increasingly instructed upon property listing. This renewed focus on upfront information creates a real moment of reflection for the industry. According to the new guidance, sellers are advised to bring a conveyancer on board at an early stage to help ensure validated information is available to the agent for marketing, and that issues such as restrictive covenants or boundaries are addressed from the outset.
The drive behind this change in the law is the desire to make property transactions easier, less stressful and more certain for property sellers and buyers. This is a process that ranks as the 7th most stressful life event for consumers. Part of that stress for home movers comes from the just-not-knowing how things are going during the transaction process. Progress on paperwork and information moving between stakeholders appears inefficient and opaque. It can clearly be frustrating having to wait for what may be months, just to find out if a move can happen and personal plans can come to fruition. This gives consumers more than enough room to worry about hidden surprises and the likelihood of their transaction falling through.
Getting property information and instructions to act from the client and/or estate agent as soon as a property goes on the market gives conveyancers a head start on preparing the all-important contract pack. In doing so, they can significantly reduce the time spent on enquiries needed between the point of the sale agreement and the exchange of contracts. Our latest market research shows an average of 46% of conveyancing cases have raised enquiries due to incomplete information within the last 12 months. *
Being prepared means conveyancers can analyse, review for impact and share information about the property early in the process, so negotiations, expert investigation or remedial steps can be taken sooner rather than later. It is clearly better to know that a certificate is missing and have the time to source a replacement, or obtain a quote for indemnity insurance rather than wait for the inevitable additional enquiries from the buyer’s lawyer and the subsequent delay they will cause?
By using an effective, efficient workflow process that stays ahead of the property transaction process, a business can expect an increase in productivity, instruction capacity, revenue, cashflow and, ultimately, market share.
At Ochresoft, we’re committed to creating this for our clients – and changing the industry for the better at the same time. There are lots of technology solutions on the market to help on the periphery of conveyancing, but we are focused on helping lawyers with the bread-and-butter. We’re unpicking the industry to identify where we can speed up, streamline and deliver genuine efficiency, so that everyone wins.
With our new Upfront Information (UFI) Property Process, we speed up property transactions by ensuring comprehensive information gets moving from the moment a client accepts an offer on their property.
Catch-up with our webinar to learn more about upfront information.
* Landmark Information Group Market Research. September 2023.
