The Technological Changes to Conveyancing24 Nov, 20215 Minutes
What is Conveyancing? Conveyancing is the process of a legal transfer of property...
What is Conveyancing?
Conveyancing is the process of a legal transfer of property from one owner to another.
The reason that the upcoming changes are significant to the conveyancing market and those that work within it, is that the sector has already undergone significant changes in the past 18 months, mainly due to the pandemic and the stamp duty holiday, causing a boom in buying and selling, in order to take advantage of the savings of stamp duty, fuelled by the government scheme to keep the economy moving through turbulent times.
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As the first stage of the stamp duty holiday ended on 30th June 2021, and now the second stage has ended on 30th September 2021, Conveyancers are looking towards the future of the laws of Property and Conveyancing, to see what other changes may be coming…
By 2030, research has suggested that technology will rapidly improve transparency for consumers about what they are buying and the progress of their transaction.
Many gripes with the conveyancing process currently are third parties and clients chasing for updates, delaying processes due to paperwork and generally not having control of the transaction.
If the process was moved completely to an online entity, properties would remain with up-to-date logbooks with little human intervention.
By 2030, it is expected that technology will have opened new ways of providing services, accelerating the conveyancing sector into new opportunities in a more streamlined manner.
The conveyancing sector has often been criticised for being behind the times in terms of digitisation of the industry. For example, still printing and filing emails rather than using online systems. Many firms have case management systems now, but things are starting to change and become more digitalised, which will help keep each part of the chain updated and the process more streamlined. This improves customer service and changes the way properties are sold, making what used to be with a mountain of paperwork, meetings and amendments into a fast, secure and efficient process.
Customer Driven Change
For the Conveyancing sector to stay relevant and customer-led with a positive and efficient service given to clients, the digitisation of the industry is crucial.
This will allow Conveyancers to benefit from new technologies that are continuously created and adapt their ways of working, evolving with changing times, rather than having to overhaul a mountain of paper with every new transaction.
Inevitably this will launch a focus onto customer service and efficiency in the Conveyancing sector and put the power with the customer.
As a result of the pandemic, customers are demanding the convenience of online engagement for processes that are smoother. The digitisation of Conveyancing is driving customer-led change enabling the conveyancing sector to offer a more convenient and quicker service.
Will this revolutionise the speed of transactions? Will it be a 3-month period until completion, or will this become quicker due to the technology on offer?
The change of a conveyancer’s role
With the change in technology and the digitalisation of the industry, will this create a customer-led experience where the conveyancers are still at the helm of the customer’s needs and requirements?
Will customers be more involved with the processes as they can see more online as the transaction progresses? Is it better for the conveyancers to have the control of information, until completion?
It is expected that these technological changes will change a Conveyancer’s role. Transactions will be controlled more by the consumer, on an app or phone. This could be perceived negatively in that the Conveyancer should be available 24/7 to answer any questions at the touch of a button. Should we continue to have that barrier between Conveyancer and consumer to ensure that the conveyancer can actually get on with their day-to-day role and get the completions through.
As the role of the Conveyancer will change and adapt to keep up with consumer demand and digitisation, many administrative aspects of the job will too.
The simple opening of a file or a completion statement may become automated, leading the industry to streamline its workforce and inevitably remove Administrators and Paralegals?
Technology will improve transparency of the process and conveyancing roles will become more advisory, rather than practical.
To tackle this, it is important that Conveyancers invest in the training and skills required to meet these changes. The hiring of Conveyancing Training Managers is an important one for large conveyancing operations to ensure that the training across the company is uniform and everyone works to the same standard. Having one person researching the changing legislation and patterns is an effective way to keep up to date with the technological advances and then ultimately be able to pass that across the firm to all levels.
Leona Taylor is working with a number of clients on Conveyancing roles. To find out more information contact Leona Taylor by calling 0161 672 3110 or email Leona.