The third edition of the British Conveyancing Awards is just around the corner. Alongside a new, larger venue and a new headline sponsor in Groundsure, #BCAwards2023 is all about recognising and rewarding the herculean efforts of conveyancing superheroes who, despite hurdles aplenty, continue to go above and beyond to help clients move into their dream home.
Ahead of the splendour and celebration on the 21st March, Today’s Conveyancer will recognise those who help make the event possible through a series of “Sponsor Spotlight” pieces. Here, we speak with tmgroup, Conveyancing Support Team Member of the Year category sponsor.
First of all, tell us who you are and what you do
Joe Pepper, CEO of tmgroup. I’ve been working with law firms for over 15 years, specialising in the property risk sector for the last 10 years and in my current role with tmgroup for the last 5 years. tmgroup is a leading provider of technology and data services to the property industry, and both directly and via our subsidiary brands (Conveyancing Data Services, mio, and Property Searches Scotland) we work with professionals across the property market to make the process of handling the property transaction easier for all stakeholders.
What do tmgroup see as the biggest change affecting conveyancing transactions over 2023?
2023 is likely to be a hugely challenging year for conveyancers. We carried out a survey of over 850 property professionals in October and November 2022, and it is clear that the market is deeply concerned about a forthcoming crunch in which volumes of work are likely to be significantly lower than in previous years whilst cost pressures mount at an ever faster rate. The exodus from the industry is likely to hasten, with around one third of all respondents admitting that they intend to leave the industry in the coming five years. Scalable and flexible operating models will be crucial this year, and sadly, it seems likely that we will see more firms cease to practice conveyancing in light of these challenges.
tmgroup describes itself as a “forward-thinking technology business” providing services for property professionals. What’s the biggest development you’ve made to your offering over the last year?
We are committed to the improvement of the property transaction for the benefit of all, and that includes developing ways in which we can make the process easier for all parties, including the conveyancer. Over the past year or so, we’ve heavily engaged in developing the Property Data Trust Framework, which is a key output from the Home Buyer & Sellers Group, and which provides a common framework from which all providers can share data with the goal of improving the property transaction. This interconnectivity between parties is crucial if we are to see transaction times drop back to levels which are realistic and sustainable in the long-term.
As part of our work with the Home Buyers & Sellers Group we have developed a way of sharing key data points as early as possible in the transaction, which supports the wider Upfront Information agenda. This enables estate agents to capture key pieces of information prior to marketing the property which can then be shared with conveyancers immediately upon instruction when a sale is agreed, which should significantly reduce the burden on conveyancers to source the data and shorten the elapsed time required to address any queries.
Similarly, what innovations do tmgroup have in the pipeline for the rest of 2023?
We will continue to develop the Upfront Information proposition to ensure that the estate agent and the seller can provide the buyer and their conveyancer with all the information required to make the process as easy as possible. In addition, we have a project to enhance the conveyancer’s User Experience, and uniquely provide them with choice around how they order products and track against case progress. We will further continue to extend our extensive range of integrated HM Land Registry solutions, which covers a number of integrations from both the sharing of upfront data and title information to our post-completion AP1 service.
How are the benefits of tmgroup’s services passed on to homemovers during a transaction?
By focusing on the highest levels of trusted data and speeding up the process, we can ensure that the homemover can be confident that a transaction is going to complete and that their conveyancer will have had access to all data to ensure that they know any risks associated with the transaction. We can also ensure that homebuyers are automatically informed in real time as to the progress of their transaction and provide parties with a safe and secure online portal through which they can communicate. We can demonstrate that conveyancers and agents that use our solutions see a lower level of fall-throughs and failed transactions compared to those that do not.
