There’s no doubt that conveyancing is a hugely rewarding vocation – I practised for 10 years in residential property – but it isn’t without its challenges.
Buying, selling, and remortgaging are financially and emotionally significant events for most people, and while it’s the role of practitioners to guide them through these experiences, there are some serious headwinds to overcome!
Consumer expectations have changed
The expectation for a fast, efficient service has dramatically increased, with no less expectation on the level of service. Lawyers strive to provide unbeatable client care and conclude transactions in unbeatable time, almost setting themselves up for failure. In a world where everything is readily available or trackable, consumers can become accustomed to this approach. Providing sound legal advice about a property transaction is, however, on a completely different level to packaging a parcel and delivering it.
The value provided by the lawyer to their client in a typical conveyancing transaction often outweighs the price charged. In this dynamic, more transactions are required, which leads to overworked conveyancers. It can be impossible to meet everyone’s expectations – not just those of the client.
The process has become more fragmented with time
The Conveyancing Protocol provides a great framework outlining how the sale or purchase of a property should progress, but unless a firm is CQS-accredited, there’s no expectation it be followed. The general process will be similar, but all firms have their own individual requirements. This causes conflict amongst firms when trying to work together towards a shared objective. One firm might not agree to exchange until they have confirmation of funds being released, while another firm may not submit their COT until exchange has occurred. One firm may be ready to complete, while another firm is waiting for partner approval. These inconsistencies are difficult to manage, and almost impossible to explain to clients.
And this is before we consider the different requirements of lenders. Where does the COT submission go? How will the mortgage offer be received? How will we obtain a redemption statement? These tasks vary from lender to lender, and between platforms. There is limited consistency within the industry, leading to time wasting, frustration, and client complaints.
There is light at the end of the tunnel
First, more alignment of the process is required. If there was more standardisation I believe firms would work better together. One thought I have had would see firms that often work alongside each other get together to co-create a process or better understand each other’s requirements, expectations, and capacity – to better allow each firm to manage their clients’ expectations, and be one step ahead.
Second, lower caseloads means less pressure and a higher quality output. This is a given, but perhaps the whole industry needs to reconsider the fees charged for the amount of work they are doing are not driving a quality customer experience. Again, if everyone worked together to enhance the industry, there would be a boost in morale, and more respect for the work done. Compared to what we see now, where very low value is placed on conveyancers, undercutting each other to offer the cheapest fees, recruiting untrained staff (and having no time to train them), is not doing the industry, or its customers, a good service.
And finally, technology can absolutely make a difference. The market is saturated with options all trying to offer different solutions. Firms must conduct their own research into what problems each technology solution will solve, and although I am a big supporter of innovation and technology, due diligence must always be front of mind.
Madhu works for PEXA, who owns and operates the world’s first online property exchange network. PEXA assists its customers – such as law firms and lenders – to lodge documents with land registries and complete financial settlements electronically via central banks. Since 2014, more than 14 million transactions have occurred via PEXA and, today, more than 80% of all property completions in Australia are processed on the PEXA platform. PEXA has recently launched its remortgage solution in England and Wales, and is targeting delivery of a sale and purchase product in 2024.
