LawtechUK is a Ministry of Justice (MoJ) backed initiative dedicated to driving digital transformation in the legal sector. Here, the organisation explains how legal tech platform Conveyo was able to connect with industry experts thanks to its support.
When property lawyer Konrad Rotthege (pictured) had a “terrible” conveyancing experience, he was determined to change the process of buying and selling houses for the better.
One in three house sales in the UK collapses, according to the latest data from TwentyCi. To change that, Rotthege and his business partner, data scientist Andrea Monti Solza, set up the lawtech portal Conveyo.
The platform shows home buyers and sellers every step of the transaction in real time, including what’s been completed, what’s outstanding and who’s responsible.
And, by preparing the legal pack for sellers as soon as they’re instructed, Conveyo is able to move quickly as soon as an offer is received, reducing the average property transaction time from 22 weeks to as little as 30 to 45 days. The fall-through rate for Conveyo customers is below 5%.
“It’s about action rather than inaction,” Rotthege explains.
“Traditionally, no conveyancing work starts until you have a buyer. That may be three months from when your property goes on the market.
“Then a buyer comes along, and you realise there is so much to do. The buyer wants to get a move on and cannot believe the seller has done nothing in that time, such as finding certificates for boilers, electrics, and so on. This is because no one has told the seller what to prepare.
“It’s like inviting people to a dinner party, and when they arrive, you go shopping for the food, leaving the guests hungry and annoyed.”
Digging out certificates and other documentation may take another three months – and six months down the line, there’s no guarantee the buyer won’t pull out.
Conveyo bridges the gap by making sure the seller is ‘legal ready’, with all the information in place for the buyer to make a judgement call on whether to move forward with the property.
It works for the seller, too. Currently, if a buyer pulls out, the searches and any other information goes with them, and the new buyer has to start from scratch. Instead, Conveyo adds that information to its portal, so the whole pack is ready for the next buyer.
Rotthege says:
“Solicitors are good at the legal aspects, but often struggle with a manual process and disjointed communication. We collect the relevant information before the sale is agreed, and with a more complete sales pack, things can move along a lot faster.
“Our smart tech can follow up, anticipate questions, verify your information and upload information on both sides rather than having to chase it piece by piece. We take the tedious admin work from the solicitors, so they can concentrate on doing the legal rather than running after boiler certificates.
“It means solicitors can get through five files rather than just one, making their job faster and more efficient.”
Since setting up in 2022 with venture capital firm Antler, Conveyo has transacted property worth a total of £300 million. The business has been recognised by HM Land Registry’s Geovation Accelerator, Barclays Eagle Labs and LawtechUK – a Ministry of Justice-backed initiative dedicated to driving digital transformation and innovation in the legal sector, which provides free educational programmes, networking events and thought leadership.
Rotthege says:
“LawtechUK support has provided networking events where you get to meet and hear about a whole gamut of experience – not just from people who have made it – but from people who are struggling and learn from that. As a result of the networking, we have been able to make connections where we may not have done before, including with the Law Society.
“LawtechUK’s scale-up remote events put you in breakout rooms where you can speak to and ask questions of mentors. These events also provided camaraderie with like-minded people.”
If you’d like to propose a partnership or collaboration event with LawtechUK, or apply to become a LawtechUK mentor, email hello@lawtechuk.io
