A new conveyancing technology platform has been launched hoping to “solve the riddle” and cut transaction times to less than four weeks.
The platform – Conveyo – aims to “tap into the work being done at Land Registry” regarding the digitisation and automation of property data alongside pulling in the digitised Local Land Charge information.
“Conveyo’s digital platform has been designed for consumers, estate agents, and conveyancers to collaborate in an effort to reduce conveyancing time and to capture all available property data, including searches, at the day of listing, to enable a smoother transaction,” said Conveyo co-founder Andrea Monti Solza MSc. CQF, a technologist and data scientist with experience as a property investor and as an algorithmic trader at UBS and the Bank of America.
Fellow founder Dr Konrad Rotthege LL.M. – who Conveyo describe as a “serial entrepreneur” – worked in finance and real estate at Freshfields before founding Conveyo.
Conveyo say both have experienced the hurdles of conveyancing first-hand and are therefore set to “solve the riddle” and cut transaction times to less than four weeks.
“With our experience and complementary skill set combining legal and data science, we are in a unique position to improve the conveyancing process,” said Konrad, continuing:
“We know that the current process of listing a property, accepting an offer, instructing a solicitor, getting monies on account for searches etc. is time-consuming and delays are largely due to the fact-finding and data reconciliation exercise.
Conveyo untangles the data workstream from the legal workstream. We gather all available data – like title, leases, and property information forms – upfront and our algorithms analyse that data to make recommendations, manage risks, and spot potential red flags. This creates transparency for everyone involved right from the start, and when the transaction lands on the conveyancer’s desk, much of the legwork has been done allowing conveyancers to focus on the legal aspects of the transaction.”
Conveyo are clear that their system works within the “constraints of the current system”, noting that the existing laws around property transactions are not on the precipice of wholesale change.
Importantly, Conveyo say their platform is designed with collaboration between agents and conveyancers. Konrad said:
“The platform is user-centric; estate agents can invite homemovers to perform ID/AML/SoF checks and to receive automated updates regarding the transaction.”
All of this, say the platform’s founders, is designed with the industry’s needs and wants in mind following extensive research. Konrad added:
“That is why we are building a user-centric platform with collaboration at its heart. A platform that analyses transaction data upfront, ensures compliance, automates admin and – maybe most importantly – cuts conveyancing time to under four weeks.”
The platform is already on trial with a large London estate agent and select law firms, with initial results described as “promising”.
Conveyo is backed by a large venture capital fund providing Conveyo with resources and a vast network of experts. “Being part of a global community of entrepreneurs has been incredibly helpful throughout our journey. For our next financing round, we are looking for partners who share our mission, to get the world moving,” said Konrad.
