The British Conveyancing Awards, sponsored by Dye & Durham, simply would not happen without the support of the industry.
Thank you to all those who have entered and sponsored the event which this year is hosted as a hybrid event; with an in-person ceremony at the stunning Church House in London, simultaneously live streamed via The British Conveyancing Awards website.
Our 2022 ceremony is a departure from the focus of the 2021 awards. To simply repeat the 2021 awards would miss the point of where the conveyancing industry is going. We are entering a different phase for conveyancers with a flatter market, increasing on and offline fraud risks, PII, the balance of flexible working and continued digitisation all presenting new and different challenges.
Our 2022 categories and supporters reflect this shift in emphasis, and we’re delighted to introduce them through a series of Supporter in Focus pieces. Alongside GlobalX, a Dye & Durham Company www.globalx.co we look forward to recognising the very best our industry has to offer.
First of all, tell us who you are and what you do
GlobalX is a market leading supplier of company information, property searches and conveyancing software. We provide BuildX: a unique solution that can reduce the average turnaround time on a Local Authority Search for plots from 25 Days to 25 Seconds! We also supply winding up petition searches as bespoke packages to help law firms eliminate multiple calls to Companies Court. Results are delivered within 15 minutes.
Last year, GlobalX was acquired by Dye & Durham and now our customers also benefit from the additional support, processes, and resources of our global business.
What prompted you to support The British Conveyancing Awards (again) this year?
The British Conveyancing Awards highlights the very best the industry has to offer. As suppliers of unique and award-winning solutions our values are in alignment, and we are now excited to support the New Build Team of the Year award in recognition of all the hard work that goes on behind the scenes at some of the leading firms around the UK.
Why did New Build Team Conveyancing of the Year stand out for you as one to throw your support behind?
Property searches are a common delay factor when it comes to new build transactions, with the average turnaround time for a Local Authority Search ranging from 30 days to 70 days depending on the area. External influences such as the Pandemic have also had a negative effect on search return times, putting further pressure on those involved in the transaction process. BuildX is a unique solution that can reduce the average turnaround time on a Local Authority Search for plots from 25 Days to 25 Seconds!
Our instant search results are available on over 300 development sites across England and Wales. This innovative and time saving approach enables conveyancers and new build teams to assist homebuilders in getting from reservation to exchange much more quickly and efficiently, cutting weeks off the completion process. The research we put into developing this solution has showed us the challenges faced by new build teams and we were keen to demonstrate our support and also highlight how we can make processes just that little bit easier.
How do you see the 2022 conveyancing market shaping up?
The past 18 months has been incredibly busy for the conveyancing sector. We have seen the volume of property sales reach unprecedented levels. This is slowing slightly as we go into 2022 but we believe the market will remain strong, particularly for new builds and there is a positive outlook for conveyancing firms this year, perhaps with marginally reduced pressure to what they’ve coped so brilliantly with during the restrictions and SDLT holiday.
What changes or improvements do you see need to be made in the conveyancing sector over the next 12-18 months?
Improving efficiency and removing roadblocks within the transaction process through digitalisation can only help. We are keen to see further developments in this area as it creates a win-win for all involved.
What are you doing to lead or be part of that change?
Most developers seek a four-to-five-week deadline from plot reservation to exchange of contracts, but this is often unachievable due to the length of time searches can take to be completed and returned to the purchaser’s conveyancer.
Any delay puts pressure on developers’ finances, potentially jeopardising future developments. As a property search partner, we are always looking at ways to help save our clients’ time. As such, we developed BuildX which now cuts weeks off the process. By working directly with the developer and our data partners by working directly with the developer and our data partners, we gather and digitise all the information and use a platform that interrogates this data in real-time to deliver our Instant Property Search Results.
Both conveyancer and developer have access to the platform so reports can be issued alongside contract packs.
We started our Pilot programme in South Wales and 18 months on we are live across 300 sites and are working at Group Level with 16 Land & Property Developers including Bellway. The results speak for themselves; while testing the platform in South Wales, Bellway has seen their reservation to exchange of contract time reduce by three weeks.
Best of all, there is no additional cost to the purchaser as we can achieve all this by using the benefits of automation.
Do you have any messages for the sector, and the firms and individuals entering this year’s awards?
We are looking forward to learning more about the incredible work new build conveyancing teams are doing across the UK. We would like to take this opportunity to thank everyone who has taken the time to enter and wish them the very best of luck for the awards.
Thank you to GlobalX for their support at The British Conveyancing Awards 2022.
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