If it's not broken don't fix it
This might be controversial, however,?I believe what I have to say here should be aired and debated.?
Our conveyancing system has remained more or less untouched for close on 100 years.?In 2007 there was an attempt made by the then rather brave and progressive Labour Party to introduce Home Information Packs. ?
Sadly, due to conflict between stakeholders and political change this move to ‘improve’ the house moving process suffered an almighty fall from grace.?Jobs, livelihoods and political will for progression were lost overnight.?
Since then we have witnessed the growth of professional bodies and trade associations flying the flag for change,?and advancing ideas based solely around the production of upfront information.??
Government has taken a backseat, and not surprisingly, has left the industry to take the lead.??It seems there is very little appetite for a change in the law, and indeed, I recently heard a Government spokesman highlight the fact that in the light of transactions completed each year?the system seems, on the whole, to be working pretty well.?
Transactions do collapse, and yes, there are wasted costs as a consequence. ?The time it takes to move home is also at times excessive.??
The question I pose is should the Industry be putting its eggs all in one basket.?Is the current obsession with the production of upfront information a healthy one, when although it will probably help, it is by no means, a complete solution.?Do we really need more paperwork to complete when as conveyancers we are already up to out eyes in forms and documents?
If you have attended a conveyancing conference within the last couple of years you will know all of the talk has been about pre-instruction information?forms, property log books and digitalisation.?In fact, there has been little other discussion, which is pretty amazing when the industry has and continues to face rising challenges posed by Covid 19, a major shift in the outlook of professional indemnity insurers, shortage of staff?and ever increasing AML obligations.?
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That aside, the absence of focus on other causes of transaction fall out and delay, is in my opinion a notable failing.
Generally, the level of competency within the industry is not high, and probably reflects?low fee structures and training deficiencies. If standards could be improved, this would make a big difference to time scales. ?There can be little doubt,?delay is often?caused?by a lack of knowledge and or experience?on the part of one or more case handlers. ?Moving a transaction forward, rather then side ways,?is as important, if not more important, than knowing where the stop cock can be found.?
As an industry should we not be doing more to make sure those engaged in the process are fully trained, are monitored and supervised more closely and are required to maintain?and produce continuing education records. ?
Better educated, trained and equipped case handlers, will not only improve service times, but will also help to reduce crippling high PII premiums. ?
Combine this with the use of the right technology, and an alternative, or supplementary solution, can then begin to take shape.?The conveyancing process might be old,?but there is nothing to prevent conveyances from moving from a more traditional outlook to one that embraces and is constructed around the benefits of technology. ??
Hiding behind paper files, practicing within a ‘smoke and mirror’ environment, can no longer be a feature of how a modern day conveyancer practices. ?Its not rocket science.?If there was more transparency and better and more instant channels of communication between clients, their conveyancers and other stakeholders, we would all start to see less failed transactions and a marked improvement in transaction time.
Yes, upfront information will help, but this should not be the only focus. ?There needs to be a wider and more holistic approach.?The system is far from broken, and with better educated and experienced players combined with the use of technology, it is more than capable of facilitating a more efficient and positive journey for the client. ?
Director and Founder at Property Information Products
3 年David, I think I totally agree with you but see things from a different view point. I agree that the number of sales remains strong and therefore the system seems to be working. It does not show the fall throughs etc nor the stress and strain on the buyers and sellers due to the long periods of uncertainty. I start from a different place. How long do the next generation want to take to buy their property. If you asked them today they would think 2 weeks was a long time. I believe that that should be the target time between agreeing a sale and an exchange with completion 4-6 weeks there after. Then, when looking at the current system there are ways it can be adapted to achieve these sort of times, i agree it does not need to be changed completely. If we could all agree the goal we can start working towards it.
Supporting the legal services sector through innovation
3 年A more holistic approach would assume that both sellers and their agents take more responsibility for adequately preparing themselves or their clients for sale. 'More upfront data' makes the assumption that we are talking about a HIP lite or similar when in practice that is not it at all. One ID/AML report that can be relied upon and shared, access to protocol forms, valid EPC, proof of title, and somewhere safe to store and share them when needed is a pretty good start in my opinion.
David Pett I’m glad you said this “out loud”! It’s a considered and holistic approach- and like you, I know that the upfront areas can and should be improved, but the focus on them is from people selling solutions. You’ve highlighted areas which are equally important, but not yet as profitable !
Shining a light into the black hole of conveyancing
3 年Right on as ever David. The current focus on up front information is very limited at best and only solves a minor reason for delays. Unfortunately the structural problems of technology implementation are huge and will not be solved easily. That said - all it takes is a few innovators to light the way ....
Helping Lawyers reduce the hours spent chasing and analysing bank statements
3 年In terms of a focus of attention, i don't disagree with any of that. If you looked at what you're saying and put that to a consumer, i think they would agree with you on the need to put a greater focus on the areas you've identified. I believe the LSB did some recent consumer research on this and the public think that's important. Appreciate we're not quite comparing apples with apples there but there's a strong parallel.