The problem with conveyancing
If you provide conveyancing services, you know all too well the pressure on profits.
Declining house transactions coupled with the low growth of the UK economy has meant the volume of conveyancing turnover is likely to grow relatively slowly over the next three years compared to previous year’s growth. With this in mind, it is surprising that the conveyancing process is still widely inefficient.
Conveyancing is said to be the legal process that needs the most improvement. A recent LPM report showed that firms undertaking conveyancing activities need new technologies to decrease the amount of risk that accompanies it. The most prominent issue is that the many departments dealing with the different processes of conveyancing typically handle much of the same data. It is not unusual for this data to be re-keyed in each department – up to five or six times! With this comes the risk of error with each re-key of the data and means it can take up to six hours to conveyance a single property.
Does this sound all too familiar? Do not fear. InfoTrack and P4W are here. InfoTrack allows fee earners to perform the key pre and post-completion tasks without ever leaving InfoTrack. This includes Land Registry and conveyancing searches, submitting SDLT and AP1 forms, sending and receiving electronic contract packs, carrying out due diligence services, purchasing indemnities and more.
Keep an eye out for our second blog post, which will explain how to meet the consumer’s need for speed. If you want to find out more you can view the entire InfoTrack and Tikit P4W by downloading it below.