There can sometimes be a perception that conveyancing has, and does, not really change, regardless of what happens elsewhere in the housing and mortgage markets. The same legal work needs to be completed, transactions still take time and many of the frustrations advisers and their clients have experienced over the years remain familiar.
While I sympathise with that view, particularly those stuck in transactions taking six months or even more to complete, I also think it’s far to say a lot has happened in 24 months. Not least, from a conveyancer’s perspective, the large increase in the amount of legal work that is now required. It is perhaps little wonder that cases take longer, even when set against a backdrop where improvements elsewhere have, and are, being developed.
On top of this, politically, economically and globally, the environment has shifted considerably, while mortgage products, regulation, technology and consumer expectations have all continued to move forward. Conveyancing cannot somehow sit apart from those changes because every one of them ultimately influences the people buying, selling and refinancing property, as well as what they expect from everyone involved in that process.
More importantly, change is not slowing down. If anything, the events of this summer alone suggest the housing and mortgage markets may have to adapt even more quickly during the years ahead. And, given we are about to celebrate our two-year anniversary, we have seen some sizeable shifts taking place alongside our own growth and activity that give us a unique perspective on what has been unfolding, and what may come next.
Technology has moved beyond simply having a portal
Perhaps one of the clearest changes has been in what advisers should expect technology to deliver in conveyancing cases.
Having a portal where somebody manually enters a case update is no longer particularly advanced. The direction of travel is towards genuine system integration, where information passes directly between platforms without somebody having to re-enter it, reducing duplication, potential errors and unnecessary administration.
We have seen that ourselves at conveybuddy, where around 85-90% of our instructed cases are now handled by firms that are fully integrated with our platform.
That means case information can flow directly into the conveyancer's own system, while milestones, notes, exchange and completion information can flow back to advisers without relying on somebody manually updating another portal.
That does not suddenly remove every possible delay from conveyancing, nor should anyone pretend technology can do that. However, it does remove some of the unnecessary processes that have historically contributed to delays and poor communication.
Client expectations have moved as well
This is perhaps an even bigger change because consumers increasingly expect visibility over what is happening. Clients are used to receiving information quickly in almost every other part of their lives, so telling them property transactions have always worked differently is unlikely to remain an acceptable explanation for poor communication.
They want to know why nothing appears to have happened for several days, why information they have already provided needs to be supplied again and why their mortgage adviser cannot tell them what stage their legal work has reached.
Those are reasonable questions, and they will become harder for our industry to ignore.
There will always be parts of a transaction that take time because legal work needs to be completed properly, searches need to come back and issues need to be resolved. The challenge is distinguishing between time that is genuinely necessary and time lost because systems, information or people are not communicating effectively.
The world around conveyancing will not stand still
As mentioned, what we have witnessed over this summer should remind us how quickly the environment surrounding the housing market can change. We have seen political change, continued economic uncertainty, geopolitical events and extreme weather, including heatwaves and wildfires across parts of the country.
All of these could have implications for housing, whether through mortgage pricing, taxation, insurance, property searches, surveys or the way clients assess where and what they want to buy.
At the same time, Government continues to look at homebuying and selling reform, while the mortgage market itself is considering how it might serve a wider range of borrowers.
Nobody can say with certainty what all of this will mean two years from now, but assuming conveyancing will operate exactly as it does today seems increasingly difficult to justify.
Advisers are becoming closer to the transaction
The role of the mortgage adviser has also changed, and better technology provides an opportunity for that role to develop further. We have long argued that an adviser's involvement should not effectively end once the mortgage offer arrives. Advisers who recommend conveyancing, have visibility over process and progress and understand what is happening throughout the transaction are better placed to support clients when questions arise or problems need resolving.
That is particularly important as clients demand better communication and greater certainty about the services they are paying for. It is also why transparency around conveyancing fees, selecting the right firm for the individual case and having access to experienced people who understand current service levels remains so important alongside technology.
What might another two years bring?
September will mark two years since our launch, which provides a useful point at which to consider how much has changed around us during a relatively short period.
Technology has improved, integration has become increasingly important, client expectations have risen and the pressure to make buying and selling property quicker and more transparent has intensified. None of those trends looks likely to reverse.
By the time we reach our fourth, even third, anniversary, technology will have improved further, integration will be deeper and advisers should have even better information about transactions involving their clients. Government reform will continue, environmental considerations may become more significant and clients will almost certainly expect more from the firms handling their transactions than they do today.
We cannot predict every change that will take place, and we certainly cannot control the political, economic or global events that influence the housing market. What we can control is how we respond to them, and that is perhaps the real myth worth busting after two years. Conveyancing has changed, it will continue to change, and standing still while other important factors move forward simply cannot be an option.
