The transaction beat the partnership’s previous record of 11 days between receipt of the draft contract pack and completion. According to data from TwentyEA, the average time to sell a home across the wider market currently stands at 205 days.
The partnership, which launched 18 months ago, was designed to streamline the auction process by increasing collaboration between the conveyancing firms acting for buyers and sellers. ONP, part of Movera, and Medway Law, part of iamproperty, assign paired conveyancers from their respective teams to work together on each case.
Since the partnership launched, the dedicated teams have completed 614 cases, with the average time between receipt of the draft contract pack and completion being 47 days.
At present, the service is available to Connells Group customers purchasing through the iamsold auction service. The companies are planning to expand the model, with Connells Group beginning a trial on its private treaty home conveyancing panel.
Nick Hale, chief executive of Movera, said:
“This partnership is a brilliant example of how much control the leading players in the industry have over the property transaction process. It also highlights the impact that investing in the right people and technology can make to the home moving journey. While we embrace the government’s proposal to speed up the housing market using digital tools and upfront data sharing, we can’t just sit back and wait for the sector to change around us. As a collective we are already innovating and achieving outstanding results for our customers.”
Jean Coughlan, home conveyancing director at Connells Group, said:
“When we sat down with the teams from Movera and iamproperty eighteen months ago, we picked apart the conveyancing process – what is great about it but more importantly what needed to change. We mapped out at a truly granular level the vendor journey, the buyer journey and the different case touch points. It was something we had tried to do before, but this time we had the right people in the room, with a shared commitment to collaboration and using digital solutions to change the home moving process for our customers. The results speak for themselves.”
Julian Lavender, corporate accounts director at iamproperty, added:
“For our conveyancing business, a lack of communication with the other conveyancing firm on a case has always been our biggest pain point. This partnership with Movera and Connells has changed everything.
“Now, on each transaction, we have two conveyancers working together, talking to each other, problem solving. As a pair they are building a relationship across brands with a commitment to work as one. Not only has it revolutionised the process, but we have people queuing up to work on those teams. It just goes to show that by combining the right technology, processes and people with a shared mindset, we can really make a difference to the home moving process.”
