We know that lots of people find the conveyancing process slower than they’d like it to be. Often that’s due to factors outside our control, such as issues in the chain, or waiting on other parties for answers. But we also recognise that the industry has been slow to modernise and adopt digital practices that could streamline the process.
That is all changing now though.
There is a lot of work going on behind the scenes to make our practices more efficient throughout the industry. As part of that work, the UK government is developing a roadmap to improve the process of buying and selling homes.
The government has established a Digital Property Market Steering Group to accelerate the adoption of digital technology across the property market. This DPMSG comprises 20 industry representatives, regulatory bodies, and government departments so it represents a useful cross-section of the industry.
Here are some of the ways in which we expect to see change in the conveyancing process.
Digital ID verification
ID checks are a necessary part of a transaction, and they help us to minimise the risk of money laundering in the sector. However, it’s recognised that buyers and sellers often have to prove their identities multiple times to different professionals.
Many professionals now use trusted digital verification services, which are much quicker than the old paper-based method. The digital service avoids duplication between conveyancers, mortgage lenders, and other professionals involved.
You can simply verify your identity using the software, and that check can be shared between the relevant parties.
Data sharing platforms
Data sharing platforms allow conveyancers, estate agents, lenders, and clients to share data on a portal. All of the key documents are in one place, and the sharing platform replaces email and post. Parties can collate and exchange documents instantly.
One example of this is a platform called coadjute, which is a blockchain network. It connects the property market by linking the existing software of estate agents, conveyancers, and mortgage lenders. The UK government plans to build on this technology to make transactions more transparent for consumers.
Information up front
The industry is working to provide key information about the property to buyers from the start of the transaction.
At the moment, buyers need to make decisions on whether or not to put forward an offer, and how much to offer, before they know crucial data like the condition of the home, leasehold costs, and details of others involved in the chain.
The government is keen to work with conveyancers and surveyors to carry out searches and a property condition assessment before the property is listed. The buyer may soon be able to know key facts such as tenure, title information, the council tax band, and leasehold terms right from the start of the transaction.
In time, this early information could also cover:
- Standard searches (local authority, drainage and water, environmental, and locality-specific risks such as mining or chalk)
- Property information (usually captured in the TA6 form for seller enquiries)
- A property condition assessment tailored to the property age and type
- Planning consents
- Flood risk
This is a significant shift from current practices and would take time to put in place. But it would save time in the long run as the likelihood of the sale falling through is reduced. The buyer has more information at their fingertips at the start, so there are fewer risks of big surprises later down the line.
Digital property logbooks
The idea of a digital logbook is particularly neat. It would be a convenient way to collate all of the documents the seller needs when the property is listed for market, and all the documents the buyer needs when they take possession of the property.
It’s a one-stop-shop property manual. It would include all the documents relating to any maintenance, refurbishment, and improvements on the property. The logbook would have details of your relationships with utilities, local councils and other suppliers all in one place. And it can include title deeds and legal information.
It simplifies the process for the next time you need to do maintenance, building work, or sell the property. Everything is conveniently in one place.
Due diligence
Lawyers are also adopting AI to speed up the conveyancing process, particularly within the due diligence phase.
Generative AI can analyse title documents, leases, and deeds, flagging risks like restrictive covenants or short leases. It can shorten review times and accelerate the transaction.
Speeding up the process
Typically a property transaction takes around 12 weeks, and many take much longer if there are complications.
However, these new proposals, and the roadmap for digitisation should help make the entire transaction more efficient but there is no substitute for instructing an experienced and qualified lawyer in the first place.
It may take time for the industry as a whole to adopt all of the changes, but we put digital systems in place as soon as we can, where appropriate. We’re already a paperless office (and head office is paper light) and we use data sharing platforms for ease of document sharing.