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  • Nicola Ashley

Five Steps to Reduce Transaction Timelines

 


It is no secret that transaction timelines have not reduced despite the procedures put in place in recent years with the aim of streamlining the conveyancing process. In the past twenty years Conveyancers have adapted the ways in which they work in many ways- from sending letters in the post, to using the DX, to sending an email, reducing the time information is delivered from two days to two seconds. We have seen technology completely reform the ID verification process from a client booking an appointment which may have taken weeks, to software securely and safely verifying a client’s identity in seconds.  


The current average timeline in England and Wales for the purchase of a property is 12-16 weeks. So, why is it still taking so long to purchase a property in the UK? ntitle can help busy conveyancing firms reduce their transaction times and here are some helpful tips to speed up the process:- 


Communication 


Communication is the key to a successful and quick transaction. It is vital to educate a purchaser as to possible delays and to manage expectations from the start but it is equally as important to keep in contact with all other parties in order to prevent misunderstandings. If positive relationships are formed with all parties early on in the process, it becomes easier to co-ordinate later on and to collective problem solve, if needed.  


There is enormous value in keeping a client updated at every step. A quick phone call to explain what you are waiting for or what you have done (without prompting) can go a long way to maintaining a pleasant relationship and gaining that positive review following completion.  


By using ntitle or other outsourcing services, you can make sure there is time in your day to update all parties, progress transactions and keep your clients happy.  


Early identification of possible issues  


The identification of possible title or property issues in a conveyancing process is vital to the success of the transaction. By uncovering potential issues early, the conveyancer is in a position to advise their client as to the risk, the remedy and the likely delay and in turn the purchaser is able to make an informed decision as to whether to continue with the purchase or whether to negotiate with the seller. The conveyancer will also have the time to remedy the issue and avoid delaying the transaction.  


Whilst it is never a good time to tell a purchaser of potential issues with the title or the property, they will be grateful for the early notification and the relationship between the conveyancer and the client will be preserved.  


In order to minimise transaction timelines, it is good practice to raise initial enquiries as soon as a contract pack is received, rather than waiting for search results, mortgage offer, management pack etc. The initial title enquiries can be dealt and acted upon within days of contracts being issued.  


The use of upfront information has been gaining traction in recent years. It is widely accepted that upfront information will allow conveyancers to identify issues early in the transaction and to assess the risks more accurately. This in turn, will result in increased efficiency and minimised delays.  


It is hoped that Conveyancers and Agents can work closely together at an early stage of the transaction to identify early issues and swift rectification of the issues.  

Our clients have expressed their gratitude for the early identification of issues that ntitle reports and our unique snapshot ensures that an explanation of the issue is carefully communicated to the conveyancer.  


Technology  


Technology has played a crucial role in speeding up the conveyancing process in recent years and has allowed conveyancers to provide a safer, faster and more efficient service. In a society where everything is expecting instantly, the use of emails, messaging platforms and video calls has changed the way Conveyancers work.  

Automated processes for document completion, compliance checks, workflows can all save time and reduce the likelihood of human error. The use of online platforms have made the process quicker and easier for clients to access the information they need from their conveyancer and the integration with third party systems has facilitated an increased level of communication and document sharing between the parties involved in a transaction  


The introduction of electronic signatures has been a significant step towards the digitalisation of the conveyancing process and will help to speed up the transaction. The digitalisation of conveyancing is set to continue in the coming years with the hope that the delays can be minimised further.  


ntitle uses the best in breed technology to compliment the experience and expert knowledge of our team to produce our title investigations of the highest standard.  


Protocol  


The use of the Conveyancing Protocol has standardised the conveyancing process and allows for consistency and transparency between parties.  An organised conveyancer will prepare documentation in advance so ensure any issues are identified quickly. 

The protocol dictates that only relevant and title specific enquiries should be raised and this is vital when we look to reduce transaction timelines. Excessive and irrelevant enquiries create complications, delays and frustrations. A knowledgeable and experienced conveyancer should be able to identify the title specific enquiries when investigating title and they should also be keen to pass on their knowledge to more junior colleagues to ensure this skill is not lost. At ntitle, we raise relevant enquiries only.  

Our team of expert title investigators undergo continuous training to ensure that they are aware of the relevant, accurate and title specific enquiries to be raised in each title investigation, in accordance with the protocol. The comprehensive title reports at ntitle are regularly reviewed and amended to reflect current conveyancing issues and to ensure the purchaser is being accurately informed of the title they are purchasing and how the issues may impact them in the future. We also inform the purchaser of the remedies available.  


Be pro-active 


It is essential to remain focused and organised throughout a conveyancing transaction and to avoid delays. Pro-active conveyancers set realistic timelines for the transaction and work towards them at all times. whist ensuring that their client is informed of the progress.  


Outsourcing allows conveyancers the opportunity to be pro-active whist progressing other transactions towards exchange and completion.  

Unrealistic caseloads will delay transactions. By ensuring caseloads are kept manageable, Conveyancers are able to manage their client’s expectations and deliver the results they expect. The nature of the Conveyancing market means that this is not always possible and there will be times when a Conveyancer is particularly busy but this is their opportunity to look for support elsewhere whether it be technology, outsourcing or recruitment.  


By incorporating ntitle into their progresses, conveyancing firms are able to plan their caseloads efficiently in advance and can recognise the benefits of having the title investigation returned to them within 48 hours of receiving the contract pack.  

At ntitle, we focus on the speed in which we deliver our service, the quality of our reports, and the value we can add to our client firms, making ntitle a service you can rely on and trust. Our service supports conveyancers to progress matters quickly, identify title and property issues early in the process and maintain the satisfaction of their clients. Purchasers want to move into their new home as quickly as possible and our fast, 48 hour title investigation service can help make this happen. 

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