The conveyancing process can be speeded up by two weeks on average if vendors are asked to fill in the standard questionnaire about their property before going to market, says conveyancing software firm The Conveyancing Partnership (TCP).
TCP supplies over 100 branches with its white-labelled product, which enables independent agents to offer their clients an in-house conveyancing process instead of handing it over to a third-party solicitor.
Vendors are then invited to fill in the detailed property questionnaire at the beginning of the process, which subsequently outputs a property report featuring the agent’s branding. This includes details of any boundaries, leasehold issues, disputes and complaints or planning issues affect the area or property and fixtures, plus the fixtures and fittings included in the sale.
One of the agent’s using TCP, Graham Wilson of Grimsby-based DDM Residential (pictured, left), says he reckons 60% of his vendors fill in the form early and that among those who do, there has been a 15% drop in the number of sales falling through – his latest figures for May show.
As well as working for DDM since he led a buyout of the company when he was 24 years old, Graham is also a shareholder in auctioneer Iam-Sold.com and a director of TCP’s parent company, Intelligent Services Group.
“We are encouraging all vendors to do this from now on as it is beneficial for all parties including the agent because our system can flag something that would slow the process later down the line, such as building work that’s been carried out without permission or boundary line issues,” he says.
More user friendly
“It is also presented in a more user-friendly way than the Law Society conveyancing forms.”
Ben Ridgway ([pictured, right) of The Conveyancing Partnership, says: ‘We provide our innovative property reports for free because we want to support our agents by encouraging them to promote better working practises, help manage their compliance risks as well as generate improved additional revenue streams.
“It is great to see that DDM Residential and its vendors are benefiting from the service and seeing completion times and fall-throughs reduce.”