CLAIM: AI driving rise in conveyancing queries by buyers and sellers
Industry figure says platforms such as ChatGPT are enabling vendors and purchasers to check solicitors' work, driving more queries and slower transactions.
Conveyancers are facing a deluge of customers checking their work using AI platforms, often potentially holding up the process, a leading conveyancing figure has claimed.
Peter Ambrose (main image, inset), who runs ‘lawtech’ platform Legalito and conveyancing services firm The Partnership, says his teams are having to deal with the practice more and more.
“Solicitors are increasingly being asked to explain the documents they have submitted to clients and, because these customers are using AI to ‘summarise’ them rather than go through them carefully, this is causing problems,” he tells The Neg.
This is one of the reasons why Legalito has now launched two services which help conveyancers pre-empt this problem by ‘checking their homework’ before it is submitted to clients.
Monopoly
“Conveyancers’ monopoly on knowledge is disappearing fast as the internet and particularly AI give everyone access to specialist knowledge,” says Ambrose.
“Legalito’s Smart Documents and Smart Reports new functionalities mean conveyancers are able to review documents and identify anomalies earlier on, and the side-benefit of this of course is faster transaction times as less time is spent dealing with home mover queries.”
Some 2,500 lawyers are now using the platform which has now processed some 12,000 property transactions since it launched two years ago.
Over 75% of time spent by lawyers in the home buying process in managing pre-contract enquiries
Ambrose says his conveyancing firm’s data shows over 75% of time spent by lawyers in the home buying process in managing pre-contract enquiries. “As property lawyers ourselves, we recognise the pressures that firms are under, especially when it comes to compliance and risk.,” says Ambrose.
“For example, when clients are getting a mortgage for their purchase, especially when buying a flat, we spend hours ensuring the lease meets their lender’s requirements.
“Smart Documents and Smart Reports can now produce a report in minutes that shows whether the lease is compliant or not.
“I’ve seen experienced lawyers gasp when we show them how quickly and thoroughly it spots issues.”
Read more about how AI is changing the property industry.
