A software platform offering a hybrid conveyancing and compliance service to agents has been launched following 12 months of testing with a number of independent agents.
The software, labelled The Conveyancing Partnership, allows for part of the conveyancing process to be completed online when the property comes on the market. TCP offers agents a free service on all new listings where vendors are encouraged to complete their property information questionnaires and fixtures and fittings forms online. The firm behind TCP - the Intelligence Services Group - says the online documents are approved by the Law Society and are completed and digitally signed by the vendor.
Once complete, TCP then produces an agency-branded compliance web link for the property which includes information required by the buyer and their solicitor. The firm says once an offer has been accepted, the draft contract can be issued within 24 hours as the property information questionnaire and fixtures and fittings forms are already complete.
It also claims fall-through rates will be reduced thanks to what it calls “a unique traffic light report” sent to the agent on each instruction to highlight any areas of concern.
“The conveyancing sector traditionally suffers from slow starts and long transaction times which in turn can lead to higher fall through rates. TCP’s platform helps agents fulfil their obligations under consumer protection regulations while benefiting from working with local solicitors of their choice” says a spokesman for the new service.
A testimonial issued by Graham Wilson, managing director of DDM Residential, one of the agencies trialling the service, includes the quote: “I have always thought conveyancing could be done in a more structured and sympathetic way, so we were pleased to get involved with TCP from the start. With the TCP property reports, the preparation work is done at the beginning of the selling process and this has reduced the conveyancing procedure by seven days. Not only that, but the structure and upfront reports have improved our relationship with solicitors and they have found it equally more efficient.”