Should buying a property be as quick and as easy as buying a car?

Yes it should….and we’re getting closer.

Where there’s no chain involved, here at AVRillo, we can be ready to exchange contracts in 4 to 8 weeks on 80% of our cases by the full range of innovations currently out there, or as soon as the mortgage offer and/or full lease pack arrives. 

If we can do it, other lawyers and conveyancers can, too.

Why is speed so important?

Because it’s not fair or acceptable for consumers to suffer a 37% fall-through rate and one of the major causes of fall-throughs is conveyancing delay. Collapsing deals can cost buyers and sellers tens of thousands of pounds and it costs estate agents their ability stay in business - no completion, no payment. This is often at the back of the lawyer’s mind as they get paid irrespective of how long it takes to complete, or if it completes at all. What other service has such a high risk of failure? Especially when the solution is already here.

Why can we and other conveyancers act faster now?

Because the technology is here. It exists. The problem lies in encouraging the conveyancing industry to alter their mindsets - to streamline the home buying process which has remained relatively unchanged for 100 years. Just because things have been done in a certain way for generations, doesn’t mean they have to remain stuck in the past.

Why should the seller and buyer have to wait 5 or 6 months to complete? Why should more than 37% of them run the risk of not moving at all? No other industry would leave consumers so exposed.  

With such technical advancement, the future of conveyancing promises a more efficient, streamlined, and customer-friendly process. That future is here and it needs to be more widespread by encouraging more lawyers to embrace technological advancements.  

Could more be done? 

Of course - always. More lawyers need to see how conveyancers utilising innovation is changing their clients’ experience for the better with not only faster and better collaboration with them but also with estate agents and lawyers across the chain.  It’s not difficult, lawyers need to embrace technology now.  Even the Land Registry has open integration.  My own view is that Government support and intervention may be necessary to facilitate this across the board, but that doesn’t mean consumers should suffer from unreasonable delays, wasted costs and an inexcusable fall through rate now. Those days should be gone forever.

Is the future now? 

Yes, pretty much. 

Professor Richard Susskind, a prominent legal futurist and author, has spoken extensively about the future of AI and technology in the legal profession.

Susskind envisions a future where AI systems will be capable of handling routine legal tasks, including those related to conveyancing. These AI-powered tools would help automate processes, analyse documents, and perform due diligence more efficiently than humans. This would lead to cost savings and faster transactions, ultimately benefiting clients.

He also emphasises the need for legal professionals to adapt to these changes and embrace new technologies or be out of business.  Especially conveyancers.  

Conveyancers should focus on automating low value administrative tasks, releasing time to provide higher-value hand holding and problem-solving time that require human judgment and solutions. By doing so, they can remain relevant in an industry that is being reshaped by technology.

Legal professionals should be prepared to adapt to these changes and leverage AI to improve the efficiency and effectiveness of their services.