News Review: Property
The landscape for conveyancers is changing – and fast by
Sue Leckenby, chief operating officer,
Countrywide Conveyancing Services
change is on the horizon for the legal services profession. Having emerged from recession, the focus in these times of austerity is on protection. never before has there been a greater need to protect our businesses – protection from losing valuable customers, exposure to fraud, failure to develop with the times, inconsistent working processes, and finally, the protection of our relationships with trusted third parties such as lenders, brokers and estate agents. However, where there is risk
there is also opportunity. if we are willing to take a look at our businesses and adapt to these austere times then there is the opportunity to better ourselves, our processes and working practices, our relationships, and, most importantly, the experience that our introducers and end customers enjoy.
Cut price legals Simply putting the customer first could be the key to tackling some of these risks, particularly where service and customer retention is concerned. come autumn 2011 and the arrival of alternative business structures (aBSs), we will see the provision of some legal services, such as small claims and house purchases, offered by the likes of banks, insurance groups and supermarkets. the entrance of these providers
to the market could lead to ‘cut-price’ legals that some conveyancing firms cannot match. in order to compete, it is essential that we look beyond price comparisons and work out how we can offer consumers something different. We need to listen to our customers and introducers in order to meet their requests. the ‘one-size fits all’ approach to customer service doesn’t necessarily work. in order to stand out from competitors, we need to be flexible so that we can provide a more personal, bespoke package to our customers.
Communication one example is providing customers and introducers with a variety
talking’, by ensuring that the language we use in our documentation is consumer friendly. a pledge by the conveyancing industry to provide consumers with plain english accredited websites would be an encouraging move in 2011.
of
communication channels to suit their lifestyles and businesses. these include an email and texting service, access to a regularly updated website, and direct dial telephone numbers to experienced conveyancers, available outside the usual 9am-to-5pm office hours. We have an increasing dependency on technology and we embrace new technological advancements in order to provide lenders, introducers and the public with a more flexible and transparent service. the development of e-conveyancing will accelerate in 2011 and e-mortgage deeds and e-transfers will help to meet brokers’ demands for quicker transactions with access to online case tracking. underpinning
our
service offering should be a commitment to ‘straight
16 mortgage introducer NOVEMBER 2010
Mortgage fraud one major issue that conveyancers need to protect themselves against is mortgage fraud. conveyancers are vulnerable to exploitation and thorough due diligence has never before been more important. conveyancers, who are under increased pressure to exchange contracts quickly, are making mistakes and due diligence is being neglected. others are missing warning signs such as large cash payments or a mismatch between the cost of a property and the client’s income. Lenders are feeling nervous about the conveyancing profession to such an extent that we must be prepared for lenders to call the shots on how conveyancers’ risk policies must tie in with their own. this will become more of a prerequisite to doing business with lenders as mortgage fraud continues to rise. this can only be a good thing and by tying in with a lender’s risk policies, we can help to build trust, which makes for a more efficient and amiable working relationship between lenders, introducers and conveyancers.
Be prepared this is also significant, given the move by Santander and Lloyds recently to reduce the number of solicitors on their
panel, removing those who’ve produced low volumes of transactions. major lenders have argued that firms who’ve conducted low volumes cannot be aware of current conveyancing
practices
making them high risk for fraudulent activity. We cannot disregard such a move by a lender as ‘folly’ and must be prepared for other lenders following suit. By aiming for service excellence, combined with reliable legal practice, watertight due diligence and financial strength we will be well-placed to protect our valuable relationships with lenders. Finally, delivering volume is fundamental in ensuring the future of conveyancers. With the threat of removal from lender panels, the arrival of aBSs and the need to build financial strength, one such move is for conveyancers and lenders to take advantage of the remortgage market in 2011. Speculation that the Bank of england may increase interest rates, and the potential replacement of interest-only mortgages with repayment fixed rates means that there’s opportunity for experienced, financially stable and reliable conveyancing firms in the remortgage market. When change is on the horizon, it is easy to become caught up in debating whether change is a positive or negative thing. However, the time for debate is over. change is happening, and if conveyancers are to protect their businesses and the industry ahead, we need to embrace the change and seek out the opportunities it holds.
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