CONVEYANCING
SM What can industry members do to remain on lenders’ panels? EG We first of all need to recognise that with increased mortgage fraud, lenders are absolutely within their right to manage their risk and only work with trusted parties as a way of combating it. We have already seen major lenders such
as HSBC, Lloyds Banking Group and Nationwide reduce the number of firms that they have on their panels and I believe others will follow in their footsteps. Our members recognise that unless they
are both quick in taking appropriate action and ensuring they have rigorous measures in place, they could be left in a vulnerable position. That’s why the CA is working with lenders to ensure there our members are carrying out their services at a superior level which will best serve the wider industry and consumers.
SM Will consumers care which firm they use, do they even understand what the conveyancer does? EG The majority of consumers probably don’t fully understand what it is that we do! But a conveyancer effectively goes through all your paperwork and legalities to confirm the transfer of legal title of property from one person to another whilst notifying you of any restrictions or potential issues with the property in advance of a purchase. If we look at what factors affect your decision when choosing a conveyancer, cost, recommendations or previous experience are probably high on the list. As we enter a changing legal landscape, serious conveyancers therefore need to ensure that they are offering a competitive service with high quality standards.
“My view is that the volume of work will remain the same if not slightly lower than in 2011. But with the number of firms failing, it is up to those which remain to differentiate themselves from their competitors by offering premium level service to both borrower and lender clients in order to retain or increase their market share. There are opportunities for those who are prepared to adapt to the changes in the marketplace and remain attuned to clients’ needs.” TIM JORDAN,
PARTNER, FORSHAWS DAVIES RIDGWAY
“2012 looks set to be as challenging as 2011 for anyone who is actively involved in the conveyancing market. However the outlook must remain optimistic for those who think smart – maximise business opportunities, get out into the market place, know your customer and provide the best possible service.
SM Do accreditation schemes could play a role or are they not worth the paper they’re printed on? EG We are fully supportive of the objectives behind such schemes like the Law Society’s Conveyancing Quality Scheme and it is absolutely imperative that firms are committed to raising and maintaining standards. But my question is whether it will be enough to persuade lenders to do business with firms on the basis of this badge? In order to have teeth and longevity it will need to be robust enough for lenders to trust it otherwise I fear that they will continue to implement their own systems.
SM So what are the next steps for the Conveyancing Association? EG The coming months will be a busy time for the CA as we continue meeting with lenders and stakeholders, engaging in industry consultations and work to shape
WHAT DO CONVEYANCING ASSOCIATION MEMBERS THINK 2012 HAS IN STORE?
Focus on increasing your market share. Complacency will be the enemy of success in our field this year.” SIMON DAVID,
MANAGING PARTNER, THOMAS LEGAL GROUP
“I think we’re heading for a flattish year in terms of prices with some small growth in the number of transactions with restricted access to money and negative media being the two main factors limiting growth. The number of conveyancing providers will contract further in response to more restrictions by lenders and ‘dabblers’ deciding to come out of the market altogether.” MARK SLADE,
MANAGING PARTNER, FIDLER & PEPPER
“I believe that crucial to survival for conveyancers over the next few years are to cut cost and create efficiencies in their back office processing. Other entrants to the
market, panel reductions and online purchasing of services are putting pressure on fees whilst demand and expectations for higher service and quality of work is increasing. The introduction of further regulation and accreditation schemes will also force firms to revisit their business models.” VICTORIA MARSHALL, PARTNER, QCAS (SHULMANS)
“It is essential that firms offer exceptional service, quality advice and take risk management seriously. However, this alone is not enough to prosper. These attributes need to be communicated to your potential clients differentiating yourself from the competition via a carefully planned marketing strategy. If you can get this right, there is no reason why 2012 cannot be a profitable year.” DENIS STEVENSON,
MANAGING DIRECTOR, ROWLINSONS SOLICITORS
PROPERTYdrum MARCH 2012 27
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