Giving Clients an Informed Choice and Embracing Technology
Following recommendations from the Competition and Markets Authority we have implemented several changes to our website and including the publication of our price information. This is aimed at helping consumers make better choices when choosing their conveyancer, property lawyer and solicitor.
When you visit our website, you can obtain an instant and accurate quotation for our conveyancing services. You can also find further information about our services and the conveyancing process. Our services offer you confidence and peace of mind together with the security of having a clear and accurate understanding of your rights and responsibilities as the owner of your property.
We are keeping abreast of the current developments in technology which are accelerating to address the lack of digitisation in our industry.
Key Statistics presented by the Ministry of Housing, Communities and Local Government at the annual Society of Licensed Conveyancers conference in November 2018 were:
- 12-14 weeks from offer to completion
- Leasehold Property adds a further week
- People move every 19 years
- Most people will only move 1 or 2 more times after the first move
- There are rapid changes in finding a home to purchase but limited progress elsewhere
The Government’s response to their recent consultation with key parties is clear, there is a need to improve the current system and build for the future.
Statistics as a result of their consultation are:
- 33% of buyers were concerned that the seller would change their mind and 46% of sellers thought the buyers would change their mind
- 16% of all buyers were concerned about gazumping (incidence only 1%)
- 70% of buyers and 66% of sellers were worried that a sale would not make it to completion after they had accepted an offer
- 50% of buyers and 70% of sellers would have been prepared to enter into a legal commitment after offer
One consideration is the use of Reservation Agreements and we are reviewing current options in the market from several PropTech companies.
We are also looking at improved measures for ID verification, Digital Signatures and current developments for the use of property logbooks.
HM Land Registry through their project ‘Digital Street’ seek to become the world’s leading land registry for speed, simplicity and an open approach to data. This seeks to revolutionise the conveyancing process by embracing emerging technology like Artificial Intelligence and Blockchain. The use of Blockchain and distributed ledgers (secure, online databases allowing everyone involved in a transaction to clearly track the status of a sale) is potentially the future together with the use of smart contracts (digital contracts that automatically complete once everyone involved has filled out their section) and digital signature technology.
Gaddes Noble Property Lawyers are committed to keeping up to date with all current developments to ultimately ensure our clients experience a more efficient and cost-effective conveyancing process.