To begin with, can you tell me a little about eCoveyancer?
eConveyancer was developed in 2003 to help customers compare conveyancers based on price, service and location.
Over the last two decades we have realised the importance of communication within the whole home buying and moving process, and the vital role that technology has to play.
We’ve seen that we can help to improve the experience and our parent company Smoove is investing in creating a smoother process for everyone involved in a property transaction.
For brokers, eConveyancer offers a panel of more than 70 of the UK’s leading conveyancing firms that are quality assured and are authorised and regulated by either the Solicitors Regulation Authority or the Council for Licensed Conveyancers.
We audit and benchmark every firm on the panel and are able to offer quotes in less than a minute, with full instruction in less than two minutes.
What are the advantages of working with a conveyancing panel manager?
A big frustration for brokers is that much of the homebuying process is out of their hands. However, they can still influence how smoothly a transaction is able to proceed.
Partnering with the right panel manager gives brokers more control and can make a big difference to the experience of their clients.
As a panel manager, we have done the hard work to individually select the firms on the panel, so our partners can use the service in confidence.
Our solicitor and conveyancing partners compete on price and service, so the customer can compare quotes like for like, decide which is best for their requirements and save money.
Each firm is rated based on broker and customer feedback, so current service levels are transparent.
Partnering with a panel manager can also provide brokers with an additional source of income as they can earn referral fees on cases that are processed through the platform.
Can working with a panel manager help prevent delays in the process?
The latest study from our parent company, Smoove, found that over the last six months it has taken on average 153 days to complete the home purchasing process.
To put that into context, back in 2019 it took just 124 days, so the time to complete a purchase deal has grown by almost a quarter.
There are various drivers behind this increase in completion times.
Some lenders have encountered difficulties in processing cases, there are not enough surveyors carrying out valuations, and conveyancers have also been working under huge pressure.
Working with a panel manager can certainly help to deliver a quick completion as we work with specialists who we know can deliver and service levels are monitored and published.
We also provide brokers with a customer experience team who are on hand to help brokers rather than them having to contact conveyancing firms directly.
Our team answers the phone within 30 seconds more than 95% of the time, so brokers don’t need to worry about hanging on hold for a long time, which we know can be a big frustration for many.
There is no silver bullet, but with so many different parties involved communication is key. It’s important that all stakeholders in a case communicate effectively with each other.
Brokers can help contribute to this. For example, when it comes to completing the starter packs, solicitors need all of the required documents as soon as possible as nothing can start until this is done. Similarly, if there is an ERC on an existing mortgage, it’s important to let the solicitor know when it ends and whether the client is paying this or not.
Other factors that can lead to a smoother completion are similar to the requirements that lenders have and include making sure ID matches the name on mortgage – especially if the applicant is recently married or divorced. And make sure to check the spelling of names on the documents.
How can technology help to improve the process?
It’s clear that we can speed things up by embracing a different way of operating, particularly by utilising technology more smartly.
Technology can provide everyone involved in the deal with a better way of sharing documents and updates, which not only means that all stakeholders are clear on the progress of a case, but also means unnecessary delays can be cut out far more quickly than is currently the case.
This change is coming to the conveyancing world.
At eConveyancer we’ve devoted a lot of time and resources to developing the systems that will mean a smoother and more efficient process.
For example, our purchase of Amity Law, an actual conveyancing firm, means that we are able to test products and approaches in a live environment, ironing out any issues, before rolling it out to our full panel.
Change isn’t something that happens immediately. It can take time to get the processes right, iron out the issues in the technology, and get everyone on board to make a tangible improvement to the way things work in the conveyancing sector.
There is, however, change happening already.
A good example of this is DigitalMove, a service we offer via eConveyancer. DigitalMove is an onboarding and communication tool which brings together key stakeholders in the homebuying and selling process, providing a digital journey that improves communication and reduces transaction times.
It also features Rapid Remortgage, which has been designed to make remortgaging just as quick and convenient as a product transfer, making it easier for clients to refinance to the most suitable mortgage for their requirements.
Is there anything else that brokers can do to help completion times?
One important thing brokers can do is to make sure you consider options other than products with free legals for remortgage clients.
Free legals have a time and a place, but it’s really important to look at other options, such as for example fixed fee or cashback deals.
The most appropriate solution will depend on how long a client has until the expiry of their current deal.
Free legals can sometimes work for customers, but they can also come at a cost.
The legal firms providing them have to take on masses of cases in order for the business model to work, which can result in a lengthy, protracted process.
They may not have the staff numbers necessary to handle cases in a timely fashion.
These delays then become more pronounced for cases where there are elements that are anything but straightforward as firms offering free legals generally lack the expertise and experience necessary to avoid these potential hiccups developing into something more serious.
What’s more, only a very basic level of service is provided.
If there are any additional requirements – a lease that needs to be reviewed, for example – then there will be a further cost to account for too, undermining the supposed money-saving benefits of going down the free legal route.
Brokers understand the value of their own service, and thankfully now have the confidence to charge a fair fee for what they provide.
The same is true of conveyancing. Working with the right panel manager means that you can find a conveyancer for your client who has the necessary experience and capacity to handle the case properly, whilst also fitting their budget.
