A new sister company to auction platform IAM Sold has launched, offering a white-labelled conveyancing service to agents.
The Conveyancing Partnership is described as a software platform offering a white-labelled hybrid conveyancing and compliance solution for estate agents.
Its launch follows 12 months of beta testing with a number of independent agents.
It is the brainchild of Ben Ridgway and Jamie Cooke, who run the Intelligent Services Group of companies, which includes IAM Sold.
They say the software has been developed to help speed up the conveyancing process, support estate agents who want to use their local trusted solicitors, and who also need help with their compliance.
The software allows for a key part of the conveyancing process to be completed online when the property comes on the market.
Vendors are encouraged to complete their property information questionnaires and fixtures and fittings forms online. These are Law Society approved, and are completed and digitally signed by the vendor.
Once complete, TCP then produces an agent-branded compliance web link for the property which includes all of the essential information required by the buyer and their solicitor, displayed in a user-friendly way, meaning buyers can make informed decisions about a purchase.
It also means that once an offer has been accepted, the draft contract can be issued within 24 hours, as the property information questionnaire and fixtures and fittings forms are already complete.
In addition, fall-through rates are designed to be reduced thanks to a unique ‘traffic light’ report sent to the agent on each instruction to highlight any areas of concern, so the agent can mitigate any potential issues before a buyer has been found.
Ridgway said: “The conveyancing sector traditionally suffers from slow starts and long transaction times, which in turn can lead to higher fall-through rates. Our new approach hopes to help change that.
“The platform helps agents fulfil their obligations under Consumer Protection Regulations while benefiting from working with local solicitors of their choice.
“The clients we’ve worked with to build and trial the service have all reported reduced fall-through rates and quicker transaction times.”
One of the agents trialling TCP’s service was DDM Residential.
Managing director Graham Wilson said: “I have always thought conveyancing could be done in a more structured and sympathetic way, so we were pleased to get involved with TCP from the start.
“With the TCP property reports, the preparation work is done at the beginning of the selling process and this has reduced the conveyancing procedure by seven days.
“Not only that, but the structure and upfront reports have improved our relationship with solicitors and they have found it equally more efficient.
“TCP has been formed to bring the solicitor and estate agent relationships closer together, and it’s certainly achieved that.”