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E-conveyancing promises paperless and speedy homebuying. Emma Lunn finds out if it really works.

Conveyancing is essentially the transfer of ownership from one party to another. You will need a conveyancer of some kind when you buy or sell a home, or remortgage. The process is carried out either by a solicitor specialising in conveyancing or by a licensed conveyancer.

 

If you use a high street solicitor or conveyancer most contact with them is over the telephone or in person. But if you use an 'online' or 'e-' conveyancer, most contact and updates on the transaction will be online.

 

The aim of online conveyancing is to make the property transfer process as paperless as possible, with aspects such as contact between the solicitor and customer, searches, money transfer and property registration all done on the internet. Other aspects of the transaction - such as those involving the Land Registry - still need to be done the traditional way, though there are plans to change this in the future.

There are a number of firms that offer online conveyancing and a quick search on Google should yield a list of results such as Easier2Move.co.uk, Convex.net, and Conveyancing-warehouse.com. These sites use a panel of approved conveyancers to do the work. In addition some high street names such as Halifax and the AA offer online conveyancing, again through a panel of specifically selected solicitors.

If you have ever used a traditional solicitor, you will know that you have to call them constantly to get an update on the case and you often have to wait for your call to be returned or the correct person to be available. In contrast, online conveyancers keep customers informed with text message and e-mail updates and/or have a website where you can log in to see what progress has been made with the transaction.

 

People using Halifax's conveyancing service can track the progress of their move online and also be kept informed of the progress of their home move by text message or e-mail.

 

Each update is triggered at key milestones throughout the process. For example, home movers using the service are automatically contacted when completed documentation is received, search results are known, the mortgage offer is received from the lender and contracts are exchanged.

 

Spokesperson Carol Wright says: "Halifax's online conveyancing service enables people to carry out the legal aspects of moving home entirely online on a 'no-sale, no-fee' basis. The service is quick and easy to use. Furthermore, users can be assured that solicitors come from a specially selected panel authorised by the Halifax.”

 

Karen Babington, sales and marketing director at Easier2Move, says online conveyancers tend to be specialists in property transfer as opposed to high street solicitors who offer a plethora of legal services such as property, employment, family and tax law.

 

“An e-conveyancer such as Easier2Move has a panel of solicitors who either specialise in conveyancing or have been chosen due to the excellence of their conveyancing departments,” she says. “This specialism can help to ensure that any potential problems in the process are identified and solved quickly.”

 

As online conveyancing is still relatively new, there are still some aspects that need to be done the traditional way.

 

Contracts still need to be signed by hand as, at the moment, there is no widely recognised electronic signature system.

 

Whatever kind of conveyancing service you go for, it is a good idea to shop around and get several quotes first. A quote - whether from a traditional or an online solicitor - should break down costs such as search fees, land registration fees, stamp duty, money transfer costs and fees for dealing with leasehold properties.

 

Some solicitors offer a 'no-sale, no-fee' guarantee, meaning that if your sale or purchase falls through you will not have to pay for the work the conveyancer has done, though you might have to pay for completed searches.

 

Duncan Samuel, managing director of online service Convex Conveyancing, says the cost of legal work depends whereabouts in the country the client lives.

 

“Legal costs vary hugely around the country; we find that we are cheaper than the average high street solicitor by at least 15 per cent in London, the South East, the South Coast, East Anglia and the Midlands, but we are the same price as, or can be slightly higher than, a high street practitioner in Sunderland or West Cornwall.”

 

Babington says that e-conveyancing firms typically offer better rates than high street solicitors as they can promise their panel of solicitors a certain volume of work and thus negotiate a discount. “However, when you are looking for a company to undertake your conveyancing, you need to ensure that you don't judge them on price alone - after all, a cheap service is pointless if it is sloppy and late,” she says.

Is online quicker?
The most common complaint from homemovers is the time it takes for the legal work to be done. The average time between acceptance of an offer and exchange of contracts is about eight weeks - then completion takes place a week or two after that.

 

During the buying/selling process there are about six documents that need to be sent through the post. E-conveyancers can make this easier as they often e-mail the documents, thus cutting out the wait for the documents to arrive and cutting the total transaction time by up to 15 days.

Samuel says: “The problem with the traditional conveyancing process is that very often it acts as a brake to buyers keen to complete on their new property. In many cases they are forced to wait 40 days or more as solicitors sit on their paperwork.

 

“The main benefit of online conveyancing is speed of service - which is the key to a successful completion. Because of the speed of the process, there is less chance of an abortive application. A massive 70 per cent of prospective buyers who wait over 30 days between offer and acceptance will not complete.”

 

Convex Conveyancing boasts that it takes 34 days to exchange contracts and 43 days to complete - a 41 per cent improvement on average.

 

Since 2002 all property titles have been computerised and the Land Registry is now consulting relevant parties on legislation for e-conveyancing. It plans to introduce a full e-conveyancing service in stages including electronic funds transfer for properties in a chain, interaction with the Revenue's Stamp Taxes Online system, electronic security and e-signatures. But it is looking at a long lead-time for the introduction of these services and is unlikely to offer a full e-conveyancing service until around 2014.

 

However, the Land Registry is already testing a new 'Chain Matrix' system, which allows home buyers and sellers to view their chain electronically. The system is being tested in Bristol, Fareham and Portsmouth and enables users to log on and see exactly where they are in the chain, and if there are any problems. There is also a completion calendar to help fix a convenient date on which everyone can move.

 

Dave Crowest, new business manager for Chain Matrix at the Land Registry, says: “Chain Matrix is an easier and less labour intensive way for conveyancers to view and update their chain and provide their clients with extended online access to progress.”

 

 

 

Convex is the trading name of Arquebus Limited which complies with the Solicitor's introduction and Referal code published by the Law Society | © 2009 Arquebus Limited: Telephone 0870 99 11 030. Registered in England with Company Registration number 6772691. We may record and/or monitor telephone calls or intercept other telecommunications between us. This is to protect both of us and for training purposes.

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