Still have questions?
Can’t find the answer you’re looking for? Please chat to our friendly team.
The ease of purchasing property in England and Wales is in urgent need of addressing. The challenges for purchasers, vendors, and professionals are significant, with multiple national and international reports highlighting the challenge*.
A Conveyancing Association white paper** compared the home buying process in England with the processes in Scotland, the USA, Australia and Denmark. The research found USA transaction times of 4 to 6 weeks, compared to 12 to 14 weeks in England. In Scotland non-mortgage transactions routinely completed within five working days.
Internationally, despite an overall ranking of 8th, the UK ranks 41st for registering property***.
More than one million homes change hands annually and 70% of buyers (66% sellers) enter transactions expecting them to fail****. Even pre-Covid stimulus and browsing restrictions, saw 30% of property sales failed before completion***** costing UK homebuyers £607m annually******.
Delays can lead to stress, additional costs for those involved and can increase the risk of gazumping and transactions failing.
Moving house has been ranked as the most stressful life event for 57% of movers. In a recent survey******* found over half of respondents ranked moving house as the most stressful life event, more so than having a child, starting a new job, or going through a divorce. Both men and women cited moving house as the most stressful life event – 51% and 62% respectively.
*World Bank’s Doing Business Index, multiple MCHLG reports and government manifesto promises, **Modernising the Home Moving Process (November 2016), ***World Bank’s Doing Business Index 2020, ****MHCLG-2018, *****MHCLG-2019, ******Wiggywam-2019, ******Legal & General
2 years of planning and preparation helped us shape and refine with a team of incredibly talented and diverse property experts, software engineers and advisors
ProConvey takes a whole process approach to the fundamental challenges that need addressing. With a dual focus on creating effective client support tools to collect accurate information alongside intelligent deployment of integrations and data collection to maximise digital efficiencies, ProConvey is an open-ended platform which reduces conveyancing time by 50% and cost to conveyancers by 70% per case.
Further to the central client experience and transaction speed our team are working with AI to support clients through the process, improve pack quality, check provided data for errors, learn from repeated issues and anticipate likely complications from transactions.
ProConvey is a novel digital solution aimed at addressing the underpinning challenge which is shared across the conveyancing process.
Fundamentally, this is the process of gathering the necessary data, swiftly and without error. One of the main struggles with conveyancing is a necessary reliance on the selling party to provide the information and appendices in the correct format fundamental to sell the property, as well as providing third parties details for checks and confirmation, or delays will follow.
Our aim is to create a digital AI-powered pathway which navigates the multitude of required steps rapidly, while providing the support, guidance and required information to the end-user in one simple platform to reduce errors, ensure all information is to hand and tackle consumer frustration.
Watch this space.
