Conveyancers are reportedly spending nearly half of their workday in pursuit of other stakeholders or being pursued by them, according to a recent study.
The study, conducted by Landmark Information Group, engaged 100 residential conveyancers across England, Wales, and Scotland. Findings revealed that the time spent by conveyancers in ‘chasing stakeholders’ rose by four percentage points to 43%, highlighting a significant aspect of their daily routine.
The most significant frustration for conveyancers, having increased from fifth position last year to the top spot, is the duration required to complete transactions. This concern was expressed by 53% of the respondents. The next issues were regulatory and administrative burdens at 47%, high workload and lack of resources at 43%, and poor communication among transaction stakeholders, as well as being chased by them, both at 31%.
Researchers noted that transaction times remain persistently high, causing massive pressure on conveyancers to meet increasing demand more swiftly than before. This pressure is exacerbated by factors largely beyond their control. ‘Scope creep’ was mentioned, whereby conveyancers handle questions outside their expertise, such as those related to climate. Addressing these questions earlier may reduce future inquiries.
Respondents expressed that more productive work can be achieved with faster transactions and less chasing. Interestingly, 52% of those surveyed have begun managing workloads more effectively, while 44% are actively seeking new business opportunities. Investment in training (41%) and digitisation of processes (34%) are ongoing strategies.
However, investment in IT saw a downturn, dropping by 20 points to 44% in 2024. While firms continue to invest, there’s a shift towards consolidating current technology rather than acquiring new systems. Meanwhile, AI’s role in assisting fee-earners declined, noted by a drop to 39%, though it remains useful for streamlining tasks and aligning work with the right expertise.
AI’s diminished role in conveyancing support may turn around in 2025. Flexibility remains vital for attracting and retaining talent, leading the list over enhanced training and better technology.
Proactive steps like ‘upfront data insights’ could mitigate delays, with two-thirds of conveyancers supporting this, up from 54% in 2023. Enhanced transparency and technology use offer a beacon of hope as the sector looks towards 2025.
Elizabeth Jarvis of Landmark Search emphasised, ‘With nearly half of a conveyancer’s day lost to stakeholder pursuits, the necessity for AI and automation has never been clearer.’ She remains optimistic about 2025, should leadership embrace change as seen in 2024.
Public comments from Steve Cole reflect a more critical perspective, expressing concerns over the diminishing status of true conveyancers in favour of less qualified staff handling processes, amidst broader issues like bribery and unrealistic client expectations. Cole highlights the pressures endured by conveyancers and the thanklessness of their responsibilities.
As 2025 approaches, the conveyancing sector stands at a crossroads, grappling with persistent challenges and emerging opportunities. Stakeholder communication and transaction times continue to be central issues, suggesting a need for strategic innovation and proactive leadership.
