COVID-19 and Residential Conveyancing


Residential-Conveyancing

November 09, 2020

Conveyancing is the process of transferring the legal title of a property from one party to the other party. There are two stages: the first stage is the exchange of the contracts, the point at which the terms of the deal set. And the second stage is being the completion, where the legal title gets approved. Like many other aspects in the legal world, the conveyancing system also has a specific process that has to be followed.

As per the recent government advisory, both public and those in the conveyancing field regarding the property transactions during this coronavirus outbreak, which says that people may continue their transactions by following the guidance. As per the government advice, here are some information and practical advice from our experience. 

If your property is not yet on the market and you were planning to do so this spring but have not yet done, the stay at home measures will surely make it complicated to begin the entire process now for the following reasons:  

  • All the estate agents are advised to close their offices and told to work from their homes. So, it will be difficult for them to visit your property and give you a market review.
  • Furthermore, you are not supposed to invite unnecessary visitors to your home, which would prevent having other formalities done.
  • And viewing is not allowed other than virtual viewings. 
     

Nevertheless, there are some pragmatic steps you can follow during these stay-at-home measures to prepare for selling your property, which could help you speed up the marketing procedure. And if your property is already on the market and in case you haven’t accepted the offer, you can continue to advertise the property as being for sale. 

In the UK, Conveyancing is typically outsourced by conveyancing firms to all third-parties, often situated in countries like India. Because of this, conveyancing firms can keep their overheads low while ensuring the quality of their service when going with a team of in-house conveyancers in the market. Going in-house can cost huge overheads with maintaining a UK-based conveyancer team.

It is beneficial for the conveyancers to grow their file count without adding any extra overhead when they choose to outsource. By selecting the conveyancing outsourcing partner, you are making your extensive team. This team handles files with an equal or higher level of speed and quality, which you would be expecting from your in-house staff, which enhances your confidence that you can grow and handle any incoming files. 

Outsourcing brings a plethora of benefits for the conveyancing firms, where they get immense growth opportunities and cost reductions along with exciting new avenues to explore and expand. By lowering their overheads, these forms can reduce their professional fees without impacting their profits and which will result in improving overall revenues of the conveyancing firms.

Outsourcing can improve your performance of your daily operations and also help you to deliver what your client wants at a lower cost and gives you the ability to respond to the constant changes faced by firms. Observed that more and more firms prefer outsourcing services where they can outsource anything start from the hard case handling to revenue collection. You are also stressed free regarding payments processing and regulatory compliance.

Hence, using these outsourced services will not only save you overheads but provide you enough time to focus on your core area with an edge in operational advantage and ample opportunities to grow your business further.