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Features 37SECTOR ROUNDTABLE:CONVEYANCINGModern Law asked some of the leading commentators and practitioners in theconveyancing arena to have a rare meeting of minds and give their thoughts as to where thesector is, where it’s going and what’s needed to stave off the competition.MLM: What is the present state of theconveyancing market?Harris: Conveyancers have really led the way in gettinginformation from the Land Registry. Of the 7,500 reportedconveyancers, probably around 18% of those do significantlevels of conveyancing. It’s important to ask what makes a‘top 100 firm’. According to the June 2012 Land Registrydata, 45 firms in England and Wales are doing over 100transactions pcm. It takes roughly seven people in adepartment to do over 200 transactions pcm so a leadingfirm would have at least this number of conveyancersin their department, doing residential and commercialproperty transactions.Hailstone: What we need to ask is why the larger firmsseem to be increasing market share – what are they doingdifferently? It’s partly access to distribution and panels.Not only can some of the small firms not get on the panels– as we saw with the HSBC affair – but it seems they don’teven choose to. Possibly because they simply can’t meetthe requirements.Barnett: There’s no easy answer to this. In the 1980s,conveyancing went through the estate agency route, now wehave a maturing marketplace with lenders and estate agentscontrolling the marketplace. Consumers need to understandthe value in the conveyancing process – and about thechoices available to them. Consumers also have higherexpectations of the technological access to conveyancing– along the lines of information on iphones and tabletcomputers. Technological innovations are essential.Goldsmith: Estate agents have become better atencouraging clients to use panel solicitors - they are thefirst point of marketing.Olowe: Referral fees are more profitable than selling housesas it’s all profit - it’s an attractive by-product.MLM: So what are the problems?Hailstone: Despite the fact that consumer feedback on theconveyancing process is positive, the polarisation of themarket has led to power flowing into a small number ofhands means. It’s questionable if the system is in the bestinterest of consumers.Roundtable GuestsChair: Eddie Goldsmith Partner, Goldsmith WilliamsDes Hudson Chief Executive, The Law SocietyMike Okenden Thornbury AssociatesJohn Turner Regional Manager, Landmark Information GroupRob Hailstone Founder, Bold Legal GroupChris Harris Today’s ConveyancerVictor Olowe Managing Director, Winzest ConsultingBen Harris Sales & Marketing Director, TM GroupRichard Barnett Senior Partner, BarnettsHudson: It’s interesting to see the perceived outrage bythe consumer regarding the HSBC panel. This was a poorlyexecuted move and people voted with their feet. However,despite the concern, consumers wouldn’t be worried untilthey are informed. Unless they are told by solicitors, thepublic will be unaware of problems arising. Panel problemswith lenders will continue unless regulatory action is taken,which is unlikely.Hailstone: The benefit to the consumer isn’t necessarilyabout reduced fees but about value – the process andlawyers’ role needs to be articulated.TM Group (UK) Limited TM Group (UK) Limited includes TM Property searches and TM Secure.TM delivers flexible and efficient online systems that are designed to helpproperty professionals order and manage conveyancing information online.An independent private company with over 12 years’ experience in webbasedconveyancing tools, TM Group has developed a range of sophisticatedonline systems that focus on reducing risk and maximising efficiencies.TM’s robust and flexible systems deliver a wide range of conveyancingservices to the property industry and now are relied upon by manyorganisations. TM Official Search Services links local authorities directlywith conveyancers helping to smooth the process of ordering OfficialSearches whilst reducing unnecessary costs whilst TM Property Searchesoffers Conveyancers an online search ordering and managementsystem including over 75 different searches, instant title insurancepolicies and a sophisticated anti-money laundering solution. TM Secureprovides mortgage lenders and their panels an effective and efficientway of managing the conveyancing process and itsassociated risk. Many search suppliers also rely onTM’s efficient technology to access searches for theirown customers.For further information please visitwww.tmgroup.co.uk or call 0844 249 9200Or email info@tmgroup.co.ukML // November 2012
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