Key Takeaways from the Bold Legal Group Summer Conference of June 2022

Rob set the scene by welcoming attendees and reaffirming his desire for conveyancers to be recognised as playing a pivotal role in the UK property market – and that coming together to discuss key developments, issues and challenges can contribute towards being a force for change in the profession.

The agenda offered a mix of technical and educational updates regarding upfront material information, lenders and climate change, the challenges of electronic ID checks, PII trends, digitalisation as well as the challenges and possible solutions around the relationship between conveyancers and estate agents.

James Munro, Head of the National Trading Standards Estate and Letting Agency, who presented a session looking at changes to Upfront material information and referral fees confirmed that whilst the Property Information which is required to be disclosed is not necessarily new, the drive to ensure compliance and that property portals list this information is a priority. In addition, commenting on referral fees he reiterated the need for them to be disclosed upfront. Those wanting more information on the above can consult the National Trading Standards Estate and Letting Agency team.

Rob Stevens, Head of Property Risk at Nationwide Building Society went through some potential scenarios and the likely lending decisions, emphasising that the rise in energy costs is having an impact on affordability and how much buyers are able to borrow. EPC methodology is still proving to be a challenge – despite passing legislation in April 2020, around 40% of properties still don’t have a valid EPC.

David Opie, Managing Director at Today’s Media chaired a lively discussion on cyber security and the use of electronic ID checks and whether they should become mandatory. The panel agreed that firms using digital ID checks should have a workaround for those clients who can’t use the systems – eg those who don’t have a passport. Whilst the use of digital ID checks can be hugely beneficial in helping to speed up the conveyancing process and in some cases can even secure a PI insurance discount, the way in which the systems are used is key. Having the technology itself is not enough – it needs to be implemented properly and provide traceability should issues arise.

Mike Harlow, Deputy Chief Executive and Deputy Chief Land Registrar at HM Land Registry talked about how the HMLR is focussed on delivering what customers need today and innovating to make conveyancing more customer friendly, resilient and secure. With £8 trillion worth of property on the register and 14,000 firms applying to the HMLR they recognise that beyond their operational focus and clearing the backlog from the last couple of years, there is a need to transform the consumer experience. Their aim is for 70% of requests to receive automated responses – with a full strategy outlining future plans out soon.

Tim Barr, Partner at Womble Bond Dickinson and Joel Harding, Associate Director at Howdens Insurance Brokers, took delegates through some examples of PII claims, confirming that over 50% of claims relate to conveyancing work. The key areas for concern include a firms systems and IT, risk and supervision culture as well as their remote working, workload and mental health policies.

Attendees also participated in some break out sessions around climate change ,how to retain customers in a competitive market, as well as the benefits to be gained from digitisation and technology.

To conclude, Rob chaired a discussion talking about how conveyancers can work more effectively with estate agents and posing the question “ have we lost the art of getting to know, work with and appreciate our estate agent colleagues.” Communication, the sharing of information and expectations (don’t be making chaser calls to conveyancers on a Friday!) is key, as is educating consumers on the process and what to expect when buying and selling a property. Rob also introduced Bold Legal Move, a new directory of conveyancing firms who pledge to provide property transaction packs up front and National Conveyancing Week which will launch in Spring 2023 with the aim to educate, involve and celebrate the conveyancing community and those involved in the property sector.

Alongside these sessions were plenty of opportunities for conveyancers to talk, connect and share their issues and challenges. To that end, it was a great opportunity for all involved to feel connected by a shared purpose and sense of community which embodies the conveyancing profession.