As the consultation for the new TA6 form progresses, the Law Society is facing significant resistance from stakeholders concerned about the potential impacts of these changes on their professional roles and processes. While I understand these concerns, I firmly believe that a successful model already exists - one that can reduce friction, accelerate transactions, and enhance certainty for all involved.
Five years ago, I anticipated the challenges arising from the repeal of the Property Misdescriptions Act by the Consumer Protection Regulations. In response, I developed and trialed a digital collaboration solution that integrated agents, conveyancers, CRM systems, and property data providers. Working quietly with industry service suppliers—including Reapit, Law Firm Services, Sprift, Dataloft, Rightmove, and OnTheMarket—I created a blueprint that enabled all participants to work seamlessly within their roles while our integrated system enhanced transparency and efficiency.
Our trial involved over 1,500 completions, with an additional 1,400 sales in the pipeline. The results speak for themselves: we saved a minimum of three weeks in the post-memorandum of sale timeline, and to my knowledge, not a single sale fell through once instructed. The entire process ran smoothly for agents, vendors, and buyers alike. Stakeholders, whether fully aware or not, collaborated harmoniously, with our system managing the complexities of data and document flow behind the scenes.
This proposal has undergone rigorous scrutiny. Senior academics from the House Buying and Selling Group, along with specialists in digital identities who consult at the cabinet level, have reviewed and inspected my solution. Not one concern has been raised by CRM suppliers or these consultants - not out of politeness, but because the scheme is well-considered and designed to benefit all stakeholders rather than hinder them.
The only challenge is practical: the emergence of a new service within the conveyancing industry that acts as a crossover link between agency and conveyancing professionals. This week, I have begun exploring this new sector, which is already partially established with small-scale solutions struggling to gain traction due to the full potential of the solution not being explored on a broader scale. I estimate this new service could be worth between £50 million and £120 million, with an additional £300 million in revenue distributed differently than it is currently. This service would assist vendors in collating the necessary information for their conveyancers, while helping agents review and potentially disclose this information. In doing so, it would alleviate the challenges agents face in complying with legislation and address conveyancers' concerns about the provision of information for which they might feel liable.
Embracing Change for the Future of Conveyancing
As I reflect on the current climate, I recognise that resistance to change is often fuelled by the fear of losing control over established practices. However, it is essential for stakeholders in the conveyancing profession to realise that resisting change does not halt its progress; instead, it only ensures they will miss out on significant opportunities.
The emergence of a new conveyancing industry—*a crossover between traditional conveyancing professionals and innovative service providers—is inevitable. While it may not hold the same status as roles within the legal profession, the wages earned in this industry will carry equal value. This shift offers a chance to create a more efficient and responsive system that can better serve clients while adapting to the changing landscape of property transactions.
The financial implications are significant. With an estimated market worth between £50 million and £120 million, coupled with an additional £300 million in revenue that could be generated through new collaborative approaches, the potential for innovation and growth in this sector is tremendous. This new service will not only facilitate compliance with legislation for agents but will also provide conveyancers with the assurance they need regarding the information they handle.
The collaborative model I have developed has already demonstrated its efficacy. By bringing together various stakeholders and ensuring they can function without disrupting one another, we have proven that a better way exists. My objective is to engage with the Law Society and those responsible for the TA6 consultation to share these insights and encourage a collective vision for the future of property transactions.
I am asking for the opportunity to present my findings and solutions to those involved in shaping the new TA6 form. The insights I offer are backed by extensive documentation and the successful trial results, reflecting a selfless motivation to contribute positively to the industry. My work is not driven by profit but by the sincere desire to facilitate effective change in a profession that stands to benefit immensely from collaboration.
*It is inevitable that a 'conveyancing industry' will emerge to work alongside the conveyancing profession. While it may not have the same status as a role in the legal profession, the wages earned will hold equal value, whether classified as professional or industry income. Something the conveyancing profession should be investing time to understand.
Written by Robert May, a Guest Writer, updating us on his efforts to drive progress in the sector. If anyone would like to find out more, request to Link-In with Robert here and drop him a message.
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