PM Property Lawyers Develop Pioneering ‘ePIF’ To Fast Track Property Sales
In a bid to embrace an information upfront sales process, PMPL have exclusively developed the digital ‘ePIF’ to significantly reduce enquiries from a prospective buyer’s conveyancer.
Following detailed research and profiling PM Property Lawyers have created the digital ePIF to incorporate and expand initial enquiries into the draft contract pack, thus cutting out part of the delay in the existing process to create a more streamlined conveyancing journey.
All conveyancers can predict the enquiries that will be raised by the buyers when sending out a Draft Contract Pack, and that’s exactly what we’ve done with the ePIF. While the overriding doctrine is still caveat emptor – ‘buyer beware’, we have identified a number of areas where, through system intelligence and integration a client can be interrogated and provide additional enquiries and documents upfront.
Not only does this lead to faster transaction times due to less correspondence required between both sides conveyancers and their respective clients, there is increased transparency for the purchaser, with more information available upfront in the protocol documents which can be investigated at the outset. This leads to lower fall through rates at advanced stages, and a better experience for both the seller and purchaser.
The ePIF also promotes swift resolution of any ‘pressure points’ that may arise during the process (such as title defects, missing documents, breach of covenant, etc) by allowing the seller to take remedial action at the outset, buying additional time to discuss potential solutions and resolve the issue in the most effective manner.
The last few months have demonstrated the importance of working towards a fully digital conveyancing process, and at PMPL we’ve spent a great deal of time throughout lockdown on how we can change our processes to better suit our customers. COVID-19 has driven a greater demand for digital remote services, and we have found many more homebuyers and sellers preferring to see their transactions through from the comfort of their own home.
The ePIF provides a streamlined user experience, incorporating smart-form responsive technology that only asks relevant questions and allows the client to remotely manage their sale through their smart phone, laptop, or tablet.
We’ve also launched the eLIF, including intelligence relating to concerns about the safety of cladding on blocks of flats and other leasehold / management issues which continue to be a major source of delay.
PM Property Lawyers continues to take positive steps towards encouraging the wider adoption of technology in conveyancing and embracing innovation. For more information about the ePIF and our other projects, please contact [email protected].