PCC interviews WYM Legal on the benefits of outsourcing post-completion formalities
- What problems did you encounter when your post-completion department was conducted in-house at WYM Legal?
One of the real challenges around undertaking post-completion work in-house is that the capacity of the department is so closely linked to the flow of completions, leading to peaks and troughs around busy Fridays, month end and industry accelerators such as SDLT deadlines.
- Why did you take the decision to outsource your post-completion work?
With a ‘cost per registration’ arrangement, the post completion cost is higher in months where we have completed greater volumes, and less expensive in quieter months. This is considerably more cost effective than carrying consistent employee expense in the seasonal conveyancing industry.
- How easy was it for WYM Legal to make the transition to outsource to PCC?
Extremely easy. PCC hit the ground running and took lead on a smooth and orderly handover.
- What benefits have you seen in outsourcing your post-completion work from a staffing point of view and a business point of view?
From a staffing perspective, outsourcing our post-completion work has allowed us to focus our team resources on fee generating, pre-exchange work. From a business point of view there is a real benefit in the positive correlation we see between our fee yield and our post-completion costs due to the direct link between volume of completions and volume of registrations.
- Does outsourcing your post-completion work prove cost effective to your business and how?
Absolutely. The amount we spend on post-completion work increases and decreases with our volume of completions.
- Can you comment on how your business model operates now and is it more effective than before?
Conveyancers produce a post-completion handover on a standard form which was prepared by PCC, then PCC do the rest.
- Is PCC efficient in how they complete your post-completion work?
- Do you encounter any issues from PCC?
- Would you recommend PCC’s post-completion service to other conveyancing firms?
I would thoroughly recommend PCC’s post-completion service to other conveyancing firms.
- Where do you see the future of post-completion work in conveyancing firms?
The outsource arrangement definitely allows us to operate a more efficient model. I certainly expect to see a greater shift in this direction across the conveyancing industry.