“It’s been sold before, so it’ll sell again”
No-one ever said that working in property law is a walk in
the park. Unless that park is the Peak District and you’re struggling up the
28% incline of Winnats Pass. In which case, that’s a pretty fair comparison.
However, things are about to get a whole lot more difficult,
and there’s precious little we can do or say to stop it. Much like riding the
famous waves at Nazare in Portugal, lawyers have little choice but to strap on
a life-jacket and dive in.
This is because, like everything else in 2025, new technology
is about to bring seismic changes to conveyancing and the impact is going far
beyond most people’s imagination. The drumbeat of change is no longer over the
next hill, but instead, like those warnings you see on car wing-mirrors, is much
closer than it might appear.
What are we NOT talking about
Firstly, let’s clear up what technology we’re talking about,
because it’s easy to be side-tracked by electronic onboarding, signatures and
online forms. Sure, electronic signatures are convenient and if clients want to
complete their TA10 on their laptop, then who are we to criticise them. If the
sun was shining, we might even share their identification documents with other
people in the process. Which would save a few days.
But these tiny increments don’t change the way that lawyers
carry out due diligence and have been doing the same way for decades, albeit substituting
letters for emails. The problem is the inexorable rise of the volumes of data
and potential issues, so it’s no wonder transactions are slower now.
The rise of artificial intelligence
Many people are today, whether they know it or not, using
artificial intelligence in their daily lives to help them become more expert
with challenges that previously they might have found a bit tricky. Like creating management reports that are
actually readable, writing presentations that don’t cause their audience to
fall asleep from boredom or producing delicious meals from a cucumber, 500g of
Cheddar and half a shrivelled Chorizo they found at the bottom of the fridge.
Oh, and yes, conveyancing.
We are now seeing clients taking the documents we produce, and
instead of asking us to summarise our Report on Title that we lovingly created
for them, they are throwing caution to the wind and exposing all their personal
information to the public scrutiny of ChatGPT. Then they are asking a LOT of
questions about leases, management packs and “do we REALLY need a Deed of
Variation”?
When combined with the noticeable breakdown in trust in our
post-pandemic world, this can only mean one thing. As lawyers we will be faced
with a better informed and more expert public who will demand more
accountability from us.
We’ll look back on those halcyon days when clients would
Google questions for us, with fond naivety.
So what can we do?
Given the inexorable rise in informed opinion from clients,
lawyers are faced with a choice that would have caused Thomas Hobson, (who gave
rise to the phrase, “Hobsons Choice”) sleepless nights. Lawyers will be forced to use technology to give
them a much higher degree of protection than they had ever needed in the past.
As an example, it used to be the case that if a property had
been sold several times, it would probably experience fewer legal issues, as such
matters would have been addressed in the past. However, with the rise of
technology that is conceivably able to perform more technically complete accurate
work than lawyers, as it can take into account much more information, problems
that may have previously been missed, will become more likely to be discovered.
With this breaking of the “monopoly of knowledge” lawyers
will have to rely on technology to interpret documents better than them and be
prepared to act more as adjudicators and decision-makers on whether issues are
worth raising and what are not.
The genie is out of the bottle
Some will suggest that technology is best left to the less
experienced lawyers, whilst those with more experience will continue to follow
their traditional path.
This will be missing the point – we need experienced lawyers
more than ever to mentor and teach their more junior colleagues, and give
informed opinion to clients, lenders and indeed, other lawyers.
Artificial intelligence is making expert opinion on complex
issues such as conveyancing much more widely available, and lawyers have no
choice but to embrace and adapt these technologies today, because those distant
five-year horizons of change that are so often quoted, may be hopelessly
optimistic.
Peter Ambrose is the CEO of The Partnership and Legalito – specialists
in the delivery of transparent and ultra-efficient conveyancing software and services.
Peter Ambrose: pambrose@thepartnershiplimited.com,
01483 579978
Press enquiries: Tracy Holland, tholland@thepartnershiplimited.com
01483 579978