This guide explores how Legl’s platform revolutionises client onboarding for property transactions, reducing delays, enhancing compliance, and streamlining key processes such as identity verification, document signing, payments, and source of funds checks. Discover how to optimise your firm’s workflows, improve efficiency, and ensure compliance with SRA regulations.
Key Challenges in Residential Conveyancing
Client onboarding for property transactions can be a time-consuming and complex process due to:
Manual processes leading to delays and inefficiencies.
Fragmented compliance steps requiring multiple tools and communications.
Risk of errors and fraud when verifying identity, payments, and source of funds.
Long onboarding times delaying revenue generation for firms.
How Legl’s Platform Helps
Seamless Digital Client Onboarding
Consolidates all onboarding tasks into a single, intuitive platform.
Reduces delays by automating ID verification, document signing, and compliance steps.
Automated Identity and Compliance Checks
Uses biometric verification to confirm client identity remotely.
Streamlines PEPs and sanctions checks without the need for manual searches.
Ensures compliance with SRA regulations and reduces risk exposure.
Effortless Document Management and Signing
Clients can receive, review, and sign documents electronically without downloading additional apps.
Solicitors can specify where clients need to sign, reducing errors and confusion.
Eliminates the need for physical meetings and back-and-forth email exchanges.
Secure and Controlled Payment Processing
Firms can request and collect payments directly through the platform.
Removes the risk of overpayments or incorrect transfers.
Ensures compliance with SRA Accounts Rules and mitigates money laundering risks.
Simplified Source of Funds Checks
Digitises the process of collecting and verifying financial information.
Uses AI-driven prompts to guide clients in providing the necessary documentation.
Enables direct bank statement collection via open banking, preventing fraudulent submissions.
Steps to Optimise Residential Conveyancing Onboarding
1. Implement Digital ID and Compliance Checks
Reduce onboarding time by automating biometric identity verification.
Use real-time sanctions and PEPs screening to assess client risk instantly.
2. Streamline Document Signing and Management
Send property-related documents, engagement letters, and ownership declarations digitally.
Allow clients to sign documents on any device without the need for external tools.
3. Automate Payment Collection for Compliance and Security
Request and track payments securely without exposing firm bank details.
Ensure payments comply with AML regulations and prevent money laundering risks.
4. Digitise Source of Funds Verification
Reduce manual email exchanges by using AI-powered source of funds checks.
Leverage open banking to collect valid financial records directly from clients.
5. Gain Full Visibility and Audit Trails
Access an instant client due diligence report for every transaction.
Maintain a comprehensive audit trail for regulatory compliance and risk management.
Conclusion
By using Legl’s digital onboarding solution for residential conveyancing, law firms can reduce onboarding time from 24 days to just 19 hours. The platform eliminates inefficiencies, improves compliance, and enhances the client experience - leading to faster payments, reduced administrative burdens, and more time for legal work.
If you have any further questions or would like to explore Legl’s residential conveyancing functionality further, please reach out to [email protected].