The first ever fully digital contract preparation and signing process for a house sale is about to be completed in London and will be the first step in a “huge” revolution in the way home sales are progressed, it has been claimed.
The Partnership, which is a leading player in the London and Home Counties conveyancing market, is only days away from exchanging on a property owned by a German investor using InfoTrack’s electronic conveyancing contract pack (eCOS).
The system enables buyers and vendors to complete and sign all documents online via the InfoTrack portal, which was soft-launched last year. The Partnerships is the first firm to officially use the system since its formal launch.
Parties using the eCos system now no long have to wait for signed contracts to arrive via the post, or print off unsigned contracts from email attachments, which InfoTrack and The Partnership say is likely to reduce the conveyancing process by up to three weeks.
“The digitisation of the conveyancing process is going to be massive,” says Peter Ambrose, a director of The Partnership (pictured).
“There are still a couple of challenges to overcome, the main one being that everyone involved has to buy into it, but nevertheless it will be huge because it means the process no longer requires signed documents.
“But, once the Land Registry enables Transfer of Title documents can be signed online, which they can’t by law at the moment, then the entire process will be truly digital.”
Peter says most of the time saved by digitisation is at the beginning of the process when traditionally conveyancers are waiting for paperwork to be returned.
“I looked at letting agents, many of whom have been using online systems to enable landlords and tenants to sign legal documents and wondered why we can’t do that,” says Peter.