One of the key players in the Land Registry’s recent pioneering Digital Street conveyancing blockchain pilot says the stress of agents biting their nails as their clients all move home on ‘nightmare Friday’ will soon be a distant memory.
Geoff Dunnett, Legal Service Director at fintech firm Shieldpay, says when blockchain goes mainstream in approximately two years’ time vendors and buyers will be able to move home on any day they choose, including Bank Holidays and weekends.
When integrated into a blockchain conveyancing system his company’s online escrow account service will remove the need for solicitors, estate agents, banks and home buyers to chase payments up and down a chain.
It will also mean agents won’t have to endure the stress of sales falling through at the last minute on a Friday before the banks close, and that buyers will no longer have to take time off work on the day they are supposed to move home.
“The main reason why chains fall apart in the UK is around the movement of funds as payment goes from law firm’s bank account to another along the chain to the lender at the end, all within an day,” says Dunnett (pictured, left).
“Fridays still have to be avoided these days because so much money is moved on that day that it invites payments being delayed and makes lawyers so stressed – by having to deal with payments and last minute issues – that they are more likely to make mistakes.”