Conveyancing lawyers from the North East of England are developing a new legal and property tech-led business that they hope will speed up house sales.
Home Sale Pack is being designed to reduce the time it takes from offer to completion combining the in-depth knowledge of conveyancers with the use of Artificial Intelligence (AI) technology to source, analyse and present key documentation to provide up front information for house sales before the property is marketed.
Sources close to the project, which is expected to launch in the New Year, say AI could be used to title check documents and provide results in ‘plain English’ and could also confirm whether the document complies with lender requirements.
According to Rightmove it takes 21.5 weeks on average to move house from accepted offer to completion with much of the time taken by solicitors on both sides of the transaction requesting and reviewing documents ranging from Property Title Deeds and Energy Performance Certificates through to property-specific information.
Home Sale Pack builds on the ill-fated Home Information Pack and would allow the sharing of information and data to speed up the process including all the current trading standards regulation on Material Information.
Ruth Beeton (main picture), Co-Founder of Home Sale Pack and also Partner and Head of Conveyancing at Savage Silk, developed the idea with Simon Priestley, also Managing Partner at Savage Silk.
She says: “Conveyancers work exceptionally hard to help home buyers and sellers complete their transactions but existing processes can be cumbersome and time consuming.”
She adds: “We can see where technology can make a difference while maintaining the expertise and level of service that the public expect from their conveyancers.
“We believe that the use of AI technology combined with decades of conveyancing experience will lead to a reduction in time from offer to completion, falls offs and stress for homebuyers and sellers.
“Our website Homesalepack.com is now set up to allow estate agents and sellers the opportunity to pre-register so they will be first in line to use the product when it is launched.”
The Neg reported last month how the Home Buying and Selling Group is asking estate agents to help test and pilot new ways of moving home as it continues its mission to overhaul the process with government help.
The Group, an informal mix of people from across the property, legal and finance sectors, has launched a Discussion Paper revealing ways in which the process can be improved. You can share your views on special LinkedIn page HERE.