Land Regsitry
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Latest property news
Digital conveyancing ‘revolution’ imminent, says Land Registry
A major shake-up of conveyancing is about to kick off when the Land Registry starts publishing comparative data on how fast and efficiently conveyancers perform, it has been revealed. The Land Registry says it wants home movers to be given a ‘real picture’ of how well their conveyancer performs overall in the market before engaging them, as well as enabling firms to track their own performance. The news is revealed within the Land Registry’s Business Strategy for the next five years, which also says it wants to prevent so many chains falling apart. Research by Which? last year highlighted how at least a fifth of all sales that fall apart prior to exchange of contracts do so because of a failed chain. The Land Registry says it will begin publishing its data in a way – presumably in ‘real time’ – that will enable conveyancers to develop automated sales progression and chain management tools. Online agents The Land Registry says its ‘digital first’ approach is in response to the increasing digitisation of the property buying and selling process including, it says, the rise of online estate agents, conveyancers and property information providers. And the organisation says it has other ambitious…
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Latest property news
First ever digital exchange of contracts about to take place
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…
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