In fairness to the legal profession, many of the problems are caused by factors beyond its control. For example, local authority searches can take longer than they should and are fraught with difficulty. They are often inefficient, overpriced and restrictive.In an ideal world, everyone should have access to the same local authority information at the same price for both pre-packaged and packaged data. You don’t have to be a genius to see that the provision of such a service will be fundamental to the success of Home Information Packs. Stripped to its basics, conveyancing is a process of information exchange and therefore ripe for automation. The Land Registry has not been slow to pick up on this and is hard at work implementing a project it says will make conveyancing easier for all. The Land Registry says its mission is to transform the conveyancing service in England and Wales and improve the buying and selling process for the public. It’s vision is to “deliver a world class conveyancing service where the worry and risk of the process are significantly reduced” and where “authorised parties involved in a conveyancing transaction can exchange information quickly, securely and reliably with each other”. Excellent. May the force be with it. The development of a fully automated e-conveyancing system will take between three and five years. The first phase is the development of what is known as a chain matrix. This will allow everyone involved in a property sale to track their progress along the chain using a secure portal. The chain matrix is being piloted in Portsmouth, Fareham and Bristol between this autumn and next summer. This will be the first step in a five-stage implementation programme. The next phase will be to develop electronic funds transfer and electronic signature facilities. E-conveyancing is still in its early days but the vision is to allow all parties in property transactions to complete the process online. This is a heady ideal but one that is well worth pursuing. The legal profession cannot discard its quill pens and curly wigs just yet but it might be time for lawyers to start brushing up on their keyboard skills.
PAYNEFULWith Mole off to sunny Spain for the annual Mortgage Summit in Jerez, there were bound to be hiccups from the outset. And none more so than for Halifax’s Edward Payne who was due to fly out with the Summit sponsors on the 7.15am flight from Stansted on Tuesday morning. They say the early bird […]
David Walton, an external member of the Bank of England’s Monetary Policy Committee, died last Thursday aged 43, following a short illness. Walton was the only committee member to vote in favour of an interest rate rise in the last two meetings. His death caused the financial markets to back-track, sending short sterling interest rate […]
Unity Homeloans, the lender created by intermediaries to serve the needs ofintermediaries and backed by Investec, has appointed Rob Field as head of sales.Field will be responsible for developing the business through maintaining and strengthening relationships with Unitys distributors.He joins Unity from All Types of Mortgages where he was sales manager and has more than […]
Estate agency Spicerhaart has reinstated Halifax on its mortgage panel and is ditching its single-tie agreement with Legal & General to become multi-tied. All five HBOS brands were removed from the panel more than a year ago following disagreements over the direction in which the companies were headed. Peter Gladdy, director of Mortgages Direct, the […]
Health cash plan provider Health Shield has announced that it paid 436,640 claims in 2013, representing 97.5 per cent of all claims made during the year.
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