Xit2 says the Land Registry decision to shelve plans for some elements of e-conveyancing and in particular the Chain Matrix provides a tremendous opportunity for the market to focus on other priorities.
Peter Stibrany, managing director of Xit2, says although the aims of the e-conveyancing project were commendable they faced rising practical difficulties.
He says: “I think that most in the market will applaud the desire and motivation that sits behind the drive for electronic efficiencies in conveyancing. Now with the Land Registry putting to one side the aspects that slowed the process of change creates an opportunity to push forward with other initiatives.
“One area that will be of particular benefit to the market would be a move towards more electronic transfer of data between the various parties in the house buying process. There are already examples of information flowing between different parties in the process which provide clear examples of technological solutions working in action.”