London & European have launched a web-based property transaction management system, designed to take away control of the time to completion from the hands of conveyancers.
The company says that the Complete system, unlike other panel management systems in the market, dictates when a transaction will be concluded, and actively monitors the entire process to ensure that date is met.
London & European is a provider of services and solutions designed to speed up and simplify property transactions.
In extensive pilot programmes, the firm says that Complete has reduced the offer to completion cycle from a current industry average of 25 days to just four.
This it says has led to a significant decrease in abortive on abortive mortgage applications, often up to 80%, and created an additional 8.26m in revenue for lenders.
As the hub of the process, Complete links all parts of the chain, from the borrower to broker to lender to conveyancer and estate agent.
It is the only management system that actively monitors the speed and performance of conveyancing to meet set completion dates.
Through real time reporting, it identifies and rectifies potential issues and bottlenecks before they can become a problem.
This complete transparency of process improves communication and makes all members of the chain more accountable for their part in the process, resulting in a simplified and speedier process for all concerned.
Alan Smith, managing director of L&E, says: “We’re committed to making property transactions simple, fast and safe for lenders and, equally important, their customers.
“We’re pioneering the simplification and speed of property transactions and are committed to being at the forefront in the drive towards e-conveyancing.
“Rather than adding another link in the chain, Complete creates real transparency and controls the process through web deployment, real time reporting and direction of a quality panel of conveyancers.
“Complete is the hub of the transaction, monitoring the process from initial application through to completion, cutting it down to just days, not weeks, with the
result that the lender can start earning interest on its investment more quickly and the borrower gets their cash more quickly. A win-win for all.”