E-Conveyancing: An update
The Land Registry remains committed to its mission 'to make conveyancing easier for all'. They are developing electronic conveyancing as a way of achieving this aim.
This will transform the conveyancing process in England and Wales.
Everything will be done electronically dispensing even with the need for an actual signature. Clearly those solicitors with up to date computer systems are going to have an advantage against those who do not have the case management tools.
One of the aspects of these proposals that should make a real difference is the introduction of ‘The Chain Matrix’. The Land Registry will act as a central recipient of chain information. The Chain Matrix is an electronic service through which the progress of property chains can be viewed online.
Most residential property sales are part of a chain - with each transaction dependent
on the progress of others further up or down the line.
Hold-ups in the chain can cause long delays for everyone involved, made worse by
the difficulty of locating the bottlenecks.
Chain Matrix will make the process clearer and more understandable by allowing
conveyancers, estate agents, lenders, buyers and sellers to keep track of their chains.
Conveyancers will initiate transactions and update Chain Matrix when each key stage
of a sale or purchase is reached. Homebuyers and sellers, estate agents and lenders
within the chain can then view how it is progressing. The idea has already had a
successful 6 month trial ending a month ago, so it looks like this will soon become a
reality.
Claire Nunes
Cambridge Property News - Nov 2007
