e-conveyancing land registry
Most searches, particularly environmental searches are already done online and some local authority searches can be done electronically too.
Unfortunately not all local authorities are up and running with an online system yet, in these cases it means conveyancers have to revert back
to the old methods of obtaining the results of a search via DX.
A system called Land Registry Direct allows users to download office copy entries and copy documents in a matter of minutes. However the
computerised system means that no scanned copies of documents are kept at the office. Also there is currently no system in place to tie in
additional bits of land bought by one owner a few years later in a slightly different name. This again means that the conveyancer has to resort
back to the old paper-based methods.
The Land Registry model appears to be a more technical version
of an electronic chain sheet that an estate agent would keep. This is not expected to cause many problems, as it is basically a case management
system. The proposal of electronic signatures however are another matter. These will allow conveyancers to sign documents on behalf of their
clients. However it has not yet been decided how these will be put in place.
This switch to online conveyancing
will have consequences for other firms involved in the buying and selling process. Part of the process
involves the banks carrying out a telegraphic transfer of money. Banks involved would have to ensure that telegraphic transfers were quick
enough to keep up with the newer more efficient conveyancing system. Funds would have to be released on the morning of completion without fail.
Questions also arise for conveyancing
firms in terms of upgrading current systems to run the new software. Upgrading could be costly and
staff may need training. Some firms may simply be unwilling to change to an online conveyancing system due to the cost implications of the change.
To conclude, the government believes that computers should play a greater role in conveyancing
to make the process of buying a house quicker and more straight forward. Although computers may be able to streamline some of the tasks not
everyone is convinced that a total reliance on computers is a step in the right direction. Some searches can already be done online which has
led to greater speed and efficiency but other areas of the process are not so simple. For example ideas have been put forward to introduce online
signatures but it is unclear how this idea can be implemented.
Such changes will also affect banks and building societies. As well as these issues conveyancers will need to consider the costs of upgrading
and learning how to use these new systems. Therefore it may be some time before the whole process becomes as efficient as it is hoped to be by
the government.
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