e-conveyancing the future
Most of these changes centre on moving the conveyancing
process from a paper-based system to an online one changing the way conveyancers have
worked for numerous years. Not only is an online system predicted to speed up the process but also make cases more transparent to all parties
and as a result providing all parties with an online update of each case as it proceeds.
In opposition to the old-fashioned paper based way, this transition to a more electronic way of conveyancing is a key element of the Governments
programme to update and modernise public services. It is forecast that the full online system will be up and running towards the end of 2009.
Through doing this it is hoped that conveyancing
will become a quicker, more efficient and more precise procedure.
Steps are already in place to launch a broad e-conveyancing pilot in autumn next year. A small number of the components for the full
e-conveyancing pilot are already up and running including the online provision of deeds, filling out of land transaction returns and
electronic access to search data. The results of the online system are already beginning to show. Previously 15% of local authority
searches were returned, due to them being incorrect in some way, causing setbacks and delays. Now that the searches can be done online
this figure has dropped to just 1% of cases returned because of inaccuracies.
Breakdown of the E-Conveyancing Pilot Due in 2007
The 2007 pilot will include a "chain matrix", this will allow conveyancers to view the current position of other parties in the chain
as well as notify others of their position. This matrix will be automatically updated as and when changes occur. A completion calendar
will show when the process is due to be completed.
Electronic signatures will be introduced to permit the conveyancer to electronically sign documents on the client's behalf.
There will be a link will be available to HM Revenue and Customs to process Stamp Duty Land Tax data.
An automated validation check will take place comparing data against Land Registry files.
The Future
The system is being taken online so that the housing market as a whole can benefit from the added speed of working online. Not only
this but the electronic system will provide a more accurate and consistent way of working for conveyancers. Firms will also gain
financially from the time saved. By streamlining working practices, those professionals that have prepared for a change can ensure
they thrive in the new online economy. By implementing this new system the industry can start delivering a more efficient buying and selling
process that will fall in line with the governments plans for the modernisation of public services.
| 
