E-conveyancing will remain a myth until the Land Registry and lenders get key house mover data in a structured form and use a common transactional portal, according to conveyancing firm Muve.
CEO and solicitor David Jabbari says hardly a day goes by without another prediction that we’re on the brink of a fully digital conveyancing process, but that the legal and prop tech community mistakenly think that a new technology will be the magic bullet that heralds the new world of e-conveyancing.
Jabbari explains that the current conveyancing process is far from automatable, with the data required all over the place, requiring time-consuming retrieval of basic information, while every law firm works in their own way, and at their own pace.
“The sector still sees e-signatures as cutting edge,” he says. “The true innovators in this field are the law firms, which are using the latest tech – including Artificial Intelligence – to be able to bolt all their processes into the common platform when we get to that world.”
He believes a single, regulated agency such as the Land Registry must play a pivotal role in achieving a digital conveyancing process.
Jabbari (left) adds: “We will not get close to a fully digital process until we can identify a comprehensive set of structured data about the property that can be accessed easily. There is no doubt that some form of Property MOT, combining title data with other good quality structured data about the property would be a major step forward.”
The post ‘There’s a long way to go until conveyancing goes fully digital’ appeared first on The Negotiator.