The system allows house buyers and sellers across England and Wales to view their chain electronically. The prototype has been launched in Bristol, Fareham and Portsmouth and is already proving successful with solicitors, conveyancers, estate agents and the public.
Chain Matrix is a dedicated website which tracks the progress of a chain of residential property transactions starting with the issue of contracts through to exchange and completion. The system will enable users to log on and see exactly where they are in the chain, and if there are any problems. Fixing a date for everyone to move will also be easier, as Chain Matrix includes a completion calendar, for agreeing what’s convenient with all the parties in the chain.
To date, over 240 branches of solicitors, conveyancers and estate agents have volunteered to take part in the prototype, which is due to last for six months. Training was completed on 22 March, enabling almost 1000 potential users at solicitors’ offices to log in to Chain Matrix.
Dave Crowest, Chain Matrix new business manager for the Land Registry, said: “Chain Matrix is an easier and less labour-intensive way for conveyancers to view and update their chain and provide their clients with extended online access to progress.”
John Blake, of Coffin Mew and Clover Solicitors in Fareham, entered the very first chain on to the system at 7.36 last Thursday.
He said: “As a forward-thinking law firm we were absolutely delighted to be the first to use the Chain Matrix. It replaces the current slow and cumbersome system, and is a much better scheme for getting clients through one of the most stressful activities they experience in life. We are sure that Chain Matrix will prove to be a highly valuable resource.”
A dedicated Chain Matrix new business team will continue to be available to help participants in the prototype. Part of their role will include gathering feedback from customers about their experiences in using Chain Matrix. This will help shape e-conveyancing services offered on a national basis in the future.
