The tool allows anyone in the house buying and selling process to access the transaction electronically and view the stage it is at, from the issue of contracts to completion.
The fact that this information is available on everyone in that chain allows all parties to plan ahead and time their completions so there is no unnecessary waiting around for other people within the chain.
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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.”
The pilot is taking place among 240 branches of solicitors, conveyancers and estate agents in Bristol, Fareham and Portsmouth and is due to last for six months. Once completed, the Land Registry will use feedback on the system before launching it across England and Wales.
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Dominic Toller, director of marketing and new business at LMS, believed the Chain Matrix was part of an automated revolution in conveyancing.
“It is an excellent idea but as with all these things, nothing works on its own and with the combined effect of Home Information Packs and the automation of the conveyancing process, we are starting to see a revolution. The remortgage market has been through this and now it’s time for buyers to benefit from faster systems. Chain Matrix will help achieve this.”
