With HIPs scheduled to go live in June 2007, the Land Registry has revealed it is to focus on enhancing its system with the launch of an electronic ‘chain matrix’ system.
Aimed at increasing reliability and accessibility in the system, the chain will allow all those involved with the property sale to chart their progress against a number of milestones in the process. The Land Registry also plans to allow electronic funds transfer (EFT) so all funds can be exchanged electronically, at the same time.
The Council of Mortgage Lenders’ (CML) evaluation of the current system showed human error meant 50 per cent of applications were defective, with many people making spelling mistakes or errors with information. The CML also said the current system was time consuming, with the average time between offer and completion reaching 13 weeks. It also questioned the transparency of the chain, and admitted the new system should help to eradicate these problems and improve accountability and reliability with the service.
Announcing the changes, a Land Registry spokesperson said the improvements would mean ‘the worry and the risk of the conveyancing process are significantly reduced’.
Alan Dring, sales director at eConveyancer, welcomed enhancements to the system, admitting the current process was outdated. He said: “The Land Registry has woken up to the need for technological advances and I think its plans are good. The developments it has planned, including the launch of e-conveyancing in 2009 is encouraging.”
The new changes will be trailed in Portsmouth, Fareham and Bristol between Autumn 2006 and Summer 2007.
