A web portal poised to revolutionise the mortgage legal process is set to go live in 2014.
The Law Society has unveiled their online tool used to streamline the residential conveyancing process. The new portal will fill the gap left by the £15 million e-conveyancing programme created by the Land Registry of England and Wales and abandoned in 2009.
Desmond Hudson, Law Society Chief Executive said: ‘Moving online will save you time and avoid the costs created by traditional paper-based approaches. It will help you work greener and smarter, working on the move, enabling you to manage your time and your staff time more effectively.
‘In the future we want to work with estate agents and lenders so that more of the key parties are in the portal. Right from the start it will dramatically improve collaboration with clients and other conveyancers.’
All of the members in the transaction will be able to view the process online and be kept up to date. This part of the secure portal is known as the ‘deal room’ is accessible through a mobile or tablet.
A feature called ‘chain view’ will enable parties to check what stage has been reached and monitor the transaction’s progress.
The portal aims to improve communication and risk management as well as saving money and time. It will be available to all solicitors and conveyancers.
Professionals without accreditation from the Law Society’s Conveyancing Quality Scheme will have to be vetted before they can use the system.