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12/06/2006 E-Conveyancing receives enthusiastic support from the property profession |
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Solicitors, conveyancers and estate agents have responded with overwhelming support for Land Registry’s e-conveyancing proposals, according to independent research commissioned by Land Registry.
The ability to view home-buying chains online was one of the most popular proposed services with 68 per cent of solicitors and conveyancers and 70 per cent of estate agents saying that they would take up the Chain Matrix facility. Seventy-four per cent of estate agents also said that they would be keen to receive updates on the chain by email.
Solicitors also showed a keen interest in the introduction of a calendar, which would show key dates up to final completion. Most importantly, over 86 per cent were likely or very likely to take up the introduction of automatic registration. Currently Land Registry updates the register after completion has taken place. Under the planned scheme registration and completion will be done at the same time.
Land Registry’s plans for electronic funds transfer (EFT), a simultaneous discharge of funds which completes the purchase and settles Stamp Duty Land Tax payments, also proved to be popular throughout the industry. Seventy-seven per cent of conveyancers and 72 per cent of estate agents were interested in using EFT.
Liz Hirst, Director of E-Conveyancing for Land Registry said:
“The results of the survey demonstrate the enthusiasm from property professionals for the introduction of e-conveyancing. It will bring transparency to the market and make buying and selling houses quicker and easier for the public.”
Market research was conducted by the independent research agency GfK NOP in March and April 2006. A sample of 525 solicitors and 418 estate agents were given a 20-minute interview.
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