The Ministry of Housing, Communities and Local Government is working hard with regulators and representative bodies across the legal sector, as well as individual conveyancers and firms, to identify ways to improve the home buying and selling process.
The limitations of the current conveyancing process are well-rehearsed:
• Transaction times stretch out longer and longer
• Key details about properties only emerge during due diligence after a sale has been agreed in principle
• Transactions continue to fail at an unacceptably high rate
• Conveyancers and their clients are targeted by fraudsters because of the large sums of money that change hands
The Council for Licensed Conveyancers has been supporting trials of a digital escrow system for the transfer of funds in property transactions that could make those transactions more secure and reduce the uncertainties of the completion day and time, improving the client experience.
The trials have been carried out by Shieldpay, a fintech company, and Premier Property Lawyers, who are regulated by the CLC.
In this webinar Geoff Dunnett of Shieldpay and Rob Gurney of Premier Property Lawyers discuss the key challenges and risks facing conveyancers in relation to the management of transaction funds, their experience of trialling a digital escrow system and the potential benefits of the approach for conveyancers and their clients.