Online chain check for housebuyers
Plan is central to overall programme to develop econveyancing
The Land Registry is developing a prototype system to allow property buyers to check the status of all purchases in their chain.
The Chain Matrix software is the core of the Registry’s eConveyancing programme, says head of market change Julie Barry. ‘The system will allow purchasers to go online and track the progress, not just of their own transaction but the others that are relevant to them,’ she said.
‘You cannot see who the others are, or where the properties are, but you can see what stage they have reached in the run-up to completion.’
Testing of the system, which is being developed in partnership with IBM, is under way. The pilot will go live in three areas in November.
By April 2008 the web-based service will be available to about 1,500 of the country’s 8,500 legal firms, and compatible with the 70 main case management systems used by property lawyers.
By 2008 housebuyers will also be able to pay stamp duty and land tax online.
‘We are moving the conveyancing process to an electronic format, ultimately reaching the point where there will be simultaneous completion and registration,’ said Barry.
The plan is part of government policy to make public services available online.
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