In brief
- Pandemic challenges: law firms look for innovative ways of providing services.
- A legal first: electronically signed deeds.
- Conveyancing: technological change.
Challenges posed by the pandemic have seen law firms looking for more innovative ways of providing services, backed up by outside technology providers. In October, Lifetime Legal selected SearchFlow’s innovative Continuity Property Solution to provide its panel with a viable alternative to traditional search packs, speeding up the residential conveyancing process.
With property searches taking longer as a result of increased market demands, SearchFlow is urging property lawyers to consider data-driven alternatives to the traditional search packs as a viable means to keep transactions flowing.
The Solution includes the vital elements needed to complete property transactions and guarantee delivery within five working days. This enables Lifetime Legal’s panel clients to benefit from the service and the fast, guaranteed delivery of data that will reduce the risk of sales chains falling through and help many homebuyers capitalise on the Stamp Duty Land Tax holiday, in place until the end of March 2021.
Robert Sendall, its managing director, describes it as ‘an answer to today’s property “log jam” issue. In the current climate, speed and certainty are a priority for buyers and sellers. Buyers want to make sure they can capitalise on the Stamp Duty break and it is a worry for them when they are reading alarming headlines of lengthening transaction timescales. By working with SearchFlow to offer our panel clients the Continuity Property Solution, it offers a guaranteed delivery of just five or ten days, depending on whether a Premium or Priority order is placed. We expect this to be a real lifeline to many people looking to buy a new home before the end of March 2021.’ Dr Tom Quirke, managing director of SearchFlow, says it fills a very important and timely gap in the market for maximum due diligence that will keep transactions moving, along with the assurances a £1m indemnity insurance policy provides.
A legal first
The Partnership, which has offered an online approach for a long time now, with its client portal, was the first law firm to submit electronically signed deeds to HM Land Registry, using InfoTrack’s SignIT, electronic signature software, to have the vendor sign deeds alongside a witness. Its Managing Director, Peter Ambrose, said this isn’t just an historic moment for the conveyancing profession. It also allows it to streamline the process and offer a truly digital experience from start to finish. He added that it had been a long time coming but recent events made this a ‘must’. ‘I am very confident in the security levels provided. The technology acts as a witness and the certificates issued upon signing demonstrate a security you just don’t get with wet signatures,’ he added.
SignIT has been on offer for a number of years but during lockdown it became essential for law firms across the UK and it invested in making a number of enhancements, explains Scott Bozinis, CEO at InfoTrack, who reported a 400% increase in usage in May alone. He adds: ‘There has been a marked shift in the market where firms are now looking at smarter cost savings. SignIT, and our new Client Onboarding Solution, is growing rapidly as clients look to improve their bottom line with less paper, printing and postage while, at the same time, avoiding delays in sending and receiving documents without the need to see the client in person.’
The package includes additional due diligence information in the form of an Environmental Report, Mining Search and Chancel Repair Liability policy, making it a workable alternative to keep transactions moving. It is available in two forms: the CPS Premium is delivered within ten working days and the CPS Priority within five.
Dr Tom Quirke, managing director of SearchFlow, said property lawyers and conveyancers were facing pressure to make sure transactions happened as quickly as possible to meet the Stamp Duty holiday deadline, yet were facing increasing timescales as a result of the demand. ‘Our Continuity Property Solution offers a very timely remedy. [It] is not a search, but an insurance policy with a £1m indemnity. It includes quality-assured data, which means conveyancers are able to still access property facts and provide advice. This is an innovative and viable alternative that has been designed to keep transaction pipelines moving. With guaranteed delivery timescales, it offers peace of mind to everyone involved in buying and selling properties in these most unusual times.’
Conveyancing
Technology has brought about a lot of changes to conveyancing, which have been particularly beneficial during lockdown, which has seen more usually office-based conveyancers having to work from home. Are they covered under their professional indemnity insurance, which— incidentally—has just seen huge hikes at the recent October renewal, as the economic downturn fuels fears of rising claims? Many insurers are restricting the amount of indemnity cover on offer. ‘The professional indemnity insurance does not adversely affect home-working lawyers, and covers them 100 per cent, said John Wooldridge, a professional indemnity insurance broker at Howden, who comments that whenever there’s a recession, claims against professionals, especially lawyers, escalate. He added: ‘The insurance is not restricted by their location, and a qualified lawyer can give legal advice—whether on holiday or while at Macdonald’s—providing they have done due diligence.’ As to using their law firm’s software in their homes, he said cover is ‘not location-based, but individual based, and there are no restrictions or exclusions in the policy which refer to home computers or working off site. It is for the business to make sure employees can deal with work in ways covered by their professional indemnity insurance.’
Veronica Cowan, barrister and journalist.
