Conveyancing is a multi-step process that is time consuming and often expensive. The transferring of ownership of a property from one person to another takes a lot of time, patience, money and energy. Electronic conveyancing or e-conveyancing is a process that help make the process much easier and faster. It envisages a modern system for Land Registration where each stage of the process can be completed electronically rather than being paper-based. The main aim of this kind of conveyancing is to make the process easier for everyone in today’s busy modern life.
Users of the e-conveyancing system will be able to contact and transact with each other securely and will be able to share information electronically. Deeds and documents will be signed with electronic signatures. It is hoped that the e-conveyancing process will significantly speed up the registration process thereby protecting a property owner’s interest at an early stage. The process will be speedier and as a result, cheaper. It will also reduce the client’s’ stress and anxiety and will help put them at ease about the transaction.
During this process, the contracts and mortgages can be download and signed electronically. They can also download all the forms and applications as well as all the official deeds and titles. This will help both the buyer and the seller save a great deal of time. All documents are to be signed electronically and all documents will be checked to ensure the signatures have not been altered in any way. The system is intended to eliminate any kind of fraud. A document can be signed electronically by the client or their conveyancer. In this case, it is actually preferable that the client should sign, instead of the conveyancer. This will help the costs go down, as individual conveyancers will have less legwork to do. As a result, the overall costs of implementing all the systems and support that are needed to make E-Conveyancing a reality in firms will be substantial and smaller firms will have to struggle.
Land Registry aims to make chain transactions more efficient. Users of E-Conveyancing will be able to view the progress of chain transactions online and it is hoped that chain transactions will be speeded up by this ‘transparency’. The entire process will be much more direct, and the client can be much more involved. This process makes sure that every party in the transaction stays connected at all times. This will help the client be more trustful and complacent towards the firm or the conveyancer they are using.
This method is also much more environment- friendly. If everything is done digitally, there is less need for paper forms or documents and this will help protect trees and forests in the long run. There is also much less need for travel if the documents can be transferred online instead of being carried out manually.
Most firms have already started moving towards e-conveyancing. Most of the correspondence is done through emails and many forms and contracts are scanned and digitally backed up online.
Benefits of electronic conveyancing:
In short, e-conveyancing will soon replace the more conventional or traditional forms of conveyancing. This because we live in a digital world now and this new process will help the conveyancing business become much faster, cheaper and convenient in the long run.