Conveyancing is a lengthy and strenuous task and it is a process that involves more than a couple of heads in the entire process. Conveyancing is the process of transferring the title of the property from the seller to the buyer. There is a direct relationship between all the entities involved in the entire process of Conveyancing. e-Conveyancing or electronic conveyancing is a relatively new concept where the entire process takes place electronically. According to fridaysmove.com it envisages a modern system for Land Registration where each stage of the process can be completed electronically rather than being paper-based. Contracts are signed with digital signatures and all the paperwork must be printed, scanned and uploaded online. This article brings you all the advantages and disadvantages of e- conveyancing.
- Cheaper cost: E-conveyancing is much cheaper than traditional conveyancing. This is mostly due to the fact that you are not going to have to worry about as many disbursements. If you are struggling with money, and you want to try and cut some costs, then online conveyancing is definitely an option that you should be looking into. Thanks to online conveyancing it much easier for people to buy and sell property now.
- Faster procedure: e-Conveyancing greatly speeds up what is otherwise an extremely lengthy and drawn-out procedure. As all communications take place through phone calls or emails, parties can correspond much faster, saving time and enabling a quicker transaction. e-Conveyancing removes the need for paper based business which is an important factor when it comes to saving time and money. This is already taking place now. Emails are being used over written correspondence, forms are being completed and downloaded from the Land Registry website and documents and incoming correspondence are being scanned and stored on computers.
- Constant monitoring: This advantage is the greatest benefit for the clients. All online conveyancing firms will offer you the ability to monitor the progress of your case yourself via a dedicated online tracking service. Instead of constantly chasing your conveyancer for updates, you can just check their website instead to see the latest news about your transaction. Moreover, online conveyancing will allow you to compare prices from companies all over the country, allowing you to find the best one for your needs.
- Fraud and lack of transparency: Although this system aims to eliminate fraud, it may unintentionally increase the chances of theft and fraud. This is because simple things invite bugs and hackers easily. Conveyancing and settlement on internet means revealing important papers and documents and making them float on the internet that can be accessed by buggers and hackers. So, it is vital to safeguard the pin and passwords created and account it in case of any tampering. Moreover, a lack of transparency may create delays and other problems along the way. It may also encourage adopting poor standards and practices which will harm both the clients and the firms.
- Time Delays: The length of time between “sale agreed” (when an offer is informally accepted) and completion of the conveyancing transaction (when the buyer receives the keys) may actually increase with this system. At present, the conveyancing time scale is an average of 13 weeks. As this is already quite a long period of time, anything more seems unacceptable. The time gap between completion of the conveyancing transaction ( i.e. keys handed over to the buyer) and registration may also increase and because the title does not pass until registration, any bankruptcy of the seller or any other competing interests identified during this time-gap can result in a massive loss for the buyer.
E-commerce is transforming the world and how we conduct business. E-mail is now the preferred medium for many firms and companies. Conveyancing solicitors and government departments alike are already taking advantage of the cost saving benefits arising from electronic storage as opposed to traditional paper based record keeping. When seen this way, e-conveyancing seems to be the way forward.