Data from Landmark Information Group [1] shows* the average time taken from enquiries raised to replies received during the conveyancing process in a property transaction has increased by 100% from 26 days in 2007 to 52 days in 2024. Contract Pack Vault aims to reverse this trend.
Landmark Information Group has announced the launch of a new conveyancing tool designed to put an end to unnecessary additional enquiries via a secure platform that offers conveyancers acting for the seller a standardised, streamlined way to prepare and share contract packs with the buyer’s conveyancer.
The pack information collation and sharing capability is designed to slim down the process which typically causes weeks of delays as conveyancers engage in back-and-forth correspondence to build up a contract pack, which is due to missing, incomplete or inaccurate data and documents.
The fully secure platform uses advanced AI analysis to scan and validate the documents that are uploaded into the vault. This will assist the conveyancer to ensure pack quality and comprehensiveness. The packs can then be shared with other stakeholders within the transaction.
Rob Gurney, Managing Director, Ochresoft, part of Landmark Information Group said:
“The launch of Contract Pack Vault marks a significant step forward in streamlining the property transaction process. Further strengthening Landmark Connect, our series of digital hubs, this new solution expands our vision to improve collaboration within the market.
Our research shows that 61% of conveyancers believe that earlier data insights will reduce the number of enquiries2. By harnessing new technology to improve the quality of property data shared, we are not just reducing delays – we’re helping to future-proof the way conveyancers work, enabling faster and smarter decision making through every step of the process”.
The launch of Contract Pack Vault demonstrates tangible progress in delivering on the commitments of industry’s newly launched Project 28 – a Charter for faster, more certain property transactions.