By Legal Futures’ Associates Landmark Information
Landmark Information – the property, land and environmental data specialist – has welcomed the publication of the Council for Licensed Conveyancers (CLC) new discussion paper, ‘Conveyancing 2030’. The paper encourages an open dialogue regarding the future of the legal property transaction process and provides six specific predictions of how conveyancing is likely to evolve over the next decade.
In response to the whitepaper, Chris Loaring, Managing Director (Legal), Landmark Information said, “Any transition towards a streamlined electronic approach places a far greater emphasis on data standards and in ensuring the quality and accuracy of the underlying data. By its very nature the word streamlined suggests a reduction in the volume of information being transmitted, so focus must be placed on the quality of that information, i.e. that it is based on a solid and robust foundation.
“Today, conveyancing professionals receive due diligence and documentation in PDF format, which provides a layer of assurance to conveyancers. If all conveyancing data is to be fully integrated and transacted via case management systems using a data API, conveyancers become ever-more reliant on the trust built with the supplier and the underlying data. Fundamentally, the quality and transparency of data will be central to powering the successful evolution of conveyancing, and not purely a focus on the mechanism of technology that is delivering it.”
Added Gavin Ray, Chief Product Officer of Landmark Information Group: “The Council of Licensed Conveyancers has laid out a succinct and thought-provoking view of how the conveyancing sector may change in the future and we complement them on the six key areas raised – including the headline that suggests conveyancing will be fully electronic by 2030.
“The report tells a story of technology raising its tempo in the sector – from lodging documents to seamlessly transferring funds – to improve the overall homebuying process. The market is already responding to this, however I believe it will create ‘stretch marks’ in the market, where the advancing players advance quicker, therefore meaning the gap is accentuated from those slower to adopt new technological approaches.
“One thing is clear however is that while the industry focuses on streamlining existing legal practices to suit a more digitised era, new complexities will instead arise where security, privacy and data sharing become entangled into the process; it’s a dichotomy that will need to be addressed as the market continues to evolve.”
Since 1994, Landmark Information has provided a comprehensive suite of environmental and planning due diligence search reports to property solicitors and conveyancers, for both residential and commercial property transactions.