tmgroup have today announced the launch of a unique new time-saving tool for conveyancers, specially designed for undertaking bulk orders of title information across a portfolio of properties.
The unique register extract tool takes all of the addresses in a portfolio, returns the title numbers and orders the relevant Official Copies from the Land Registry, returning them in a practical format for conveyancers to use.
The tool, endorsed by Legal Eye Ltd., is the first of its kind and will streamline the processing of portfolios for conveyancing firms & housing associations, helping them save several hours each time, as well as improving the accuracy and flexibility of the data.
Jaunita Gobby, managing director, of Legal-Eye Ltd. comments:
“Legal Eye (subsidiary of ULS Group) conducted an extensive audit of the tmgroup Land Registry register extract service. The information on the tmgroup Land Registry register extract service was cross-referenced with the Official Copies (OC1’s) and the data was 100% accurate.”
Market research conducted by tmgroup found that conveyancers typically spend around 4 hours ordering titles and OC1 documents on an average portfolio and so developed the tool to enable conveyancers to reduce this down to just minutes.
Speaking about the new tool, tmgroup marketing director Ben Harris said:
“As part of tm’s commitment to streamlining the property transaction, we’re delighted to announce the launch of this new and unique tool.
“We have collaborated with some of our key clients to develop this exciting piece of technology and we are proud to continue to innovate and develop new services which will save conveyancers lots of time and streamline what is currently a very manual process.”
Another challenge that tmgroup market research revealed was that conveyancers often employed dedicated staff to spend days manually transferring the data contained within Official Copies (OC1s) into spreadsheets for analysis and future reference. However, the new tool exports this data for conveyancers accurately into an easy-to-use format.
Juanita Gobby said: “Considering the fact that OC1’s are lengthy documents with very detailed specific information, the audit has shown that the service is able to accurately pull through the exact information from the registers onto its portal so as to make it more user friendly and accessible to its clients.”
“The tm summary screen gives a helpful indicator to detailed information contained within the OC1 which lawyers can then refer to. In our opinion lawyers should feel satisfied that the information provided on screen via the LR feed matches the information relied upon in the OC1’s.”