A ten-year-old dream of a fully electronic property transfer may have come true if an announcement today lives up to the claims of a real estate data company. The company, Search Acumen, has unveiled technology it says allows lawyers to manage the entire transfer of ownership process through a central dashboard.
The platform provides a single interface that automatically combines and distills data from different sources to streamline key process steps. These include managing client onboarding, local authority searches, engagement with the HM land registry, title reports, compensation issues, bank checks and post-completion deposits, including AP1 forms and property tax submissions (SDLT), the company said. It is digitizing the AP1 submission process in accordance with the HM Land Registry’s plan to make digital applications mandatory from November.
Any user of a property transfer company can communicate directly with the designated land registry social worker, reducing the risk of delays, the company said. He estimated that up to five hours could be saved per transaction.
Andrew Lloyd, Managing Director, said: “Our residential platform will continue our experience in breaking down old-fashioned ways of working and empowering legal professionals to have greater control over transaction processes. It provides a single, intuitive portal for residential sales and purchasing project management and will play a crucial role in digitizing key processes, the most urgent of AP1 submissions before the November deadline. ‘
Several commercial companies have been working on integrated digital property transfer systems following the collapse of HM Land Registry’s internal attempt in 2007 and the Veyo project supported by the Bar. Just before Christmas, the French Competition and Markets Authority announced an investigation into the acquisition of research firm TM Goup by Toronto-based Durham & Dye.