"The resurgent residential market has provided living proof to many firms of the need for smarter, simpler and more sophisticated ways to manage the property transaction process."
The platform automatically combines and distils data from a variety of sources to streamline key stages of the property transaction process. These include managing client onboarding, local authority searches, engagement with HM Land Registry, title reports, indemnity issues, bank checks and post completion filings including AP1 forms and SDLT submissions.
The platform also allows conveyancers to digitise the AP1 submission process to register the transfer of land which HM Land Registry has made a requirement for all firms by November 2022. Currently up to 80% of AP1 submissions involve uploading physical paper documents and Search Acumen estimates that the platform can save over half an hour of processing time for every transaction.
Any user at a conveyancing firm can progress the workflow for a specific transaction and communicate directly with the nominated Land Registry case worker, reducing the delays which often occur when legal tasks are handed over between colleagues.
The system also provides an automated calendar function, which tracks deadlines and tasks so conveyancers can provide up-to-the-minute status reports to clients and manage their expectations.
Andrew Lloyd, managing director at Search Acumen, commented: “Our residential platform will continue our track record of abolishing antiquated ways of working and empowering legal professionals to have greater control over transaction processes. It provides a single intuitive portal for the project management of residential sales and purchases and will play a crucial role in digitising key processes, most pressingly AP1 submissions ahead of November’s deadline.
“The end-to-end solution uses advanced AI to automatically populate relevant data throughout the entire transaction process, removing a huge amount of high-volume, low-skill administration, filing and project management tasks. The result is that conveyancers have information more readily at their fingertips, leaving them to focus on more strategic issues and problem solving for clients.
“The resurgent residential market has provided living proof to many firms of the need for smarter, simpler and more sophisticated ways to manage the property transaction process. Housing all the digital tools to make this possible within one dedicated platform will multiply the time conveyancers can save and deliver a better user experience for legal professionals and their clients.”
