Legal Tech App Aims To Improve Conveyancing Efficiency
Legal technology specialists have created an app which accurately assesses the conveyancing readiness of a property.
An app which Teal legal hope will create a smoother conveyancing process consumers will begin to enjoy.
The product will improve their current offering, Home Owners Passport (HOP), by digitally transferring HM Land Registry data in addition to other search information sources before a property is marketed.
Estate agents will then be able to market properties as ‘pre-approved’ for sale by generating a ‘conveyancing in principle’ decision and move-ready ranking.
In addition, the platform collates all property information onto a single platform and updates the home buying and selling progress in real time.
Sally Holdway, Co-founder of the Home Owner’s Passport and the AI Conveyancer at Teal Legal, said:
“We’ve had a huge amount of learning over the last few months, since we launched the first version of the Home Owner’s Passport, and much of this has centred around the experience of the home mover.
“Despite all the amazing work conveyancers do on behalf of their clients, we know that the experience of conveyancing is still not one people really want to engage with. So how do we move the dial on conveyancing from chore, to a process which home movers actually look forward to? How do we make conveyancing exciting?
“We think that the answer sits in incentivising the process. The next version of the HOP will couple our back end technology to generate a ‘conveyancing in principle’ decision, with a new front end wrapper, which provides movers with a ‘Move Ready’ ranking.
“The higher their score, the more likely the deal is to proceed, and the more we can then open up all the things about moving house which are exciting and people want to engage with, like free champagne on move day.
“We are looking to start testing the next version of the HOP by the end of the year and we currently have an open call for conveyancers who are interested in working with us on the project.”
Can estate agents accurately automate whether a property is considered marketable? Will this new technology improve efficiency in the home buying and selling process?