Money: New & Fast Property Buying On-Line

Homebuyers will be able to conclude the purchase of property within as little as 15 minutes of an offer being accepted, using a revolutionary system that also substantially reduces costs. The new scheme allows for an entirely electronic on-line transaction that could bypass the frustrating, and costly, period of up to eight weeks waiting for solicitors to finalise missives. 'E-conveyancing' has been piloted in the past five months by four legal firms and one estate agent, who have formed 'The Conveyancing Hub', with more than 150 deals already concluded. It attempts to tackle the long-held recognition that missives (contracts) have become over-complicated and excessively expensive, by introducing a standard missive which dramatically speeds up the procedure of buying a property. Mr.Kyle Peddie, the chief executive of 'The PSM Law Group', which has been at the forefront of the development, predicts that more than 1_000 property transactions will take place electronically in Scotland every month by next spring. He said:
'This is a total revolution in the way conveyancing is done in Scotland, in terms of the co-operation between firms and their use of technology. 'The consumer stands to make considerable savings in both the amount of time it takes and the costs involved.
'The firms who use this system stand to make significant savings of up to 40 per cent, and most will look to pass on as much of the savings as they can to consumers.'
Mr.Peddie believes solicitors have been slow to embrace modern methods of communication, with the conveyancing market involving a 'confrontational legal joust, based on lengthy, complex missives and a slow legal process'.
'This is the first time lawyers have embraced technology, and that can only be of benefit to the consumer.
'The consumer is used to a range of services being available on-line.
'They can do their shopping on-line, or take out insurance.
'Why shouldn't lawyers offer services on-line, too?'
Mr.Jamie Macnab, of the estate agent 'FPD Savills', said:
'I would welcome any initiative to speed up and simplify the procedure.
'What amazes us is that sometimes the solicitors exchange missives in 24 hours, whereas in other jobs it goes on for weeks.'
Mr.Simon Fairclough, of 'Edinburgh Solicitors Property Centre', said e-conveyancing was not for everyone:
'Speed is one quality some firms would put ahead of others.
'Cheapness is another.
'But speed and cheapness do not necessarily mark out what is good for all firms. 'As a non-solicitor who has bought and sold houses, I want to be able to look someone in the eye, discuss with them what concerns me about buying or selling my home and the effects on me.
'Technology does have a great deal to offer; it can assist communication, but cannot replace it.'
'How the click of a mouse could buy and sell houses in just 15 minutes', Michael Blackley, The Scotsman, 2005-09-27


Anonymous Anonymous said...

virtually good news

9/28/2005 12:28:00 am  

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