The Government's recent call for evidence on the home moving process expressed a desire to make it 'cheaper, faster and less stressful'. It went on to ask whether providing better information at the point of sale would help.
We think the answer is Yes. Fundamentally, the concept of gathering relevant conveyancing data up front has to be sound. And if we can collate the data upfront then why can't we pre-approve the property from a conveyancing perspective?
Again, we think this is achievable. However, that is not to say it is a simple process, and it leads to a myriad of additional questions and challenges. Teal Legal is up for the debate, and facilitated by the AI Conveyancer project has designed a schema to enable properties to be marketed as 'Conveyancing Ready' by issuing a 'Property Passport'.
We are collaborating with Keele University to build out a prototype, which we think has the potential to speed up conveyancing by 75% and reduce costs by 66%.
We're happy to share our vision of 'Property Passports'. Contact us if you'd like to hear more or participate in our beta test.