On-line conveyancing will cut waiting to three weeks

PROPERTY: electronic settlements will 'ease the strain'

The regime of electronic conveyancing that will reduce the waiting period between handshake and contract from eight to three weeks should be in place by 2005, it was predicted last week.A series of targets to update the conveyancing process formed a key part of a package of reforms unveiled in a quinquennial government review of the Land Registry.The vision of conveyancing set out in its strategic programme included on-line lodging of applications, e-certificates and deeds, and electronic settlement of payments.The report also recommended the creation of an on-line register by 2003 that will ease many of the administrative burdens involved in property purchase, providing up-to-date property information, and one-stop searches through the National Land Information Service.The report said electronic settlements on completion, if practicable, through a clearing house and associated trust, 'should reduce the strains on conveyancers' client accounts and insurance costs'.The Land Registry said it has already taken on board many of the recommendations, including completing the register's geographical coverage by 2010.

Some of the reforms were covered by the Land Registration Bill, which received its second reading this week.However, other proposals, including publication of more comprehensive market information on the register, were received more cautiously.

A Lord Chancellor's Department spokeswoman said it raised major privacy issues and required careful deliberation before being made law.Michael King, chairman of the Law Society's conveyancing and land law committee, said: 'I believe that confidentiality needs to be protected.' More generally though, he applauded the strategic programme, saying the Law Society 'welcomes progress towards electronic conveyancing, which will make the seller's pack proposals irrelevant'.Clara Goldsmith