The Land Registry has announced it will support commercial IT companies to develop ‘Chain Matrix’ systems to make conveyancing more transparent.
The Registry shelved its own prototype system in 2007 after spending £15m in partnership with IBM.
This announcement was the result of market research commissioned by the Registry that showed a desire to improve chain transparency and identified cross-market collaboration as a key success factor.
The Chain Matrix was intended to be a web-based notice board that showed the progress of buyers and sellers through a series of key stages in each chain-dependent property transaction.
The Registry said it will work with commercial enterprises in a consultative capacity, sharing with them the technical design details they developed and working to ensure the new solutions are compatible with the Registry’s other systems.
Chief executive Peter Collis said following on from the Registry’s initial groundwork the time was right for the private sector to move it on.
Law Society President Paul Marsh said: ‘The Land Registry’s announcement represents an important development with significant implications for the future of the home-buying process.’
He said it would be crucial for those directly involved in the conveyancing process, particularly solicitors, to be fully involved in the development of any scheme to ensure it works effectively in the interests of consumers.
‘The Law Society is keen to ensure that its expertise is at the centre of any developments and is working very closely with the Land Registry to protect the interests of homebuyers by ensuring the expertise of solicitors remains at the heart of the home buying process,’ he said.
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