JET – the right technology at the right time

JET – the right technology at the right time

Jet, which has been developed by technology firm Space01 together with the former Director of eConveyancer, Alan Dring, and several conveyancing practices, is designed to help firms meet the challenges that are currently facing the industry, including the advent of Alternative Business Structures (ABS), compliance challenges, Professional Indemnity Insurance concerns and also the threat of potential removal from lender panels as they continue with their own risk management.
Incorporating over 22,000 elements of the CML Lenders Handbook (in association with First Title’s HOPP) Jet will enable conveyancers to achieve 100 per cent compliance with each lender’s criteria.
Putting an end to the need for conveyancers to spend as much as 45 minutes, if the conveyancer follows their professional duties to the letter, reviewing, interpreting and applying the CML’s instructions to each individual case, Jet have digitised, analysed and filtered the information, converting into plain English where necessary, and this journey can now take as little as 5 minutes to complete.
It is hoped that Jet will allow lenders to develop their conveyancing panel criteria while allowing compliance, by conveyancers, with the new regulations, due to come into force in October.
Save for filters the process is non-editable and for each case to be passed the user will have to deal with every element of the Handbook, which has been converted to concise and understandable questions therefore allowing less qualified members of your team to carry out the process.
Julian Sampson, Partner at Wright & Wright Solicitors in Guildford, who helped develop the Jet concept, comments:
“When the CML Handbook was first launched it was heralded as a welcome consolidation of lender instructions.  Its introduction was designed to expedite and simplify the relationship between conveyancer and lender.  Even then, conveyancers were thinking of ways to incorporate this model into the way they transacted business.
However static, non-intuitive questionnaires and checklists became rife.  Over the years, the Handbook has become difficult to track and this raises issues for conveyancers, in particular, the challenge of managing the continually varying flow of data and instructions.  The development of an IT platform which streamlines this process has become an imperative to make conveyancing easier whilst bolstering the integrity of firms’ risk management processes. Jet is that platform.”
In light of the changes to the legal landscape many firms will be competing with new and, potentially, more powerful competitors so it’s really no wonder that conveyancing firms, whatever their size, are looking to streamline businesses, reduce costs and also improve risk management.
Alan Dring, Managing Director of consultancy, the Mad Approach, says:
“For the last 10 years I have seen the legal fraternity try to adapt to the changes made to the conveyancing landscape and have to say many have struggled to get the balance between their legal obligations and the impact this has had on bottom line growth, time saving efficiencies and customer satisfaction.
With the implications of the SRA’s Draft Supervision and Enforcement Strategy for Conveyancing casting a major shadow over the profession this year I believe this innovative product will be a significant help as conveyancers strive to gain lender panel accreditation.  The Jet proposition is an impressive step in the right direction for lenders and conveyancers alike.”
Founding Partner at Space 01, Marilyn Cole, comments:
“Technology solves business problems when it is applied to the real life challenges facing a business or a sector.  Before we began the development of the Jet solution, we researched the conveyancing market extensively, identifying the Lenders’ Handbook and resulting compliance issues as a key area where processes could be improved by the application of the right technology solution.
Jet is the right technology solution at the right time for the conveyancing market bringing efficiency, time savings and huge compliance benefits while allowing conveyancers and lenders to improve their risk management dramatically.”
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