A new conveyancing tool from property and land data company Landmark Information Group aims to reduce the volume of unnecessary additional enquiries and cut the average time between enquiries being raised and responses received.
The Contract Pack Vault is a secure platform that enables conveyancers acting for home sellers to use a standardised, streamlined way to prepare and share contract packs with the buyer’s conveyancer. The tool has been designed to cut down on the back-and-forth correspondence typically required when building up a contract pack, often due to missing, incomplete or innacurate data and documents.
The secure platform uses AI analysis to scan and validate documents uploaded into the vault, which can then be shared with other stakeholders in the transaction.
‘The launch of Contract Pack Vault marks a significant step forward in streamlining the property transaction process’, said Rob Gurney, managing director of Ochresoft (part of Landmark Information Group).
“Our research shows that 61% of conveyancers believe that earlier data insights will reduce the number of enquiries. By harnessing new technology to improve the quality of property data shared, we are not just reducing delays – we’re helping to future-proof the way conveyancers work, enabling faster and smarter decision making through every step of the process”.
Data gathered by Landmark Information Group for its property transaction report earlier this year shows the average time taken from enquiries raised to replies received has increased by 100% – from 26 days in 2007 to 52 days in 2024.
‘Contract Pack Vault aims to reverse this trend’, the company said.
One Response
We don’t need tools we need common sense and training. Why am I being asked to supply a EICR as one was not done in the last 10 years? First it’s not a legal title enquiry second the property is 5 years old! Why am I being asked to confirm the boundaries are correct when there is a clause in the contract already stating a vendor is not to define the boundaries? Why am I being asked to confirm ID when the code for completion provides undertakings? Bad enquiries are due to bad conveyancers and bad managers. DO BETTER!