New product increases efficiency, reduces risk and ensures compliance in residential conveyancing
London, 18th July 2013 – TM Group, the largest provider of property searches in conveyancing, has extended its suite of compliance products with the launch of Jet Flight. Jet Flight is a unique product that is the first to come to the market. It can significantly reduce the time taken to ensure that every residential property transaction within the conveyancing process is lender-compliant while protecting conveyancers against negligence claims.
The sophisticated online solution sits within a range of existing TM Group products that help solicitors and conveyancers to manage risk, ensure compliance, and act in the best interest of the client during property transactions. A key benefit of Jet Flight is that it makes the Council of Mortgage Lenders’ handbook an integrated and automated part of the conveyancing process, helping to quickly identify individual lender requirements.
Ben Harris, Sales and Marketing Director of TM Group, explains: “There are currently 105 different UK lenders so understanding a particular lender’s requirements and keeping up-to-date with changes can be an extremely time-consuming manual process, particularly given that individual requirements can change on a daily basis. It can take a significant amount of time to manually check these requirements but Jet Flight highlights the relevant questions from the CML handbook for a specific lender in just five minutes, improving efficiency and ensuring CML compliance.”
By not addressing or overlooking a lender’s requirements, a solicitor or conveyancer risks being sued by the lender for the full value of the mortgage and their firm could be removed from the lender panel. In the SRA’s recent thematic review, a quarter of firms surveyed stated that they had experienced professional negligence claims relating to conveyancing work in the last two years, and this may be set to rise as repossessions increase.
Harris comments: “Because of the frequency of the updates and the time involved in checking the handbook, many solicitors and conveyancers are failing to regularly check for changes and could be acting on out-of-date information. This leaves them and their clients open to risk and claims of negligence when it could easily be avoided through better use of technology and improved compliance.”