What are digital property logbooks, and why are they important to the future of property transactions? To answer these questions, and more, the Today’s Conveyancer podcast welcomes on Nigel Walley; founder and CEO of property logbook company Chimni, and Chair of the Residential Logbook Association.
Nigel explains what the key differences between logbooks and Google Docs or Dropbox, for example; how should data providers share their data with property logbooks; and what role does the homeowner have in ensuring the data remains up to date and relevant.
Property logbooks have been touted as a home for the material and up front information professionals are increasingly being encouraged to collate at the point a property is listed for market but, as Nigel explains, they are currently working with a number of law firms to introduce logbooks toward the end of the transaction as a home for all the documents collated through the course of a transaction, and as part of a secure handover from seller to buyer for home tech like alarms, smart heating systems and other sometimes looked over assets.
Nigel suggests that there is still a huge amount of work to be around the digitisation of the conveyancing transaction; rather than look at how we can turn what we currently do digital, we should be asking in a world where consumers are taking up all these digital services, what could a property transaction look like.
The discussion finishes with an exploration of what the Residential Logbook Association is, how it came about, and what its plans are for future regulation and innovation of the digital property logbook. If you ever wanted to know the ins and outs of the opportunity now, and in the future, listen in to this insightful discussion.
The Today’s Conveyancer podcast can be found on your preferred podcast provider and also at www.todaysconveyancer.co.uk. Subscribe and listen in for all the latest conveyancing industry news and views.
