New technology will help LMS stop chasing Panel Link law firms for updates on pending charge registrations
Conveyancing services provider LMS will introduce a new technology on October 17, designed to enhance the charge registration process for all law firms.
The platform allows LMS to poll the HM Land Registry’s (HMLR) application data directly for updates.
Through the innovation, LMS will no longer have to chase Panel Link law firms about pending charge registrations. This allows firms to get rid of a major overhead, as they currently update every 30 days.
Law firms will instead provide an application barcode reference to LMS at the start of the application process so that LMS can get updates directly from HMLR.
And if there is an issue with a certain application, LMS will contact the law firm about the process.
LMS obtains accurate and updated information on the registration of charges on behalf of its Panel Link lender clients about the property they have advanced a mortgage against. This reduces the number of communications being sent to panel law firms.
The technology also allows for no additional investment from law firms, which LMS says is a sign of its commitment to innovation in the conveyancing market to help stakeholders.
In a statement, LMS chief operational officer Ian Robinson noted that LMS existed to streamline the conveyancing process by listening to the industry and delivering effective products, services, and technological solutions.
“The development of our tech in response to the feedback has enabled us to dramatically reduce the overhead of law firms providing regular post completion updates to lenders via LMS,” Robinson said.
“This is the first stage of our charge registration efficiency review, and we will continue to engage with firms to make sure progress continues and solutions are designed to benefit all our stakeholders.”
