Under current proposals, conveyancers will act as ‘gatekeepers’ to the system, but the CML stated it was wrong that conveyancers would control lenders’ access and it could lead to disruption and delay.
The system will allow lenders, conveyancers, estate agents and buyers and sellers to see the progress of a transaction, allowing delays to be identified.
Confidential information can be hidden from lenders where access is granted by the buyer’s conveyancer and the CML questioned why this could not be achieved with direct access.
Bernard Clarke, head of communications at the CML, said: “It should not be forgotten that it is the lender that instructs the conveyancer and, in many cases, is also the provider of most of the funding. What is the lender to do if the conveyancer does not grant access? The system must reflect the way that lenders operate their businesses.”
Alan Dring, sales director for eConveyancer, said: “Making the Chain Matrix as transparent as possible is what everyone wants and in a perfect scenario, lenders should have direct access. However, lenders need to value confidentiality. The consumer’s experience is paramount.”
