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E-CONVEYANCING - Hit or Miss?

by: Dave Offen

Without a doubt, technology is the way forward and at Cripps Harries Hall LLP we have for some time been appreciating the benefits of on-line searches, email communications with clients, solicitors and agents as well as software that assists in the tedious yet vital day-to-day administrative tasks which drown the whole procedure.

So, how much further into cyberspace will e-conveyancing take us and what will it involve?

We are told that its purpose is to achieve:
� Electronic documents � a paperless system
� Quick and secure exchange of information electronically � with less opportunity for fraud
� Access to a chain matrix providing information on progress to interested parties � to provide transparency
� Automatic simultaneous payment of monies
� Automatic simultaneous completion and registration

The seller�s solicitor will submit the draft contract electronically . It will be lodged at the Land Registry who will immediately create a new version of the legal title (a �notional register�) showing the buyer�s details and any other information relevant to the title contained in the contract. As and when amendments are made to the contract the notional register will change accordingly.

Each transaction will be part of an electronic chain matrix to which solicitors and agents will have access. The level of access is still to be agreed but the matrix will show the stages to exchange and allow users to signal when a stage has been reached and their readiness to proceed to the next stage. Any additional information relevant to the rest of the chain (for example an explanation for a delay) can also be published to the matrix. Once all parties in the chain have signalled that they are ready to exchange it will be effected simultaneously and deposits distributed by electronic funds transfer.

Once contracts have been exchanged the Land Registry will then apply all the relevant data to create the transfer document. A completion matrix will indicate all parties� ability to progress to actual completion on the contractual date. On the day itself, when each transaction has reached the appropriate stage completion and registration will take place automatically. All completion payments including payments to solicitors, the Inland Revenue and the Land Registry will be made by electronic funds transfer.

The electronic funds transfer service will be designed to provide a much more immediate payment mechanism than current methods. It aims to enable simultaneous settlement of payments relating to transactions in a chain that are mutually dependent. A single financial agent is likely to be appointed to provide the service which will have to be available 24hours a day 365 days a year.

Crucial to the success of e-conveyancing will be the public�s acceptance of the use of e-signatures. Fraud exists in the current system but are our clients prepared to believe that e-signatures are more secure? There is a question mark over whether all clients will be issued with an e-signature � there is talk of a �chip� and �pin� system � or whether many will end up authorising their solicitor to sign documents electronically on their behalf. Whilst this is not unusual currently, such authorisation under e-conveyancing would have to extend to mortgage documents and Land Registry transfers. The public may not want to pay solicitors for taking on that additional responsibility. Indeed, it is a responsibility solicitors are likely to be wary of.

Going back to the government�s promise, if e-conveyancing does prove to be problem free and efficient, will it reduce the number of delays and problems that arise? The current system is undoubtedly cumbersome but many of the delays we experience will not be eradicated by the application of advanced technology. Sellers and buyers all have their own agendas and a standardised procedure cannot even hope to accommodate each individual�s whim.

The chain matrix offers transparency, a feature the current system is criticised for lacking, but whether, as the government hopes, it will also improve conveyancing standards (presumably by shaming conveyancers into efficiency) is difficult to say.

Much work is still to be done to create a system which both the public and the property profession can trust. However, e-conveyancing is a reality and we all have to start preparing ourselves now for its introduction in 2008. At least by then Home Information Packs will hopefully be proving to be a hit and not a miss.

More Home Truths�..

Although there may be no written agreement between a lodger and the property owner, an assured shorthold tenancy agreement may have been created in law. A seller who contracts to give vacant possession puts himself at risk of being in breach of contract if the tenancy is not terminated properly.
Personal representatives of a deceased�s estate face sanctions if the actual sale price of the property differs from the value on the inheritance tax return and this is not reported to the Inland Revenue.
The CML Handbook requires all searches to be no more than 6 months old at the date of completion. Indemnity insurance may be acceptable to a lender where a search is out of date.
Beware a ransom strip between the boundary of a property and the public highway. Often the extent of the public highway does not extend as far as the boundary of the property and this can result in there being no legal right of access to the property.

About the author:
For further information contact:
Cripps Harries Hall LLP
Telephone: 01892 515121
Website:
Email: info@crippslaw.com

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Seven Sets of Documents You Need For Your Divorce
by: Scott Morgan

This article is designed to give someone who is considering or planning for the possibility of divorce an idea of what documents are needed. Even if you believe your case is ultimately agreed to and settled without a trial, you will be in a much better position if you already have the relevant documents in your possession. Better safe than sorry.

You should locate the relevant documents, make copies, and keep them somewhere secure, like your office or with a friend. You will then have access when it is needed.

Here are the most important seven categories of documents you should focus on.

1. Income Documents

Your spouse's income is relevant to a number of issues in a divorce case. At a minimum, get your spouse's last paycheck statement and your most recent tax return. Ideally, you would have access to all tax returns filed during the marriage, along with all supporting documents and schedules.

2. Bank Records

The monthly bank statements are very important and can lead you to other documents (cancelled checks, deposit slips, registers, etc.) that you also may need to obtain. Get at least the most recent statement for each account that is either held in your name, your spouse's name, or jointly. If possible, get copies of all statements going back to the date of marriage. In most cases this volume of records is not required, but in some cases these records can be very helpful and even necessary to analyze the case.

3. Retirement and Other Investment Records

Often the biggest asset a couple will own will be a 401k or pension account. So you will definitely want the most recent account statement and ideally all statements dating back to the time of marriage. Also, the last statement prior to marriage can be very significant (especially in community property states) to show the pre-marriage balance.

4. Credit Card statements

Again the most recent statements are a necessity, but a lot of important evidence can be garnered from the historical statements. In some cases, the credit card statements will show questionable transactions that can be of real evidentiary value. For example, they might show evidence of gifts or dinners purchased for paramours, questionable hotel rentals, or other dubious purchases.

5. Real estate documents

The most important real estate documents are the Deed of Trust and Warranty Deed for any property you currently own. If you have the entire file from (the giant stack of paper you got after the closing) for each real estate purchase or refinance transaction during the marriage it can be helpful. Additionally, documents evidencing real estate owned by either spouse prior to marriage can be significant, especially in community property states.

6. Mortgage statements & any Other Debts

You should get the most recent statements showing the current payoff balance for any other debts. For those debts that have only a coupon book with no regularly generated statements showing the current balance, you will probably need to contact the creditor by phone for the current payoff information.

7. Relevant emails or other correspondence

Correspondence or emails can be extremely helpful (or damaging, depending on your viewpoint) pieces of evidence in the case. Whether the communication is between spouses or between a spouse and some third-party, the communication is potentially relevant. Two common examples would be where your spouse makes a damaging admission about some issue in the case, or communications with paramours.

Conclusion

Determining which documents you need to obtain for your divorce case can be a very time-consuming and daunting task. Use this list as a starting point and discuss your situation with a quality divorce attorney. This person should be able to advise you specifically on the documents you need to obtain in order to protect your interests.

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