Conveyancing services provider LMS has set up a taskforce to promote synchronisation and deliver end-to-end digital conveyancing.
LMS noted that synchronisation would transform the fund settlement process in the conveyancing journey, digitalising and streamlining the process.
The current method means buyers, conveyancers and lenders complete and push numerous payments at different times.
LMS said: “It is the natural next step as we work towards complete, end-to-end digital conveyancing, with synchronisation operators working to release funds and the asset simultaneously when certain conditions are met, removing the need for manual intervention.
“It drives efficiency and customer centricity, as well as reducing fraud and removing settlement risk by minimising potential access points for scammers and only releasing funds to verified bank accounts.”
However, the company said that as this was a completely new process for every stakeholder and was not ready for implementation.
Therefore, for synchronisation to be effective the “best thing the industry can do is come together to ensure buy-in at every stage of the process”.
LMS will be delivering workshops every six to eight weeks, ranging from podcasts and webinars to fill roundtables and in-person events to convey research and insights to the whole industry and help find appropriate solutions.
To join please follow the link: https://r1.dotdigital-pages.com/p/2WSG-GTE/bring-the-industry-together-and-streamline-synchronisation
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
