Thursday, 14 May 2020

Lexsure Tech goes from Luxury to Necessity

Since 2008  Lexsure’s software solutions have been adopted by over one thousand firms to assist in managing conveyancing risk and automating key documents such as Reports on Title. That being said, until recently, Lexsure products have been perceived  as a ‘great to have’ rather than a ‘must have’. 

Now more than ever, Lexsure’s portfolio of cloud-based tools including it’s pre-completion checklists, COVID -19 Alert Services and LM04 Policy Search are regarded as crucial for a firm’s survival in today’s unprecedented crisis. 

Over 300 law firms in the last three weeks have attended Lexsure’s interactive remote web conferences on how to use the Lexsure products. On-demand training videos have been viewed hundreds of times in the same period.
Conveyancing practices face a new environment. Firms now have extra motivation to explore alternative ways of working and provide new tools to upskill their team with a view to managing emerging risks.  
With remote working also comes an added pressure for COLPs and managers who are tasked with overseeing  and motivating a team from afar. For many firms, Lexsure’s product range is  ideally suited to support remote working not just in terms of oversight, but also in facilitating collaboration and knowledge sharing – all of which is more crucial than ever before.

Sunday, 10 May 2020

No Lender Lockdown When it Comes to Handbook Changes

In the last three months Lexsure has witnessed significant activity by lenders changing their Handbook requirements. Whilst firms currently encounter a slowdown in activity from buyers and sellers there is no hold-up in lenders revising their instructions to law firms.
Here are some of the facts and figures:

Sections Changed
Separate Events
Barclays Bank UK PLC
Aldermore Bank 
Coventry Building Society
Atom Bank

During the same period there has been a significant uptake in services such as LENDERmonitor. I can only assume that this is due to anticipated file requests checking for Handbook breaches. Enquiries by firms concerning the LM04 lender policy search increased by 300% compared to the same period last year. 

55% of LM04 searches in the last two months revealed lender changes. The most searched lender was HSBC. 

With the end of the lockdown approaching and with a large number of transactions having been put on hold, there will be an inevitable rush to submit Certificates on Title to lenders. It’s easy to get tripped up and miss a Handbook change. Now is not the time to cause serious and irreparable damage to your firm by failing to identify changes to a lender instructions.    

Monday, 8 July 2019

Searchpoint Integrates Report on Title Software

Lexsure have announced that their Report on Title platform, e-ROT, is now integrated with search provider Seachpoint, enabling conveyancing teams to forgo manually setting up cases on the e-ROT platform. Instead, as a firm orders their search bundle the case will automatically be created pre-populated with data from Searchpoint.   

With the Searchpoint integration, firms avoid any duplication of data, saving valuable time. 

It’s a good example of conveyancing support services working together through integration to bring greater efficiencies and therefore value to their client firms.

Simon Seaton, CEO of Lexsure, said: ‘As one of the most progressive search providers in the industry, Searchpoint is an important partner for our e-ROT system integration. From our early conversations with Searchpoint, they were clearly a natural fit for us to work with as we both have a strong commitment to innovative new technologies and outstanding law firm support.”

Tony Clarke of Searchpoint, says “It is clear the conveyancing market has been crying out for a better way  to generate Reports on Title. Using the e-ROT integration will save firms time optimising the reporting process. We are continuing to provide our clients with the best possible integration and functionality.”

Tuesday, 18 June 2019

Lexsure Launches Webinar Series on Reports on Title

Legal software house Lexsure has announced that it will host a three-part webinar series for property lawyers, focusing on Reports on Title. The series will run from July 2nd through July 8th, and is intended to provide valuable lessons on different aspects of the reporting process.

The first webinar ‘Reports on Title: There Must be A Better Way!’ takes place on the 2nd July. This particular webinar was prompted by firms informing Lexsure that, notwithstanding case management systems, the Report on Title is the most frustrating and time-consuming document to produce in the conveyancing process. Of course, it is one of the most crucial documents. This webinar will explore new technologies available to speed up the generation of a ROT whilst simultaneously creating a more comprehensive and better risk managed document.

A second webinar, on the 3rd July, covers the topical question of what essential issues should be included in a firm’s Report on Lease.

The final webinar in the series, on 8th July 2019, will address the most frequent misconceptions that result in firms failing to improve their method of reporting, often resulting in increased exposure to claims.

Participation in the webinars is free of charge for those with an access code from their search provider. Each webinar will feature one of Lexsure’s expert speakers.

To book a slot at the webinars click here.

Wednesday, 24 April 2019

SRA Shine a Light on Inadequate Leasehold Reports on Title

The recent review of the conveyancing sector by the Solicitors Regulation Authority found that 23 percent of conveyancing firms are inadequately advising leasehold homebuyers.

In what the SRA describes as a 'dangerous assumption', several firms said that they saw no reason to explain the difference between freehold and leasehold, assuming the client would already know or the estate agent would have already explained it. Ultimately this leads to the question as to whether the solicitors have breached their duty of care.

As a result of the SRA's review, six law firms have been referred to the regulator's internal disciplinary processes. No doubt these firms will have their Reports on Title scrutinised.

Regarding leasehold advice, the SRA report found:

  • Nearly a quarter of firms did not explain the difference between freehold and leasehold properties, with some relying on the client’s knowledge or information provided by an estate agent.
  • One out of five people who had purchased a leasehold property did not remember being provided with any information on the length of the lease, service charges and other payments such as ground rent.
  • 26% of clients did not recall being given a draft copy of the lease to review prior to signing it.
  • 17% did not think that their solicitor had clearly explained the features of their lease – rising to one in three among first-time buyers.

Leasehold reform campaigner Louie Burns of The Leasehold Group of Companies, said: “Conveyancing solicitors who are found to have given inadequate or misleading advice should be held accountable and leaseholders must be given adequate compensation.”

Lexsure are running a series of free webinars next month focussing on the leasehold section of their Report on Title technology (known as e-ROT).

This "Mini" Report accommodates the trend of law firms increasingly reporting on individual sections of the conveyancing documents. This also addresses recent identified failures by firms to report adequately on leasehold as a tenure.

Webinars can be booked here.

Tuesday, 2 April 2019

Is Your Firm Ready for a SRA AML Audit?

The SRA have recently warned that it will be writing to a “large number” (400) of firms in the coming weeks requiring evidence of compliance with the 2017 Money Laundering Regulations. The likelihood is that firms with a focus on conveyancing will be targeted.

The regulator confirmed that in the last five years, sixty cases linked to potential improper money movements have been referred to the Solicitors Disciplinary Tribunal. The stark warning is “Those who do not treat the Regulations seriously should expect similar treatment.”

Law firms making proper and full use of COMPLETIONmonitor’s AML Search and associated bespoke risk alerts have little to fear from an audit.

Delivering comprehensive reporting and dashboard functionality, COMPLETIONmonitor enables MLROs and authorised officers to quickly assess the overall effectiveness of the AML policies. The filtering functionality provides a firm with tools to identify, red-flag or block suspicious fraudulent and money laundering activity. Firms can configure and selectively apply scenarios to different client categories. The technology enables the firm to filter alerts based on various parameters, view certain background information on each client, delegate analysis and supervise alert resolution. Alerts can be configured on the basis of clients, counter-parties, regions, employees and departments.

For law firms with more than two or three staff and more than a handful of clients, it is extremely difficult, if not impossible, to satisfy the 2017 regulations and monitor compliance solely using paper-based records.

Lawyers can certainly not afford to be complacent – the conveyancing industry is a primary target and firms must be vigilant and prepared to demonstrate compliance or face serious consequences.

Property law solicitors who have not yet done so need to get their houses in order as soon as possible.

Lexsure offer COMPLETIONmonitor firms a free consultation twice a year on the various optional facilities within the software to assist in combating fraud and money laundering.

COMPLETIONmonitor firms can book a free online demonstration or training on the AML features here

Tuesday, 19 February 2019

Reports on Title - How Much Time Could You be Saving?

Do you shut yourself off in a quiet room at the office for hours a week or come into work early to work on this critical and time consuming document?

Is it possible that you are wasting valuable time?  What a sad depressing thought. Surely there has to be a better way to generate a Report on Title.

Lexsure have created a calculator to help you add up all the hours and assess how much time the e-ROT might be able to save you.The table below shows how much time firms are spending based on feedback to date:

Use the calculator to get an approximation of time that you may be able to save,

Lexsure’s e-ROT Brings increased protection, consistency and efficiency to building the most important  - yet tedious and time-consuming - document in a purchase transaction.

The e-ROT webinars are taking place later this month and in March. You can book here.