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.

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:

Lender	Sections Changed	Separate Events
Barclays Bank UK PLC	27	2
Halifax	3	1
Aldermore Bank	12	4
Coventry Building Society	3	2
Lloyds	2	1
Atom Bank	13	3
HSBC	1	1

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.