A new portal has launched in the UK to tackle 'frustrating, time-consuming' property transactions.
LB Property portal allows agents to obtain multiple conveyancing quotes for house buyers—from a suite of chosen legal partners— either before or after their offer is accepted.
Quotations that turn into instructions can be tracked by the agent and buyer in real-time through LB Property's technology, with specific functionality that highlights holdups faster to reduce waiting times.
LB Property launches as a subsidiary of Legal Bricks, an online platform that provides extensive products and services that speed up the conveyancing process.
The portal's offer also includes a traditional portal search platform and a roster of conveyancing and anti-money laundering products.
Additionally, LB Property has integrated Legal Bricks' technology including biometric face scanning ID checks, EPC ratings for individual properties, income verification, and traditional portal services including floorplans, virtual online viewings, and 360 virtual tours.
The portal says it was partly founded on the basis of the results of a YouGov survey commissioned by the House Buyer Bureau that found UK house buyers and sellers' number one complaint (23%) was the time taken to achieve completion on their property transaction.
Michael Connolly, founder and commercial director at Legal Bricks, said:
“Estate agents and conveyancers are more conscious than ever about how long a property transaction takes and want to use legal tech to reduce completion times.
“Whilst some things are out of an agent's control there are points in the journey they can reduce the overall completion time. The time between having an offer accepted and instructing is the first important step to making the journey more efficient for all parties.
“More estate agents partner with conveyancers because of quality of work, reputation, locality, and price. Therefore, it’s become a priority for agents to make those relationships work and our new portal provides benefits to both sides. Agents can increase referral fees while conveyancers can boost leads.”
Legal Bricks is itself an offshoot of The Access Group, a leading provider of business management software to small and mid-sized organizations in the UK, Ireland, and Asia Pacific.