LMS has launched a new charge registration process for law firms in the hopes of streamlining a number of administrative duties.
Following feedback from firms themselves, LMS has developed technology that allows it to poll HMLR’s application data directly for case updates.
This new technology means that LMS will no longer have to chase Panel Link law firms in relation to each pending charge registration, thereby removing a major overhead as firms are currently updating every 30 days.
Instead, the law firm will be requested to provide an application barcode reference (ABR) to LMS at the start of the application process which will allow LMS to obtain updates directly from HMLR.
LMS will only need to contact the law firm regarding this process should there be an issue with a particular application.
The new process enables LMS to secure accurate and up to date information about the registration of charges on behalf of its Panel Link lender clients regarding the property they have advanced a mortgage against.
In turn, reducing and streamlining the number of communications being sent to panel law firms.
Ian Robinson, chief operational officer at LMS, said: “We exist to drive efficiencies and improve the conveyancing journey for all stakeholders, and we can only do that properly if we listen to the industry and bring products, services and ultimately technological solutions to the market that benefit the whole industry.
“The development of our tech in response to the feedback has enabled us to dramatically reduce the overhead of law firms providing regular post completion updates to lenders via LMS.
“This is the first stage of our charge registration efficiency review, and we will continue to engage with firms to make sure progress continues and solutions are designed to benefit all our stakeholders.”
