Legalito, the lawtech focussed on improving the legal aspects of the home buying and selling process, has today announced the release of their new Smart Documents and Smart Reports functionality.
With over 2,500 lawyers already registered with their Smart Enquiries product, this release, designed to reduce the risks and time involved in due diligence, marks a significant step forward for home buyers everywhere.
According to research by The Partnership over 75% of the time spent by lawyers in the home buying process is on managing pre-contract enquiries. Making this process more efficient will reduce transaction times, but this has not been achieved before as previous solutions required all parties to use the same platform.
With Legalito, lawyers can now process replies to enquiries from the other side, whether or not they use the platform. This has resulted in a 100% increase in cases over the same period last year, with a total of over 200,000 enquiries processed.
Peter Ambrose, MD of Legalito, commented: “As property lawyers ourselves, we recognise the pressures that firms are under, especially when it comes to compliance and risk. For example, when clients are getting a mortgage for their purchase, especially when buying a flat, we spend hours ensuring the lease meets their lender’s requirements. That’s why we developed Smart Documents and Smart Reports which produces a report in minutes that shows whether the lease is compliant or not. I’ve seen experienced lawyers gasp when we show them how quickly and thoroughly it spots issues.
“With the risks involved in buying properties showing no sign of decreasing, the expertise of lawyers to review documents and identify anomalies is very much under the spotlight. Given the reported shortages of experienced lawyers, this presents a significant challenge to law firms and more delays in the process. Smart Documents addresses this by analysing all the documents in a case and identifying which issues may require further investigation. In addition, the unique “Ask any question” feature enables lawyers to check issues across multiple documents themselves and raise informed enquiries, without limit.”
Ambrose added: “Even with our experience of the amazing reaction to our Smart Enquiries, we’ve been caught off guard by the response from expert lawyers. When conveyancers with over 30 years’ experience actually clap you after a demonstration, you know you’ve built something special. We’re beyond excited about the difference it’s going to make to the lives of conveyancers and the impact this should have on transaction times.”
