Searches UK continues to build on its digital services offering

Searches UK have added to their portfolio of digital services by offering LM04 lender policy searches, provided by Lexsure.

Lenders regularly change their Part 2 policies. In fact, statistically, there is a 50% chance that a lender will change their instructions during the lifecycle of a purchase case where there is a mortgage. The LM04 is an essential pre-completion search enabling conveyancers to check for changes to a lender’s Part 2 instructions before submitting their CoT

A search of the Lender Policy Database is typically carried out just prior to the request to drawdown funds and covers the period from when the documentation on the transaction was first reviewed. If changes have occurred during this period, the search will highlight the original and new text within the relevant sections of the Policy.

This latest offering follows the previous announcement that Searches UK have integrated with Lexsure’s Report on Title platform, e-ROT, enabling conveyancing teams to forgo manually setting up cases on the reporting software. Instead, as a firm orders their search bundle the case will automatically be created pre-populated with data via Searches UK. With the Searches UK’s reporting integration, firms avoid any duplication of data, saving valuable time.

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

Lisa Summerton, Business Development Director, Searches UK, commented:

“As a dynamic, customer-driven and customer-focused business, using digital technology to improve and enhance the conveyancing process is at the core of our culture. Searches UK are at the vanguard of driving through digital transformation, as this will revolutionise the overall customer experience.”

To help firms as they transition out of the Covid-19 crisis, Searches UK will cover the cost of Lexsure’s electronic Report on Title, if firms move their search work over to Searches UK before the end of July 2020. They will cover set up fees and licence costs for two years which could save some firms over £2,000.

For further information contact Lisa Summerton [email protected].

Kindly shared by Searches UK