My house recently fell through which was for sale, it took 5 months to get to the point of falling through, simply because the buyer changed their mind. It’s a ridiculous system. Currently now under a cash offer with literally every single bit of paper work on my side done, yet my solicitor says it will still take over 3 months to get to the point of completion! And that’s with the buyer purchasing the searches from the previous fallen sales solicitor. It boggles my mind why it takes so long.
Websites are designed to separate clients from their suppliers, it seems to me. If you are going on line don't assume that everything and everyone will go really well with no problems. It's imperative that communication is absolutely solid
Blockchain based contracts with ease of transfers and ownership through the entire supply chain. Look at how UAE is doing this with their entire government and paper processes.
My (very basic) understanding of blocktrading transactions is they contain a unique digital signature but no identifying information of the individual themselves i.e. the order has a unique identifier but the sender is not identified. If the individual from whom the cash is sent from cannot be clearly identified then this just isn't a feasible solution for AML (and other practical) reasons. Big no no unless I have totally misunderstood how blockchain works.
Sean McShane not sure if block trading is the same thing but in a blockchain each public ledger would authenticate and verify the users in that transaction. Integrity is maintained as no edits can be made in that ledger but all can see it’s authenticity. So in a house move that would between the banks and accounts but then the solicitor would need to verify that too through an AML. This AML form could be digitised and accessed by the solicitor to speed things up instead of the manual process some still use to send certified wet copies of ID and all the other paper work needed to prove transactions etc
in April 2019 HMLR completed a Proof Of Concept using a smart contract on the Blockchain, created on the R3 Corda platform, as part of Digital Street. with all required persons on the same call the house purchase (Gillingham, Kent) was completed, if I remember correctly, in 30 minutes! This included the Mortgage provider payment to virtual house key hand over! www.gov.uk/government/news/hm-land-registry-to-explore-the-benefits-of-blockchain
They were in trouble before lockdown. The Land registry sent me a letter back in February saying that there was a delay in updating my title deeds due to their heavy work load. The letter gave no expected date of completion for something that was paid for in early January. The online information was updated in May which was a good sign but they still needed my solicitor involved and evidence of sale to have the paperwork sent through in September. It could have caused my sale to fall through. No reimbursement for the inconvenience or expense given. Searches are also taking months too and holding up chains. It’s convenient to have a blanket excuse for some jobs that should have contingencies in place and could be transferred to work from homes. Pathetic ass kissing interview Phil, basically we know the system is rubbish but it’s not our fault and look how how brilliant it will be at some unknown time in the future. How is that useful? Public servants should not be furloughed they are essential workers with the drop in house sales they would have caught up with the workload.
My house recently fell through which was for sale, it took 5 months to get to the point of falling through, simply because the buyer changed their mind. It’s a ridiculous system. Currently now under a cash offer with literally every single bit of paper work on my side done, yet my solicitor says it will still take over 3 months to get to the point of completion! And that’s with the buyer purchasing the searches from the previous fallen sales solicitor. It boggles my mind why it takes so long.
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Thank you, can not wait the moment everything will be digitalised!
Yes indeed. Us too.
Websites are designed to separate clients from their suppliers, it seems to me. If you are going on line don't assume that everything and everyone will go really well with no problems. It's imperative that communication is absolutely solid
Communication is key for sure.
I like the french system. Mostly !
thanks for sharing
Blockchain based contracts with ease of transfers and ownership through the entire supply chain. Look at how UAE is doing this with their entire government and paper processes.
My (very basic) understanding of blocktrading transactions is they contain a unique digital signature but no identifying information of the individual themselves i.e. the order has a unique identifier but the sender is not identified. If the individual from whom the cash is sent from cannot be clearly identified then this just isn't a feasible solution for AML (and other practical) reasons. Big no no unless I have totally misunderstood how blockchain works.
Sean McShane not sure if block trading is the same thing but in a blockchain each public ledger would authenticate and verify the users in that transaction. Integrity is maintained as no edits can be made in that ledger but all can see it’s authenticity. So in a house move that would between the banks and accounts but then the solicitor would need to verify that too through an AML. This AML form could be digitised and accessed by the solicitor to speed things up instead of the manual process some still use to send certified wet copies of ID and all the other paper work needed to prove transactions etc
in April 2019 HMLR completed a Proof Of Concept using a smart contract on the Blockchain, created on the R3 Corda platform, as part of Digital Street.
with all required persons on the same call the house purchase (Gillingham, Kent) was completed, if I remember correctly, in 30 minutes! This included the Mortgage provider payment to virtual house key hand over!
www.gov.uk/government/news/hm-land-registry-to-explore-the-benefits-of-blockchain
Property diagnostics end up being an opportunity for incompetence as it does in France but the legal process is much much better than the UK
Thanks for sharing this
They were in trouble before lockdown.
The Land registry sent me a letter back in February saying that there was a delay in updating my title deeds due to their heavy work load. The letter gave no expected date of completion for something that was paid for in early January.
The online information was updated in May which was a good sign but they still needed my solicitor involved and evidence of sale to have the paperwork sent through in September. It could have caused my sale to fall through. No reimbursement for the inconvenience or expense given.
Searches are also taking months too and holding up chains. It’s convenient to have a blanket excuse for some jobs that should have contingencies in place and could be transferred to work from homes.
Pathetic ass kissing interview Phil, basically we know the system is rubbish but it’s not our fault and look how how brilliant it will be at some unknown time in the future. How is that useful? Public servants should not be furloughed they are essential workers with the drop in house sales they would have caught up with the workload.