By Andrew Lloyd, Managing Director of leading property data provider, Search Acumen
The inefficiencies plaguing the property transaction process have long been a source of frustration for legal professionals.
As someone who has dedicated over two decades to innovating in this sector, I’ve witnessed firsthand the challenges faced by property lawyers, particularly when it comes to handling Local Authority data.
Our use of artificial intelligence (AI) is set to transform this crucial aspect of property transactions, offering a glimpse into the future of legal practice.
The CON 29 conundrum
At the heart of property transactions lies the CON 29 form, a document that has become increasingly problematic for lawyers to navigate. The issues stem from two primary factors:
- Outdated information delivery methods
- Lack of standardisation across Local Authorities
Since the 1990s, Local Authority data has been provided in flat PDFs, requiring lawyers to manually sift through each page. This method is not only time-consuming but also highly inefficient, especially for professionals managing growing caseloads. Adding to this challenge is the fact that the UK’s 340 Local Authorities each return results in different formats, making it virtually impossible to easily compare properties.
This situation has created a significant bottleneck in the transaction process, leading to slower deals and an increased risk of human error. In our digital age, this approach is no longer tenable.
Introducing REI: a breakthrough in property data management
To address these longstanding issues, Search Acumen is launching REI (pronounced ‘ray’) – a groundbreaking AI-powered technology that represents the first real change in decades to how lawyers process information from Local Authorities.
REI’s capabilities include:
- Digital reading and automated analysis of CON 29 forms
- Standardised extraction of information, regardless of the originating Local Authority
- Quick comparisons between properties
- Improved accuracy and significant time savings
The development of REI has been years in the making, requiring the combined efforts of numerous experts to create a truly effective solution. This extensive training allows us to offer customer guarantees and insurance, standing firmly behind the accuracy and reliability of our technology.
The timely impact of REI
The launch of REI comes at a crucial juncture for the built environment and legal industries, particularly in light of current Government priorities:
- Commercial real estate: REI’s ability to process vast portfolios of property and land sales, as well as highly complex deals, is particularly relevant for the CRE market, which is likely to grow in line with our economy.
- Labour’s social housing agenda: With social housing delivery being a core pillar of Labour’s housebuilding plans involving numerous stakeholders per transaction, REI’s efficiency in handling multi-property deals could be instrumental in meeting ambitious housing targets within the next parliament.
- Standardisation across Local Authorities: By providing extracts in the same format regardless of the originating Local Authority, REI addresses the long-standing issue of inconsistency in property data presentation.
Broader implications for the legal industry
The introduction of REI is just one piece of the puzzle in modernising legacy processes. Looking ahead, several key trends are likely to emerge:
- Government-driven AI innovation
The next Government will need to take a proactive stance in enabling AI innovation and its application across industries. We must embrace AI rapidly over the next 18 months and our position outside the EU could potentially give us an advantage in implementing more progressive AI reforms.
- Evolving legal frameworks
As technology continues to advance, we’re likely to see new areas of law emerge to address these changes. The changing employer-employee relationship in the face of increased automation is just one example. New areas of law will emerge that specifically cater to this change. We saw that with streaming services, which gave artists the agency to manage their own music. The role of middlemen is becoming less and less important, creating new areas of the law for how we transact with each other.
- Increased productivity demands
The pressure to do more with less will intensify in the coming years. Businesses must prepare for a reality where client expectations grow, even as there’s a desire to reduce work hours. This will likely lead to a sharp increase in the automation of tasks once considered too complex for machines, including those in professional service industries.
Embracing the future of legal practice
The future of legal practice will be defined by those who can effectively harness technology to enhance their capabilities. REI represents a significant step forward in this journey, offering legal professionals the ability to work smarter, faster, and more accurately.
As we at Search Acumen continue to develop and refine AI-powered solutions, we’re not just helping lawyers – we’re contributing to broader economic goals, such as supporting the Government’s ambitions to boost housing delivery across the UK.
The legal industry stands at the cusp of a technological revolution. Those who integrate AI-powered tools into their practice will be best positioned to thrive in this new landscape. And as we move forward, the question for legal professionals is not whether to adopt these technologies, but how quickly they can integrate them to stay competitive and provide superior service to their clients.
