Title&Tenure is an automated service which can be introduced at the decision in principle stage of a mortgage application process, to allow for automated decision making
Proptech company CLSQ has released a Title&Tenure solutions to provide instant access to property information.
The company said this would streamline the mortgage process by giving users information on a property’s tenure type, title number and remaining lease term. CLSQ said this would remove the “costly and time-consuming” process of retrieving this information from title deeds.
CLSQ said the usual means of obtaining this information from Land Registry for a fee or during the post-offer conveyancing process sometimes resulted in wasted time and resources as issues were discovered which would impact completion.
Title&Tenure is an automated service which can be introduced at the decision in principle stage of a mortgage application process, to allow for automated decision making.
Spencer Wyer, strategic development director at CLSQ, said: Title&Tenure is a game-changer for the UK mortgage lending industry. By providing critical property information at the outset of the application process, we are enabling lenders to make more informed decisions faster and more efficiently.
This not only saves time and money but also enhances the customer experience by reducing delays and uncertainty. It is easy for lenders to integrate into their systems, using one simple API, to help lenders deliver instant decision-making with greater confidence, he added.
Earlier this month, the company also launched bamboo indemnity insurance to provide protection if bamboo is found on a property as a result of encroachment from a neighbouring property.
This includes protection for both residential and commercial properties.
As well as the cost of remedial action, CLSQ will also offer protection for any loss in market value.
The protection for financial loss covers a five-year period.
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