Armalytix, the Open Banking platform, which streamlines the collection of data for the professional and financial service industries, has launched a new company purchase and commercial property source of funds questionnaire.

The questionnaire, a digital first, helps to solve complex and high value commercial source of funds for conveyancers and has been created in partnership with clients and prospects.

Source of funds and wealth obligations around limited company purchases and commercial property remain the same as residential conveyancing but often involve more money, require a different set of questions and have complex evidence requirements.

With the increasing danger of fines, combined with updated guidance from LSAG, there is growing pressure on legal firms to meet regulatory needs and minimise reputational risk. Armalytix’s source of funds for commercial property is an answer to that – transforming time-consuming, resource-heavy manual processes into a digital journey that takes only a few clicks for the firm and their clients alike with no app or software downloads.

Tom Lyes, Head of Legal & Property at Armalytix, says:

“This should add real value to conveyancers who act for clients who buy in the name of a limited company as well as commercial property teams. I’d like to thank our clients and prospects, who have contributed to its development and I encourage other firms to speak to us about ideas they may have on improvements to source of funds as we continue to improve the day to day for everyone.”