First move towards digitisation of buying and selling process in UK confirmed
A landmark has been reached in the buying and selling of homes in the UK with a significant step forward towards the process being digitised.
The Land Registry has confirmed that the first digital mortgage deed has been entered into the Land Register as part of plan to transform the conveyancing market with quicker and simpler digital services.
There will be ongoing improved use of technology making sales instantaneous where possible and simplifying the whole buying and selling process.
The sign your mortgage deed service is a move whereby in the future there will be no need for a witness to watch as the home owner applies an ink signature to a paper mortgage deed, saving time and providing a more secure service to home owners, lenders and conveyancers.
The registration of the deed follows months of collaboration and testing with Coventry Building Society and Enact Conveyancing and uses GOV.UK Verify to enable borrowers to securely verify their identity before digitally signing their mortgage deed online.
‘By working with partners in the industry, we have secured a simpler and faster service for the benefit of home owners. We are looking forward to rolling this out nationally and will be working with more conveyancers and lenders to do so,’ said Land Registry chief executive and chief Land Registrar Graham Farrant.
According to Peter Frost, chief operating officer at Coventry Building Society, the move will help towards speeding up property transactions. ‘Initial feedback has been very positive, with customers finding the process simple, quick and secure,’ he said.
‘Although this initiative has started with re-mortgages we’re excited about the potential for it to be extended to purchases in the future,’ he added.
Ben Carroll, Enact Conveyancing’s managing director, described the move as pioneering. ‘This fully digitised journey will mean that a customer can sign their mortgage deed online at a time and place of their choosing, securely underpinned by the GOV.UK Verify platform,’ he explained.
Borrowers will digitally sign their deed online and will save time as they won’t have to get their signatures witnessed or risk their documents being lost in the post. They will be able to log in and sign their deed at any time, meaning their application is more likely to move along more quickly.