Land Registry focus on electronic mortgages and transfers

The Land Registry’s decision to focus resource on introducing electronic discharges, charges (mortgages) and transfers as the priorities in its e-conveyancing programme has been influenced by key learning from the Land Registry’s Chain Matrix prototype and valuable feedback from customers on electronic funds transfer.

This will include refreshing the existing product range and enhancing its web services to better serve the needs of its customers.

E-conveyancing will transform, through a phased approach, the current paper-based conveyancing system into electronic documents and electronic signatures.

Alasdair Lewis, Head of Land Registry’s Business Transformation Programme, has stated: “We have always recognised that we would move incrementally towards our long-term vision of e-conveyancing. We have already done much in-depth work with customers, testing the market, and our first priority must now be to introduce electronic discharges, charges and transfers - thus fully automating our core business of registering land.

“We recognise that this is a significant task and that it will not happen overnight. Therefore, in 2008, we will focus on delivery of electronic charges and electronic discharges, and pave the way for electronic transfers in 2009. We have concluded that these must be our next key steps.

“From the outset, we have been committed to enhancing chain transparency and to enabling full e-conveyancing through the electronic transfer of funds. Our Chain Matrix prototype is testimony to this commitment and we have learned much from the exercise.

“Chain transparency and funds transfer are still very much part of our long-term vision, but this must not deflect us from delivering core registration services electronically in the short term. We know we need to progress this first, while we consider developing further any products which will provide more chain transparency and facilitate the transfer of funds.”

With the world’s largest property database of over 21 million titles, Land Registry underpins the economy by safeguarding ownership of many billions of pounds worth of property. Approximately £1m worth of property is processed every minute in England and Wales.