Conveyancing gets a speedy update
The process of buying a house is changing gradually during 2020 as the more traditional conveyancing systems make way for electronic communication, artificial intelligence-based processing and digital registration services.
The Land Registry has identified that the process of buying a house is too paper-based and confirmed that conveyancing will go digital over the coming year.
Electronic signatures are to be accepted from this month for transfers of property ownership, leases, mortgages and other property-related dealings.
“This move is welcomed, it’s swift, secure, efficient and will speed up the whole process, it also helps whilst some conveyancers are working from home and will assist us all should further lockdown measures be imposed,” said Head of Conveyancing at Pearson Solicitors, Victoria Marshall.
“This tech-drive process is just what we need, younger house buyers expect this and for too long property transactions have been a traditional transaction which has meant significant delays, clients expect a speedy and efficient system and hopefully these changes will help bring that about,” she added.
The online platform will require a two-factor authentication process for the signatories and witness and then a link to the document is emailed with an authentication code that is sent to the individual’s mobile phone.
The conveyance solicitor is then notified that the signing process has been done and can submit the completed deed to Land Registry with their registration application.
“It’s great to see property law now moving with the times and lockdown has evidenced the need for a more modern approach to all aspects of the conveyancing transaction and I look forward to more Land Registry improvements,” added Victoria Marshall.Subscribe to our newsletter
Please note that the information and opinions contained in this article are not intended to be comprehensive, nor to provide legal advice. No responsibility for its accuracy or correctness is assumed by Pearson Solicitors and Financial Advisers Ltd or any of its members or employees. Professional legal advice should be obtained before taking, or refraining from taking, any action as a result of this article.
This blog was posted some time ago and its contents may now be out of date. For the latest legal position relating to these issues, get in touch with the author - or make an enquiry now.