The Land Registry has given the green light to faster property sales after making the historic announcement that it is to accept electronic signatures across a wide range of property transactions.
This includes for property sales, leases, mortgages and other property dealings.
Talked about for years, the tech has been brought forward by the needs of Covid and social distancing, the organisation says.
Electronic signatures will have to be ‘witnessed’ by someone present at the time it takes place, and the process requires a conveyancer to upload the deed or lease to an online platform which sends a link to the signatories.
Once they have completed the necessary authentication checks, they then ‘sign’ the document electronically in the physical presence of the witness who then also signs.
The conveyancer is then notified that the signing process has been concluded and, once they have completed on the deed, submits the completed document to HM Land Registry with their application for registration.
“What we have done today is remove the last strict requirement to print and sign a paper document in a home buying or other property transaction,” says Simon Hayes, Chief Land Registrar.
“This should help right now while lots of us are working at home, but it is also a keystone of a truly digital, secure and more efficient conveyancing process that we believe is well within reach.”
Adam Forshaw (left), MD at leading tech-driven conveyancers, O’Neill Patient, says: “his is a significant step forward for homebuyers, as it means that in principle the entire homebuying journey can now be conducted electronically.
“Even before the advent of Covid-19 and social distancing, there was significant demand for a more tech-driven process. But one of the biggest problems facing the property sector in lockdown was the ongoing requirement for ‘wet-ink’ signatures.”
Go to Publisher: Proptech – The Negotiator
Author: Nigel Lewis