The way people buy and sell property is going to start getting smoother and quicker in the future. It all started on the 6th April when Government changes to Land Registration rules took effect.
You won’t see the results overnight, but HM Land Registry is laying the ground now for speedier conveyancing going forward.
Over the next five years HM Land Registry wants to introduce fully digital conveyancing documents with e-signatures such as mortgages and transfers. At the moment they are piloting a digital register for a small number of properties. This will help them to see how it could work and what the impacts of it might be. As well as making the conveyancing process faster and simpler. They also want to make the system more secure to minimise the risk from digital fraud and cyber security.
HM Land Registry’s plans are detailed in their five-year Business Strategy 2017-2022. Their ambition is to be the world’s leading land registry. Another objective is to be open with their data – publishing as much of it as possible.
Whenever you buy or sell a property or change the ownership in any way, HM Land Registry needs to be informed of the changes. Since 1862 HM Land Registry has been responsible for registering land. It processes around 20,000 applications every day to change the Land Register. Many of these transactions are already automated but the aim is to digitise 95% of daily transactions by 2022.
Although it might seem in most cases this will only serve to make the conveyancer’s life easier, that is only the case in the short term. As more areas such as mortgage lending follow suit and become digitized, it is anticipated that future buyers and sellers will also reap the benefits; experiencing fewer delays and more accessible communication.
As the different parts of the conveyancing process change, our professionals continually adapt to meet and benefit from those changes. If you are thinking of buying or selling a property and need a conveyancer to help you through the process, please call LPL on 0333 305 5249.
