Plans to deliver full electronic conveyancing during 2007 have reached another milestone as the latest proposals received approval by David Lammy, Parliamentary Under-Secretary of State at the Department for Constitutional Affairs.
Electronic conveyancing is the transformation of the current paper based conveyancing system into electronic form, using electronic documents, requisitions and signatures. The system will allow the buying, selling and registration of land and property in England and Wales completely electronically. The system should reduce the delay and anxiety that can be experienced in the house buying process.
The system will offer open access to chain information and provide a mechanism whereby all payments relating to the transactions in the chain can be paid simultaneously and electronically, with automatic registration on completion.
David Lammy said: "When it comes to the delivery of public services, e-conveyancing is one of the Government's highest priorities. These proposals present a clear and coherent framework for the future direction of the programme and I have agreed that Land Registry should continue to lead the development of e-conveyancing in England and Wales.”
The key proposals are:
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Land Registry will develop and operate the central e-conveyancing service that will link all participants in a conveyancing transaction, co-ordinating key milestones of exchange and completion, and updating the Land Register.
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Access to the service will be via public and private channels. Land Registry will develop and implement its own basic channel access and will encourage the development of added value commercial channels alongside this to offer customer choice.
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An Electronic Funds Transfer Service, to be supplied by an 'agency bank', will be linked to the central service facilitating all money movements associated with property transactions.
Peter Collis, Land Registry Chief Executive and Chief Land Registrar added: "The e-conveyancing team have worked closely with stakeholders and suppliers to find solutions that are practical and acceptable to all. We believe these proposals will deliver the reform of the property buying and selling process that was a strong theme of our 2002 public consultation. "
Land Registry aim to pilot the e-conveyancing service during the spring of 2006 and begin an incremental process of national rollout during 2007.
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