E-Conveyancing

The Land Registry has been planning on restructuring the process

of conveyancing for a number of years now. By developing an

electronic system of conveyancing the Land Registry aims to make it

faster, easier and more secure than its paper equivalent. The Land

Registry Act 2002 laid down the legislative foundations for the

transformation of the buying and selling of property in England and

Wales into a paperless system. The bringing in of the electronic

system is to be phased and by 2010 it is hoped that e-conveyancing

will be functional for use by the general public, conveyancing

practitioners and all other parties involved in the process.

The key ideas behind e-conveyancing are that it is to be

paperless, there is to be no time lag between completion and

registration and this will allow for 'chain transparency'.

This is to be achieved in a number of ways. There will be network

access agreements for users to sign up to and submit their

electronic documents online. Parties will be able to execute

documents using electronic signatures. An automated validation

check will ensure that deeds, forms and applications are more

accurate. There are to be enhanced e-lodgements and registration

will be produced instantly on completion. There is to be a link to

HM Revenue and Customs for the payment of SDLT. Eventually the Land

Registry proposes for an Electronic Funds Transfer (EFT). This will

allow for the simultaneous transfer of purchase and sale funds, as

well as the payment of professional and mortgage fees. This would

be of great benefit especially when dealing with long chains.

The Land Registry aims to make chain transactions more

efficient. It proposes to introduce a 'Chain Matrix'. This

will to allow buyers...