HM Land Registry
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Land Registry launches consultation on electronic transfers
Land Registry today, 22 March 2010, launched a consultation paper E-Conveyancing Secondary Legislation – part 3 seeking views on proposals to create electronic transfers complete with electronic signatures and to extend the use of electronic legal charges (a form of mortgage).
The new proposals would make it possible, for the first time, to carry out the main conveyancing steps in the sale and purchase of a house electronically instead of using paper documents. The consultation period runs for 14 weeks from 22 March until 25 June 2010.
The aim of Land Registry’s e-conveyancing programme is to make conveyancing easier for everyone, with an electronic system that makes buying and selling property less stressful for the public, conveyancing professionals and the other parties involved.
The proposed new land registration rules would prescribe an electronic transfer as an additional kind of electronic disposition of registered land in England and Wales. Existing rules made in 2008 provide for the creation of standalone electronic legal charges (usually remortgages). The new rules would also revoke the 2008 rules and allow for both standalone electronic legal charges and electronic charges accompanying a transfer. There is already provision for electronic discharges.
Subject to the outcome of the proposals and the advice and assistance of the Rule Committee, it is anticipated that the new rules would come into force during 2011.
The consultation is aimed primarily at conveyancers, lenders, financial institutions, regulatory and representative bodies (such as The Law Society, the Solicitors Regulation Authority, the Council of Mortgage Lenders and the Council for Licensed Conveyancers) and other property professionals such as estate agents.
Notes to editors
1. The consultation was also announced today in a written ministerial statement by the Rt Hon Michael Wills, MP, Minister of State, in the House of Commons and by Parliamentary Under-Secretary of State, Lord Bach, in the House of Lords.
2. The consultation document can be read online from 22 March at http://www1.landregistry.gov.uk/consultations/ For questions about the consultation document or how to respond, please email consultationenq3@landregistry.gsi.gov.uk or telephone 02476 868098.
3. With the largest transactional database of its kind detailing over 22 million titles, Land Registry underpins the economy by safeguarding ownership of many billions of pounds worth of property.
4. As a government department established in 1862, executive agency and trading fund responsible to the Lord Chancellor and Secretary of State for Justice, Land Registry keeps and maintains the Land Register for England and Wales. The Land Register has been an open document since 1990.
5. For further information about Land Registry visit www.landregistry.gov.uk
