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Land Registry celebrates historic signing
Land Registry celebrated a milestone in its history when it registered the first mortgage to be signed electronically.
The mortgage, or "e-charge", in favour of Coventry Building Society, was signed electronically by the borrower and registered at 11:20 on 24 March 2009.
This landmark occasion marks an important step in Land Registry's programme of introducing new electronic services and helps to make property transactions easier for all.
Land Registry Director of Information Systems John Wright
"This huge achievement is the culmination of two years' work by Land Registry staff.
"The benefits of using e-charges include speeding up the process of creating and submitting applications to register charges and reducing the volume of paper generated in each transaction."
Shelley Rodway, Relationship Manager for the Coventry added: "We are delighted to have led the way for lenders on this pilot. The Coventry is known for its innovation and completing the first e-signature mortgage is a big step forward for the industry."
Jonathan Stokes of Fasttrac Solicitors, the firm who lodged the charge, said: "We are delighted to have completed the first e-mortgage in England and Wales.
"The first e-charge is one small, but highly significant step in the e-conveyancing project."
For more information on electronic charges and econveyancing visit http://www.landregistry.gov.uk
Notes to editors
About Land Registry
1. 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.
2. As a government department established in 1862, executive agency and trading fund responsible to the Secretary of State for Justice and Lord Chancellor, Land Registry keeps and maintains the Land Register for England and Wales. The Land Register has been an open document since 1990.
3. For further information about Land Registry visit http://www.landregistry.gov.uk
About Coventry Building Society
1. Coventry Building Society was established in 1884 and is the fourth largest building society in the UK.
2. With assets of £17.3 billion, the Society has over one million customers and is truly committed to retaining its building society status. The Society believes this to be in the best long term interests of members, both existing and into the future.
1. Fasttrac Solicitors delivers remortgage and associated conveyancing services to mutual lenders, for the benefit of their members, customers, and connections.
2. Fasttrac is a trading division formed in 2000, of The Stokes Partnership Solicitors, which was founded in 1998.
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