LAND REGISTRY News
Release (10/08) issued by COI News Distribution Service on 6 April 2009
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
said:
"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
ENDS
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.
About Fasttrac
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.
Land Registry
Head Office
Lincoln's Inn
Fields
London WC2A 3PH
Tel (direct) 020 7166 4543
Fax
020 7166 4516
http://www.landregistry.gov.uk