The Coventry Building Society and Enact Conveyancing have lodged the first digitally signed mortgage for a house in Rotherhithe, London.
The first digital mortgage deed was entered into the Land Register today. Part of the ‘Sign your mortgage deed’ service, Land Registry is building for a future without the need for a witness to watch as the homeowner applies an ink signature to a paper mortgage deed, saving time and providing a more secure service to homeowners, lenders and conveyancers.
The registration forms part of HM Land Registry’s plans to transform the conveyancing market through quicker and simpler digital services and improved use of technology, making transactions instantaneous where possible and simplifying the homebuying process. The registration of the deed follows months of collaboration and testing with Coventry Building Society and Enact Conveyancing and uses GOV.UK Verify to enable borrowers to securely verify their identity before digitally signing their mortgage deed online.
Graham Farrant, the Land Registry’s chief executive and chief land registrar, said: “By working with partners in the industry, we have secured a simpler and faster service for the benefit of home owners. We are looking forward to rolling this out nationally and will be working with more conveyancers and lenders to do so.”
“We’re delighted to have worked with HM Land Registry and Enact Conveyancing on this industry leading initiative to speed up property transactions,” said Peter Frost, chief operating officer at the Coventry Building Society.
“Initial feedback has been very positive, with customers finding the process simple, quick and secure. Although this initiative has started with re-mortgages we’re excited about the potential for it to be extended to purchases in the future.”
Ben Carroll, Enact Conveyancing’s managing director, added: “We emphasise innovation that benefits our customers and improves their experience, so we are extremely pleased to join HM Land Registry and Coventry Building Society on this pioneering effort to transform the conveyancing process.
“This fully-digitised journey will mean that a customer can sign their mortgage deed online at a time and place of their choosing, securely underpinned by the GOV.UK Verify platform.”