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 then entered into the Land Register.
The registration of this mortgage deed follows months of testing by HM Land Registry with Coventry Building Society and Enact Conveyancing.
It uses the GOV.UK verify platform to enable borrowers to securely verify their identity before digitally signing their mortgage deed online.
HM Land Registry is looking to eliminate the need for a witness to be present to watch the homeowner sign a paper mortgage deed.
It believes that its ‘sign your mortgage deed’ service will save time and provide a more secure service to homeowners, lenders and conveyancers.
The registration is part of HM Land Registry’s plans to transform the conveyancing market through quicker and simpler digital services and improved use of technology.
HM Land Registry hopes that this will speed up transactions and simplify the homebuying process.
“By working with partners in the industry, we have secured a simpler and faster service for the benefit of homeowners,” said Graham Farrant, chief executive and chief land registrar at HM Land Registry.
“We are looking forward to rolling this out nationally and will be working with more conveyancers and lenders to do so.”
Peter Frost, chief operating officer at Coventry Building Society, said it was delighted to have worked with HM Land Registry and Enact Conveyancing on this industry leading initiative to speed up property transactions.
“Initial feedback has been very positive, with customers finding the process simple, quick and secure.
“Although this initiative has started with remortgages we’re excited about the potential for it to be extended to purchases in the future.”
Ben Carroll, managing director at Enact Conveyancing, 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.“
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