View more on these topics

E-conveyancing will not happen overnight

I was recently asked for an update on the Land Registry’s e-conveyancing initiative. My enquirer pointed out that having heard a fair amount in 2007 and early 2008 about the Land Registry’s intention to revolutionise the conveyancing system, they had heard little since.

The Land Registry did indeed announce ambitious plans to overhaul conveyancing. It carried out consultation exercises looking into the use of e-signatures and electronic funds transfer.

This culminated in 2007 with the launch of a six-month Chain Matrix prototype, which gave the Land Registry a taste of what was involved in implementing large-scale public and private sector initiatives.

Feedback made it realise that a big bang-style overhaul of the conveyancing system was not the best way to proceed and instead it opted to implement changes on a drip-feed basis.

To date, it has launched a number of services including electronic discharges and an e-lodgement service, which is being piloted with a number of users.

This year, the Land Registry is planning to pilot an electronic charge, which will be the first electronic deed and form part of a remortgage package for lenders. One of the benefits is that borrowers will be able to sign the deed over the internet.

The e-conveyancing revolution isn’t going to happen overnight. Conveyancing is suited to the world of electronic communications, but to make the system work well, the Land Registry is going to need co-operation from private sector firms.”


Arrears on sub-prime mortgages hit record high

Arrears on sub-prime mortgage loans in the UK hit a record high of 28.6% for Q4 last year, research from Standard & Poor’s shows.The Q4 report from S&P Ratings Services reveals that the comparative figure for Q3 was 25.1%.Outstanding arrears over 90 days are now at 12.5%, up from 10.3% the previous quarter.Repossession cases have […]

Business-to-business news in brief

  • HSBC launched a two-year fixed rate mortgage at 2.99% as it revealed that its mortgage application requests doubled in February compared with January 2009. The bank is also offering two new longer term fixed mortgages – a five-year deal at 3.99% and a 10-year loan at 4.98%. Martijn van der Heijden, head of mortgages at HSBC, said: “The feedback we have received from our customers is that the majority want to lock into today’s historically low interest rates.”
  • Auto-enrolment: tips for employers

    The Pensions Regulator (TPR) has released advice on communications for employers, including three tips to help you with your auto-enrolment duties. 1. Allow enough time to select your pension schemeIt’s recommended that you start to prepare for auto-enrolment at least 12 months in advance of your staging date; additionally, give yourself time to choose the […]


    News and expert analysis straight to your inbox

    Sign up