“The Future” on hold
I remember being told by my University Property lecturer that the future of property transactions would be changed by the Land Registry’s plans for electronic conveyancing (e-conveyancing)…
Several years have passed since (… I am now qualified!) and it now appears that after the Land Registry’s third consultation on the legislation required to shape the future of conveyancing, the Land Registry’s plans for “the future” and e-conveyancing have been put on hold. Instead, the Land Registry is concentrating their efforts on providing a system whereby transactions involving registered land can be lodged electronically.
The reasons for the current delay seem to be that respondents to the third consultation suggested that e-transfers are not achievable in current property market this being in reference to low property values and stagnation in the market. There was also concern expressed over the proposed introduction of electronic signatures and the increased risk of fraud.
Accordingly the Land Registry proposes to put plans for e-conveyancing on hold for the immediate future and will consider implementing e-conveyancing when the housing market recovers, whilst it considers the above concerns in the meantime.
…Maybe e-conveyancing will arrive before I retire!
If you would like any more information on this, please contact Amanda O’Mahony (firstname.lastname@example.org).