First digital mortgage paves the way for smoother property processes
08 May 2018 1720 Views
As the world becomes ever more digital and people increasingly look to technology to provide convenient solutions to sometimes complex problems, it’s perhaps not surprising that the first mortgage to be registered online was recently completed by HM Land Registry.
The first digitally signed mortgage was lodged with Land Registry by Coventry Building Society and Enact Conveyancing, for a home in Rotherhithe, south-east London.
For the first time in its 146-year history, a digital mortgage deed was entered into the Land Register as part of the Registry’s ‘Sign your mortgage deed’ service, heralding a step-change in how the industry processes transactions.
Is this the future?
It would appear to be, if the Registry’s own words are to be believed. It says it is planning for a future where there is no need for a witness to watch as a homeowner ‘applies an ink signature to a paper mortgage deed’, as this could be achieved digitally instead. As well as a great time-saving device, it is hoped this way of doing things will also offer a more secure service to lenders, homeowners and conveyancers alike.
Digital registration forms part of the Registry’s wider plans to transform the conveyancing market, providing quicker and simpler digital services and making better use of available technology. In addition to simplifying the home buying process, this will also make sure transactions are immediate where possible.
With the technology there to make property transactions less painful and stressful, it makes sense on so many levels for this to be utilised.
Security is key
For those worried about the safety and security of all this, GOV.UK Verify should put minds at rest. This system, which allows borrowers to securely confirm their identity before digitally signing their mortgage deed online, was used for the house above and provides the security and peace of mind that consumers will be after.
The plan is to roll out the new (simpler and faster) service on a national basis, with the Registry working with more conveyancers and lenders to make this possible.
Digital consumers need digital-savvy agents
As is the case with many aspects of life, the demand for digital solutions is very much there – and the idea of signing mortgage deeds online is likely to appeal to many consumers, particularly those of a generation who now bank, date, shop and live much of their lives online.
To meet this demand, you need a website and property software that accommodates these digital needs. Our beautifully designed websites are fully optimised for mobile viewing, offer free Google Maps integration and provide many cutting-edge online features to remain relevant in an increasingly digital world.
What’s more, we provide property software – cloud-based and accessible from anywhere – which allows you to manage all aspects of your business at the click of a button. All you need is an internet connection.
With software and a website that is thoroughly up-to-the-minute, you’ll ensure you aren’t left behind the times.
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