Speaking at the MI Sub-Prime & Technology Forums, Eddie Goldsmith, senior partner at Goldsmith Williams, said digital signatures for simple cases would be a reality within the next two to three years.
Goldsmith also outlined details of a proposed agreement between the Land Registry and lawyer firms to safeguard digital signatures and ensure they were not being used fraudently. He indicated that by 2009 or 2010, there would be simultaneous registration and completions available with the establishment of an electronic and centralised funds transfer service.
Goldsmith said: “The Land Registry has to find a centralised banker who will act as a clearing bank for all finances involved in the housing transaction.”
Goldsmith also warned that solicitors who failed to move with the times would be left behind and encouraged brokers to move into all areas of home ownership. “The importance of diversifying is paramount in the current climate. Things such as equity release, wills and trusts are all related to housing and Home Information Packs and must be looked at. Those who fail to embrace this will be left behind.”
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