The main focus of the consultation, which runs until mid-November, looks at what changes need to be made to the Land Registry to facilitate electronic legal charges, for example, the electronic registration of land, firstly for remortgaging, then for purchase business.
It will also look at expanding the Land Registry’s Chain Matrix to allow paper contracts to be exchanged electronically.
Stephen Smith, director of housing at Legal & General, said: “The Land Registry has, over the last few years, come out consistently with well thought out and innovative changes to the home buying and selling process which will reduce the stress felt by consumers through this difficult transaction. They have also taken the industry along with them, consulting in detail every step of the way and ensuring that the proposals put forward are practical, cost-effective and robust.
“This is the latest step towards implementing real changes to help both consumers and professionals, which will have far more wide reaching effects than the recent partial introduction of Home Information Packs.”
Stephen Foden, CEO of Spring Move, said: “One of the biggest problems in the industry is communication between parties so anything which helps this has to be welcomed. When it comes to the home buying process, everyone is so focused on their own transaction, but there are so many other factors influencing the chain. E-conveyancing also makes everything more transparent. The Land Registry is moving in the right direction, although it is not there yet.”
