UK Land Registry focuses on electronic mortgages and transfers

UK has made the sensible decision to focus first on electronic registration of dealings (2008) before embracing the more complex electronic settlements and funds transfer (2009).

This is the press release lifted from a finance website

Key learning from Land Registry's Chain Matrix prototype and valuable feedback from customers on electronic funds transfer have influenced Land Registry's decision to focus resource on introducing electronic discharges, charges (mortgages) and transfers as the priorities in its e-conveyancing programme.

This will include refreshing the existing product range and enhancing its web services to better serve the needs of its customers.

Head of Land Registry's Business Transformation Programme, Alasdair Lewis, said: "We have always recognised that we would move incrementally towards our long-term vision of e-conveyancing. We have already done much in-depth work with customers, testing the market, and our first priority must now be to introduce electronic discharges, charges and transfers - thus fully automating our core business of registering land.

"We recognise that this is a significant task and that it will not happen overnight. Therefore, in 2008, we will focus on delivery of electronic charges and electronic discharges, and pave the way for electronic transfers in 2009. We have concluded that these must be our next key steps.

"From the outset, we have been committed to enhancing chain transparency and to enabling full e-conveyancing through the electronic transfer of funds. Our Chain Matrix prototype is testimony to this commitment and we have learned much from the exercise.