|
What is e-conveyancing? In simple terms it is the removal of paper documents from the transfer of homes and the registration of title to land.
Where title to land is registered paper copies of title deeds are no longer necessary – the right to title in or ownership of land is registered at the Land Registry.
The only proof you need is official copies of the Registers and of the title plan showing the extent of your land . This information can be obtained for a fee from http://www.landregistryonline.co.uk/
Some transactions can also be carried out online such as searches of the registers, changes of name and addresses of registered owners, discharges of mortgages and registration of mortgages.
The Land Registry is also developing a ‘chain matrix’ to enable the parties in a chain of transactions to see the progress being made in the chain as a whole and for all parties to register when they have reached the various stages in the conveyancing process.
.jpg)
|
|
The ultimate intention is that solicitors and licensed conveyancers will be able to indicate on line when sellers and buyers are ready to exchange contracts – when all lights in a particular chain turn green for ‘exchange’, all contracts will be exchanged simultaneously.
There are also plans for the payment of deposits, mortgage advances and the balance of the purchase price to be made through the Land Registry.
Will this mean the cost of conveyancing will come down?
The cost to the consumer is likely to remain much the same although the cost will be split in different ways with the Land Registry collecting additional fees for its additional roles in the process.
|
