Is this a positive step to revolutionise the conveyancing world?
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The land registry has been slowly adapting to keep up with the technological advances. Electronic signatures are a step towards the right direction, so long as the softwares used have a high level of security to prevent any fraudulent practices. With an increase in hacking towards large institutions, this is a real concern that needs to be addressed. Unfortunately, data security is not an issue that can be resolved with a ‘one-off’ solution. More capital will need to be invested in cyber security, as attacks are more likely and less predictable.
HM Land Registry has begun accepting witnessed electronic signatures for deeds such as mortgages, leases and property ownership transfers.
This is a big step in the right direction. The initiative was introduced due to the difficulty of buying caused by COVID-19 and the risk to health to attend contract signing in person. Electronic signing will increase efficiency, save time and allow a greater access during these unprecedented times.
It was long due for the HMRC to adapt and utilise technology. It is very important that new technological innovations are used to help speed up the process. Now people can sign in the convenience of their houses without having to risk being late/ missing the appointment or finding the place to attend the meeting.
However, it is all good that we are embracing technology but it is vital that the HMRC adopts digital identity checking technology to secure the safety of the transaction from fraud. As life gets easier, there will always be individuals who would like to intervene to make a gain.
The success of electronic signatures for property transaction is important as this will determine whether HMRC will use this process for the rest of their services.
I am delighted that we are utilising technology but also want HMRC to ensure the security of their system before they use it for vital cases.
For detail of the rules and implementation check out:
https://www.ftadviser.com/mortgages/2020/07/28/land-registry-to-accept-e-signatures/