The first digital mortgage has been signed in a new online service that will revolutionise the process of buying a house. Coventry Building Society and Enact Conveyancing lodged the mortgage for a house in Rotherhithe, London.
The move is part of the 'sign your mortgage deed' service from HM Land Registry, which aims to remove the need for a witness during signing – making it a quicker and easier process for homeowners.
The process will also be more secure for homeowners, lenders and conveyancers. Buyers will be required to identify themselves through the government's Verify platform rather than the traditional route of using a witness.
The registration is part of HM Land Registry's plans to transform the conveyancing market with digital services and improved technology.
The move means that transactions such as registering deeds will be almost instantaneous, simplifying the homebuying process.
Graham Farrant, HM Land Registry's chief executive and chief land registrar, said: 'By working with partners in the industry, we have secured a simpler and faster service for the benefit of home owners.
'We are looking forward to rolling this out nationally and will be working with more conveyancers and lenders to do so.'
Peter Frost, chief operating officer at Coventry Building Society, said: 'Initial feedback has been very positive, with customers finding the process simple, quick and secure.
'Although this initiative has started with re-mortgages we’re excited about the potential for it to be extended to purchases in the future.’