Land Registry could soon make buying and selling property a digital process

 

Bringing conveyancing into the 21st century has been a much-discussed topic for many years. Recent events have highlighted the need for change, and new technology is now closer than ever.

The recent coronavirus pandemic and lockdown restrictions have provided an even greater impetus for HM Land Registry to modernise its “outdated” systems. It has been working with the Law Society, the Council for Licensed Conveyancers and the Chartered Institute for Legal Executives to come up with a solution.

As such, property transactions could soon be completed using smartphone apps and biometric identity technology. Not only would the process be simpler, it would ultimately also be faster and cheaper. The idea would be to reduce and even eliminate the need for face-to-face document verification.

For the UK housing industry, where so much can now already be done online, this would be huge progress. It could also make the UK property market even more desirable from the perspective of foreign investment. The impact would spread across both residential and commercial property and land.

Innovative proposals from Land Registry

In its latest blog, HM Land Registry sets out its plans and how it hopes to achieve them. It highlights the need for the prevention of fraud, but points out the flaws in the current methods in use.

“Even in the best of circumstances, conveyancers checking the identity of their clients personally can be inconvenient to both. It also relies on the skill and attention to detail of person doing the checking, which can be variable.”

“By contrast, there are technological means of checking electronic passports and similar that can be highly consistent and accurate.”

The proposals include using cryptographic combined with biometric identity solutions. This would involve the user having an app that analyses their passport chip to check its validity. They would then record a video of the passport photo for facial recognition.

“This can be done using a smartphone (Android and iPhones included), wherever they are, and the results are near immediate,” says the report. It adds that this technology is already in use at automatic immigration barriers at airports.

Proptech needed to boost buying and selling

HM Land Registry is hosting a virtual event that will aim to find a solution. The industry body is currently on the lookout for proptech providers who can create the required technology.

“We would encourage potential suppliers of this technology to consider how they might meet the needs of the property market, so that conveyancers might use these cryptographic combined with biometric checks now and in the future.”

“We encourage any providers interested in joining us for the virtual event to add your details to the sign-up form.”

The proptech industry as a whole has been improving vastly in recent years, and the recent crisis is likely to have spurred it on. All contact between buyers, sellers and agents is currently taking place remotely. Viewings are largely being conducted virtually, at least in the early stages. Mortgage applications are now largely a digital process.

For many property investors, and those abroad in particular, almost the entire process can be completed without any physical presence. This is especially the case for off-plan purchases.

Further to this, huge advances in technology have changed how properties are run and managed. This includes for homeowners and owner-occupiers, as well as for landlords and tenants. Many modern rental buildings, for example, have community apps that are shared among occupants. These can allow tenants to raise issues, resolve maintenance needs, and even book classes and shared spaces in their buildings, for example.

Bringing the conveyancing process up-to-date will be the tip of the iceberg in modernising the UK housing industry.

Highgrove Mews

High Net Yield Freehold Houses

  • Commutable to London (27 mins to central Paddington station)
  • Rental demand extremely strong with large industry presence in Reading
  • Freehold with 4% net yield

£284,955 - £457,000

St Petersgate – Stockport Manchester

New Launch - Stockport Manchester, apartments from £160,000

  • Discounted launch prices from £160,000
  • Excellent transport links with 3 trains per hour to London Euston and only 9 mins journey to Manchester Piccadilly
  • Experienced development team

Assured Rent Housing Association Leases

Assured Rent Housing Association Leases

  • Assured rent & no rental voids
  • Tenant damage cover & newly refurbished inline with requirements of a corporate sitting tenant
  • Free property and lettings management

From £62,000

Emerging Birmingham Commuter Town With Properties From Just £104,000

The emerging Birmingham commuter town where properties are selling in an average of just 24 days

  • A collection of 62 two bedroom apartments and 28 one bedroom apartments.
  • DE14 is one of the fastest selling postcodes in the West Midlands.
  • 23 minute train journey into Birmingham New Street Station.

Properties from £104,000

Mill, Stockport

The Northwest's emerging property hotspot

  • Discounted off-plan 2-bed prices from £162,000
  • Completion date - Q4 2021
  • Rental yields - 6% plus

Discounted off-plan 2-bed prices from £162,000

South Central – Birmingham City Centre Apartments

Highly anticipated 28 storey launch in Birmingham City Centre with an impressive roof garden and communal facilities.

  • 154 units across 28 storeys
  • Residential multi-media community room, gym, roof garden and sky cinema
  • Excellent future connectivity via the metro system to other key transport hubs and locations around the city

from £205,800

ba-

Talk to us

Speak to our UK property experts today: 

+44 (0) 333 123 0320

Open from 9am-6pm GMT

+852 9865 4446

Open from 9am-6pm HKT

Stamp Duty Calculator

.

Unlock members only investment opportunities and full development details. Join now – it’s free, quick and easy.

Login

Not a member? Sign up for free

Land Registry could soon make buying and selling property a digital process

Example

By submitting your details via this online form you agree to be contacted via email/phone/SMS by Direct Marketplace Ltd t/a BuyAssociation in relation to property investment and property developments . We do not share your personal details with third parties.  To view our full Privacy Policy click here.