The Land Registry (LR) has launched a new system aimed at reducing the amount of paperwork involved in the conveyancing process.
Working closely with Nationwide Building Society, LR has developed a new procedure called dematerialisation or ‘Demat’. Nationwide began operating Demat at the start of November and LR is in talks with other mortgage lenders to operate the system.
Demat is part of the government’s initiative to provide full electronic conveyancing. Under the system, charge certificates and mortgage deeds are held by LR and there is no requirement for the lender to hold copies. The LR keeps most titles electronically so the lender can readily obtain details when necessary.
Solicitors and other conveyancers will see few changes. The principal difference is that, instead of receiving a charge certificate and mortgage deed on completion of a registration, they will simply get a copy of the register.
References: EGi News 03/11/99
