Mortgages set for electronic processing

Processing mortgages electronically is set to be made a priority by a government agency charged with overhauling the system of house purchase.

Earlier this year the Land Registry launched the Chain Matrix, a prototype version of a prospective e-conveyancing programme.

It has now announced that, following consultations with both the industry and members of the public, implementing electronic mortgage conveyancing will be at the forefront of its aims to automate its principal business, registering land.

"Our first priority must now be to introduce electronic discharges, charges and transfers - thus fully automating our core business of registering land," said Alasdair Lewis, head of the Land Registry's Business Transformation Programme.

"Therefore, in 2008, we will focus on delivery of electronic charges and electronic discharges, and pave the way for electronic transfers in 2009. We have concluded that these must be our next key steps," he added.

Earlier this year the Land Registry announced that it would be taking a gradual approach towards introducing paperless house purchase, instead of the 'big bang' approach previously touted.

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