The UK government has provided an update on its project to digitize home deeds. According to the government, the 7000th deed has been registered digitally in February. Many of the UK’s largest mortgage lenders are now using the service.
HM Land Registry safeguards land and property ownership in England and Wales. The Land Register contains more than 25 million titles showing evidence of ownership for more than 87% of the landmass of England and Wales.
The service was launched by HM Land Registry to reduce paperwork and delays when applying for a remortgage. Customers can complete the remortgage process in 3 days, 18 days less than average for a paper transaction. The only information needed is an email address, a mobile phone number and the borrower’s date of birth and eliminates the need for witnesses and physical paperwork.
To sign their deed, the borrower uses GOV.UK Verify to confirm their identity.