The H.M. Land Registry has just announced that the first digital mortgage deed has now been signed. The mortgage was for a house in Rotherhithe, East London.
This is part of the new digital service that the H.M. Land Registry is rolling out in the near future. A spokesman for the Land Registry said that the aim was to become “the world’s leading land registry for speed, simplicity and an open approach to data.”
Being able to sign your mortgage deed digitally will have its benefits. You won’t need to worry about putting documents in the post that might get lost. And, you won’t need a witness when you sign.
This will certainly help borrowers who for some reason are not at their UK address when the mortgage needs to be signed. Unlike the current system. At the moment you must have the deeds sent to your UK home using the postal service.
The service is linked to the Gov.UK Verify scheme. This is the government’s identity assurance service. It makes proving who you are fast and secure. You don’t have to be a UK citizen to use the service, but you do need a UK address.
The first time you use it could take up to 15 minutes to verify your identity. But, from then on it should only take one or two minutes.
UK Verify provides this service along with partner companies who at present are:
- Post Office
- Citizen Safe
- Royal Mail
These are the companies who are approved to verify your identity. The checks they carry out will not affect your credit rating.
To use this service, you first choose which company you want to deal with. The company you choose will ask you for some personal details. They will then check this information with other companies that hold your records. This can be mobile phone providers, credit agencies or the DVLA.
Once your identification has been verified you can go ahead. You can use any of the digital services on offer. In the coming months this will hopefully include the Sign Your Mortgage Deed service.
Unfortunately, no news is yet available as to when the service will become available nationally. But, since the success of the Rotherhithe signing this month, it surely won’t be long.
It does mean though, that when the service is up and running it will bring the H.M. Land Registry into the digital age. It will make the process of signing quicker and simpler. No doubt it will be a popular addition to the digital services already offered through the Gov. UK website.