Digital conveyancing services appear to be rising in popularity, with 1,000 mortgage deeds having been signed using qualified electronic signatures (QES).
HM Land Registry has responded by stating that digital conveyancing has hit a landmark. The deeds in question were signed via Remortgage iQ. This service was created by Veyco, a company that develops technology solutions for the financial industry. For those initial 1,000 people, the process of registering at the site and signing the deeds took slightly longer than two and a half minutes on average.
This speed and efficiency make it easy to see why people would embrace digital conveyancing. It still requires the help of qualified professionals, such as conveyancing solicitors in North Wales, but eliminates the need to meet in person.
By way of comparison, traditional paper conveyancing typically takes days to complete. Deeds must be printed by the solicitor, signed, witnessed and returned using the post. All of this suggests digital services may be the future.
QES also addresses fundamental concerns about data security. Users must pass a number of security checks before they can access the service, including ID verification, address checks and anti-money laundering procedures.
Martin Bourke from Your Conveyancer told Today’s Conveyancer:
“Enhanced biometric identity checks combat the possibility of mortgage fraud, reducing risk for both law firms and lenders alike. We have recently on-boarded our third major lender to offer QES to its customers and expect most major lenders to follow suit in the coming months.”
At Bennett Smith Solicitors, we handle conveyancing across North Wales. Call us now for details.
