UK laws to pave way for electronic land-buying

The UK's Land Register and Law Commission have released joint proposals for the future of conveyancing laws.

They claim the proposals, which deal with the electronic transfer of property, will make buying and selling land cheaper and faster.

A prototype electronic system is being trialled by Stroud & Swindon Building Society. The pilot system is limited to dealing only with discharging mortgages from the register.

Ian Holbrook, mortgage manager, administration and collections at Stroud & Swindon, claimed the system makes the register much more efficient, with the turnaround time for dispatches being reduced from seven days to four. He added that volume lenders will make big savings by using the system.

Holbrook claimed more has been invested in security than in any other aspect of the system. It runs over a direct Racal line.

Other proposed changes include establishing a legal framework for full electronic conveyancing and the simplification of laws governing the protection of rights to registered land.

The report is open for consultation until 15 November 1998.