Following on from the news that HM Land Registry have accepted the legitimacy of electronic signatures in the wake of the COVID-19 pandemic, we are taking a look at one of the key benefits of digital onboarding to the end user.
When it comes to conveyancing and the legalities of property and land transactions there are so many moving parts which need to align, it can often be difficult to coordinate the signing of documents in the traditional manner.
Slow and Safe wins the race
A delayed transaction is the single most common complaint cited by people involved in property sales and purchases. As an end user it can leave you feeling frustrated and helpless; no business wants that for their client.
What the client doesn’t realise is that, many delays result from conveyancers acting to protect all parties from fraud. For most people, purchasing a property is the single largest investment that they make in their life and so the stakes are too high to take any risks.
The Legal Services Act of 2007, the introduction of technology, the management of cyber threats, and the introduction of anti-money laundering and anti-fraud measures have drastically changed the role of conveyancers.
Back in 1984 a self-employed builder could present a bundle of cash to make a down payment on a house. Today, in order for a property sale to be completed, conveyancers must make rigorous identity and monetary checks to ensure that the seller and purchaser are who they say they are and that the property purchase is not being funded using criminal proceeds. Penalties for non-compliance are severe.
In a recent interview, HM Land Registry asserted, “As keeper of the Land Register, we need to be sure that not only has a document been signed in a way that would give it proper legal effect, but also that the process was secure and the risk of fraud minimised.”
Social Distancing
HM Land Registry reported that, prior to (23 March 2020) lockdown 95% of the 18,000 daily applications to update the register were completed within 5 days. The need for social distancing, with thousands of civil servants working from home, has inevitably caused some major delays to that process.
In order to purchase property the purchasers must provide ID to their mortgage advisor, lender, estate agent and conveyancer. Having a government-approved method to bring all these checks together in a digital format on a central ledger backed by Qualified Electronic Signatures, digital certificates and encryption, would reduce duplication and save huge amounts of time for all parties.
All that is required is for conveyancers and their clients to find a suitable platform and get used to working digitally; this is where VirtualSignature.com comes to the rescue. As an EIDAS and ICO qualified service provider, it has the unique technology in place to identify and verify signatories to reduce risk whilst allowing for the customisation of signer sequencing and the ability for multiple parties to link and share documents.
By sanctioning witnessed electronic signatures for everyday property transactions HM Land Registry will make it quicker and easier for people to move home and take us a step closer to a more efficient digitised conveyancing process.
VirtualSignature.com
Our all-encompassing onboarding solution makes it possible to securely send multiple documents for eSignature and get them witnessed with our Virtual-Witnessing AI technology. Recipients can view, sign and exchange before the document is passed to the next party for signing, all while the originator of the document tracks its progression through the workflow
Taking a traditionally wet ink and postal process into the digital sphere will ultimately help everyone involved avoid unnecessary journeys, working hours and postal delays; and get their transactions completed smoothly and quickly.
Get in Touch
VirtualSignature-ID is a UK Government approved Identity Service Provider (IDSP) that offers professional services firms a suite of end-to-end eSignature, ID verification, AML and KYC solutions that can be incorporated into existing workflows and case, practice and document management systems. If you would like to find out more about how VirtualSignature.com can help with your digital onboarding or discuss a particular solution that will fit your organisation’s requirements, then give our team a call on 0333 335 5176 or contact us and we’ll be pleased to demonstrate how the platform works.
For news and updates, you can follow us on LinkedIn.
