TSP's Fasttrac division completes the first e-mortgage
The aspiration to replace paper and pen with electronic documents and signatures, in the conveyancing process, has at last been achieved!
The Land Registry has a program of introducing services and documents that are in electronic format – removing paper.
The first document available in e-format is a mortgage. It can be signed electronically with no paper or pen involved.
Fasttrac handled the very first e-format mortgage in England & Wales, for its lender client, Coventry Building Society.
This first e-mortgage was signed electronically by the borrower and registered at the Land Registry online on the 24 March 2009.
Jonathan Stokes of Fasttrac said:-
“We are delighted, with our market leading client Coventry Building Society, to have completed the first e-mortgage in England & Wales.”
“The first e-charge is one small, but highly significant, step in the e-conveyancing project.”
“We now have actual proof of concept. There is work to do to perfect processes, but the pace of change will now accelerate exponentially.”
“Fasttrac predicts, based on its experience in delivering consumer focused services, that the take up of e-signatures by homeowners will be dramatic, when product delivery is perfected.”
“E-conveyancing has arrived, and is here to stay. The benefits of e-conveyancing, including, speed, convenience and security for property owners and their legal advisors, will be substantial.”
Notes:
1. Fasttrac Solicitors delivers remortgage and associated conveyancing services to mutual lenders, for the benefit of their members, customers and connections.
2. Fasttrac is a trading division formed in 2000, of The Stokes Partnership Solicitors, which was founded in 1998.