The system aims to:
- reduce the time taken between "handshake" and "exchange of contracts";
- reduce transaction costs to conveyancers and therefore to citizens;
- remove some of the anxiety and uncertainty experienced by citizens engaged in land and property transactions; and
- link the conveyancing and registration processes more closely by removing, in most cases, the "registration gap", the period between completion of the transaction and registration of the new owner.
Peter Collis, Chief Land Registrar and Chief Executive at the Land Registry, said:
"This is excellent news for the Land Registry and for all the other participants in this exciting project. By abolishing paper, and conducting conveyancing on-line, this programme of work aims to make a real improvement to the way that property is bought and sold."