New standards for digital identities, recently introduced by HM Land Registry, could help open up the possibility of using smartphones in the conveyancing process. What do estate agents need to know about the changes?
Offering an ‘enhanced level of digital identify verification’, the standard follows widespread calls to make the conveyancing verification process simpler.
The verification process is often the most challenging and time-consuming part of any property transaction. Full details have been published in an online guide: Encouraging the use of digital technology in identity verification.
In essence, all you need to know is that this new standard allows conveyancers to check who someone says they are. They can use either:
There are four steps that they must take:
This standard improves security by requiring that a photograph or live video (step three) is matched to the photograph extracted from evidence provided in step one.
It’s a big shift in the use of digital technologies. However, it’s not the first time that electronic verification has been made available in the property process.
Electronic signatures are common nowadays in property. Whether it’s purchasers agreeing a memorandum of sale or landlords agreeing to maintenance work on a managed property.
E-signatures for milestones such as this already provide a quick and simple way to confirm sign-off.
It means there is no need to print and post. Also, there’s no need for customers to make a trip into branch, which is particularly useful in the current climate.
What’s more, Alto’s property management software includes built-in e-signing so there’s no need for subscriptions to third-party services like DocuSign.
The new standard makes things clearer and more certain for conveyancers. They know that they’ve completed their duty on identity verification when dealing with land registration applications.
More than that, it’s another fantastic step forward for the use of sophisticated digital technologies in property.
Also, as a leading software provider for the industry, we’re excited by the opportunities and efficiencies that the continued development of such technologies will bring.
Discover the benefits of Alto’s property management software. Click here to see our product features.