The Land Registry is preparing to test a prototype of a new online system that will track the “chain” of transactions when people buy or sell property.
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The Land Registry, which maintains the register of land ownership in England and Wales, is setting up the “Chain Matrix” online service as part of its e-conveyancing programme.
It is inviting conveyancing professionals to test the new system - designed to make property transactions easier and more transparent – in Bristol, Portsmouth and Fareham from November.
Most residential property sales involve a “chain” of buyers and sellers, each dependent on the progress of transactions further up the line. The Chain Matrix online service aims to make the process clearer by allowing conveyancers, estate agents, lenders, buyers and sellers to keep track of their chains.
The system will allow professionals to update the information on screen at each key stage of a sale or purchase and to keep buyers and sellers informed of progress up and down the chain.
A second pilot – expected next year – will test network access agreements, automated registration processes, document and record management, and the recording of e-signatures.
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