Nationwide says it has become the first lender to allow homebuyers to sign mortgage deeds electronically and without the need for a witness to speed up the conveyancing process.
The homebuyer’s solicitor would need to be set up for qualified electronic signatures, which HM Land Registry has been accepting as part of the mortgage application process since last August.
Nationwide said qualified electronic signatures provide better protection as they prove who signed the deed, they are difficult to tamper with, and they have the equivalent legal standing of a handwritten, witnessed signature.
Henry Jordan, Nationwide’s group director of mortgages, said: ‘Nationwide is committed to speeding up the homebuying process and reducing the stress and inconvenience that can come with buying a home. Technology and collaboration are key to driving convenience and that is why we’re delighted to have worked with HM Land Registry, Your Conveyancer and Veyco to become the first mortgage lender to allow electronic signatures on mortgage deeds.’
Andy Roddy, deputy director of digital services at Land Registry said Nationwide’s acceptance represented a significant step forward for the property market. ‘By embracing QES, Nationwide is not only enhancing security and speeding up the process for homebuyers but also paving the way for wider adoption across the market,’ Roddy said.
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