UK Land Registry unites with Corda for blockchain move
Her Majesty’s Land Registry (HMLR) is partnering with Corda for their blockchain partner. It’s hoped the new alliance will make the UK house buying process more efficient. The HMLR-Corda move was announced this morning.
HMLR wants to improve the transaction experience for solicitors and mortgage lenders, particularly on the digital deeds side. HMLR also wants the register to be updated without the need for manual intervention when a change of ownership takes place.
Digital upgrade needed
Ledger Insights earlier reported that HMLR wanted to see that DLT was capable “of improving the transparency of the property buying and selling process. Next is to enable users to sign an agreement and deliver the transfer digitally”.
There is a strong wish to improve the duplication of ID verification from the buying and selling process. “For example, a buyer might have to prove their identity to the lawyer and mortgage company” it said.
£10m a year costs for the HMLR
“All users want assurance that the transaction is secure and that information can be accessed by trusted individuals,” HMLR said earlier in the year.
It’s thought fraud costs the Land Registry around £10m per year, compensating homeowners who have been the victim of property title fraud, according to Galliard Homes.
“Implement a blockchain, and the transparency and permanence of these transactions would leave little room for violation,” Galliard said earlier in the year.